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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.


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David St Pierre, who signed up a ninety eight and hundred and one year old clients is the victim.

Posted by on in Fraudulent Loan Apps
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Dear members

My guts are still churning after reading this article. The Advertiser article for Jan14 titled Broker is Victim of Media Witch-hunt in the comments section refers to an original article by Jessica Darnbrough dated 20-8-12. The article has stirred up alot of commotion amongst the broker community, the article is in reference to David St Pierre signing up elderly clients.

The main cause of concern is how they are being betrayed by the media. A Today Tonight  report dated August10, 2012 by Neil Dorley has created a lot of consternation, it exposes loans given to an elderly pensioner and a dementia patient, both loans were for $440,000 over thirty years.

The brokers have replied in their broker comments section by stating A Current Affair and Today Tonight are using sensationalist media tactics at the brokers expense and casting them in a bad light, interestingly enough one broker in their comment makes reference to falsifying information and ABN's on Low Doc loans. While some brokers have leapt to David St Pierre's defence others who are familiar with him have stated he dealt with con artists.

David St Pierre states that all claims against him are "Fictitious"and he looks forward to his good name being reinstated.

The Managing Director of 1300 Home Loan who St Pierre worked stated "I have a feeling this is a bit of a media beat up and Mr St Pierre is the victim." 

The loan money was used for investments on the Gold Coast through a Liz Orchid and as the investments have failed Liz Orchid states she was deceived and tricked into marketing investments she now believes were a complete con.

I hold these people in the utmost contempt, to deliberately target the weakest and most vulnerable in our society beggars belief. They have sacrificed any decency they might of had and instead of seeking forgiveness and redemption they are now pleading innocence to save their sorry arses. David St Pierre even has the audacity to say the people who had power of attourney over the elderly persons assets were trying to rip the lenders (Westpac) off.   St Pierre had worked for Westpac for twenty years as a home finance manager, neither St Pierre or Westpac will comment on why he left Westpac.

Our first home loan from a building society had to go before a board that met once a week and had to be recommended by the loans officer after you had met the lending criteria. Our second home loan we had a lengthy meeting with an old school, soon to retire Westpac manager, he cared and gave us insight into what to do, he then handed us over to the dedicated loans officer who organised all the paperwork we then had two more meetings and then signed up for the loan. That Westpac loan was 1991 and Oh God! how everything has changed.

The lender loans officer/manager are they victims of the bankster engineered full doc, low doc no doc debacle? Why would you outsource mortgages  and have to pay commissions and trails to outsiders or was this action deemed necessary to get the separation in place once the loans started to implode thus putting the onus on the brokers?

If you require a mortgage loan it should be directly with the lender, someone who is on a decent annual wage is better to deal with than someone who has to meet target sales numbers and depends on each successful loan application for their livelihood. Even real estate agencies are doing deals with brokerage agents now so everything can be done through the real estate office, its too big a conflict of interests, the consumer isn't getting the real picture because sales and loans have to be made.

The only redeeming thing from these stories is that on the Today Tonight episode it made reference to Senator Williams stating "these sort of lending practices won't go unpunished." This man deserves a sainthood, knighthood and AO, he knows and understands our plight, he can see through all the bankster and their crafty lawyer B/S, I pray to God that our Treasurer The Right Honourable Joe Hockey doesn't listen to ASIC or any of ex- CBA chief honcho David Murray's recommendations and takes on board everything the good Senators are exposing.   Senator John Williams is a shining light in a room full of dim wits, he has the power to expose the whole sordid story although all our politicians can't plead no knowledge of the situation because Denise and BFCSA as well as individuals have been lobbying Canberra for years trying to get something done.

The Prime Minister The Right Honourable Tony Abbott regards himself as Mr Fix It, he states he will fix all the problems the previous government are responsible for, the carbon and mining taxes just to mention a few but he is a stickler for if a problem arises its up to the Minister who's portfolio the problem comes under to deal with.  In our case that's Treasurer Joe Hockey and I'm sorry but I don't trust people who smile a lot. Christopher Pine is another as well as the P.M, unfortunately I've become jaded over the years and the one thing that sticks in my mind is the people we dealt with who conned us smiled a lot( most probably thought come in sucker we've got you).

Late last year in Melbourne Joe was confronted by uni students protesting against cuts, while admitting their right to protest he dismissed them as a fringe element, in Joe's eyes is that what we will be cast as? Whilst in Canberra would he grant Denise or any of us an audience or will it be a note representing us carried by an underling to the nearest waste paper basket?

I'm worried Canberra is throwing up a wall of silence and getting answers from them is getting impossible. The barriers now in place regarding asylum seekers being a prime example. I like the rest of you can't understand why if you go to the trouble of writing to your elected officials that they don't even acknowledge our existence by replying. This has been a dominating factor from the corridors of power with the politicians right through the various departments ASIC and the various regulators.

In conclusion I would like to ask members has anyone been pinged by the ATO?   Just think if we are supposed to have all these assets and high paying business's why hasn't this tweaked the taxation office interest.   In our case I'm on a TPI pension and my wife is my carer but neither the taxation office or  DVA have shown any concern even though our LAF states we are both self employed.   If the ATO  started to ask the banksters how these incomes and ABN's got on the LAF's and lets look at your internal paperwork, would that create problems or has ASIC declared that sought of investigation off limits? Thanks Neil T.

Hi Neil  I did do exactly that in mid 2005.  I rang Carmody's Office and spoke with key senior investigators.  I have their cards.  I had a meeting with them and showed the FACT via the LAFs that EITHER THE TAX Returns are a lie (showing incomes of $30k or less) or THERE IS A MASSIVE FRAUD TAKING PLACE INSIDE THE BANKS and that the LAFs were doctored at $180k income.  It was there in six cases presented by me in black and white!

The investigators' comments: "Ah well no money for us - we have found hundreds of these but thought it was tax evasion.  I can see now this is a job for ASIC!."   My response:  "YES indeed its a job for ASIC!  I have been reminding them of their job!"  

A day later I am told, in 2005, Commissioner Carmody closed the file but notified ASIC.  ASIC promptly closed their files.  The TAX Office had been asked by ASIC to look at 800 LAFs because ASIC accused people of cheating the Banks!!!!   The ATO report was never completed to my knowledge.  Yet Carmody had been on Alan Kohler program talking about it (tax cheats re bank loans) the week before the meeting, prompting me to ring up and beg to differ.

wonder if those two investigators are around and would like to blow a whistle or two?

I also warned the State Police that as broker's lawyers start figuring out the model, they will need BFCSA as witnesses to show it was always: The BANKS, THE BANKS, THE BANKS.  Think on this: None of the funds that St Pierre had taken to invest would have been possible except for the BANKS approving dodgy loans to elderly people.  The Banks could see by the DOBs the age of the applicant........................but failed to reject the loans.

I am not on St Pierre's side.  I am on the side of TRUTH and victims of these scams have not seen much of that lately.  The BANKS taught St Pierre to TARGET ELDERLY PEOPLE WITH ASSETS.  remember it is the Banks who created ARIPs and taught Broker to do this ASSET RICH AND INCOME POOR circa 2004.

St Pierre worked for the bank.  A reasonable number of Brokers are ex Bankers.  Searching for ARIPs was widespread hence we have BFCSA to expose these practices from deep within (nay at the TOP LEVEL) of the Banking Sector.

St Pierre needs to turn whistleblower and make amends and assist his customer victims by telling the TRUTH of his inside knowledge of Bad Banking Practices that have been carrying on for a decade and as Choice announced is prevalent today in 2014.  Only in that way David can you save their homes.  Do the right thing.

Beware of the MORTGAGE SELLER - that's the message.  because behind every seller there is a MANUFACTURER of dirty loans and appalling approval processes.

Ah so you are all starting to wake and that is why the "in bed with the banks" AGGREGATORS are getting upset with us.  No-one is interested in saving your rotten hides.  Some big names in there................................   This email address is being protected from spambots. You need JavaScript enabled to view it.



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  • doyla66
    doyla66 Wednesday, 15 January 2014

    Couldn't the corrupt sod find one that's 110 years old?

  • doyla66
    doyla66 Wednesday, 15 January 2014

    Interesting point about the taxation department

    If my Bank stated that my income was three times what it actually is and that has been accepted, don't the Banks lodge your interest paid each year direct to the taxation department as part of your yearly assessment. The taxation department tell you if you have entered the correct amount of interest declared and already have that in your total earnings before you even complete your tax return so don't tell me that it doesn't ring some alarm bells when the tax department see a return declaring investment loan interest that probably exceeds your yearly income. It seem to me that there is a lot not being told to the people, big brother knows everything about us all until it implicates the top end of town in crooked schemes, it just seems to go back to the old adage OUR BANKS TOO BIG TO FAIL

  • doyla66
    doyla66 Wednesday, 15 January 2014

    Excellent post, Neil. And Denise's comment nails it.
    One of the biggest problems in the system is the lack of access to real justice. Victims of these financial parasites (and/or their families) are fleeced, bled, starved, skinned, toasted and abused, provided they're still breathing and haven't given in. Often the rational choice for survival would be to walk away from the fight until the other side and/or the forum for justice is actually fair and reasonable. I believe we do have that option in some situations: strategic retreat, regroup, draw breath and consider the sense of continuing within a corrupt dispute framework. Advanced age, ill health & disability can be barriers to the effective access and use of the Australian justice system. The lowlife in the Financial Services Industry and even some associated regulators and public servants have learned that they can use their financial advantage to deny the right to justice by the complainant or litigant. Thus even though the alternative legal frame work exists due to jurisdictional limits, arbitrary "Statute of Limitations" issues and many other barriers to justice, these frameworks may as well not exist! Devious white collar criminals and their equally ratbag legal advisors exploit this advantage. Little wonder that so many Australians distrust them, the justice system and regard ASIC & The Banks as a disgrace and the pollies as too easily led astray by lobbyists. Change is needed - big time!

  • doyla66
    doyla66 Wednesday, 15 January 2014

    St Pierre: "My reputation, my reputation, oh my reputation" ... what about his victims? No sympathy at all. These are just some of the consequences of being a full scale conscience-less parasite, David St Pierre. You, did it - deal with it. You led decent people into the valley of hope and left them there to die at the hands of the Banksters. Shocking elderly people to death is abhorrent to decent Australians. Thus your conduct, David St Pierre, is also abhorrent. You're lucky - at least you're still alive. Shut up and wear it.

    As I understand it, all those organisations/bodies have a duty of care to us as clients and stakeholders. Most of them either don't know what that means or don't exercise it unless we and an enlisted support team march in there, rub their faces in it and point out what the real and evidenced consequences will be for the relevant organisation (ATO, ASIC, etc). That's what it took and I suspect that's what it still takes! This is disgusting and deplorable!
    Duty of care should also include notification of reportable offenses including serious misconduct, dangerous conduct and certainly criminal conduct. These may be reported, as stats, but that's no use to the victim of crime! And thus the denial of real justice and extension of suffering can occur due to the concept that these organisations are not permitted to give legal advice, dispute resolution bodies are not able to make decisions for either party and the poor bugger left in that state feels abandoned, bewildered and as if no one cares what happens to them and their legal rights! This has come from the insurance industry, working hand in glove with the legal industry, for the purpose of protection to the point of inhumanity!
    Thus we go hungry, we are angry, we are scarred for life as justice is delayed and then totally denied, while the perpetrators get away with it laughing all the way to the Bank. We're so looking forward to seeing these cold blooded academic systems, theoretical solutions, fantasy support frameworks and the Bankster bloodsucking industry all get their comeuppances. Unfortunately it usually takes a lot of money to smack these idiots so hard and shockingly with big enough consequences that they actually change their ways at all! In the absence of bags of gold for the lawyers, we're doing the best we can, holding the line, chipping away at the pillar foundations, until our message is felt everywhere: Don't trust the Banks!

  • doyla66
    doyla66 Friday, 21 February 2014

    Robert V

    MY name is Robert and I too am a victim of Bank Fraud
    applied for loan on income of 30,000 . I was asset rich with low income
    eventually Firstmac took my property and sold it last year for 665k. I had a buyer who was willing to pay 840k that would have left me with no debt... no money First mac solicitors refused to deal with buyers solicitors. This is the day I had property taken .Spoke with gail halccop of firstmac and solicitors explaining I had buyer .They advised her to talk to their solicitors.. What talk they refused... 6 months later property dumped for 665k. Gail Halcoop of First Mac emailed me It was a good price .Lets do the maths This is a drop of almost 200k.. thats right who cares mortgage insurance will cover this At whose cost I was interviewed by mortgage insurance investigators .How did I fail to pay off loan with a 388k income .
    Denied it .My loan forged .They had a copy but refused to send it to me.
    Firstmac has been sent numerous requests for copy .no paper with 388k
    went to police .they contacted Firstmac... they showed police copy of declared income of 388k
    Guess what police refuse to give me copy.... Back to square one.

    so mortgage insurance payed out
    bank does not lose .. So who pays the 200k difference???
    there was a buyer ... turned down
    6 months later same buyer ,thats right gets property 200k less.
    as for me where am I stress,stress stress with no support

    Asic to the rescue... sure .their response sorry statute of limitations.You took the loan out over 6 years ago..
    case closed.. I thought no statute of limitations on fraud???

    Fraud What fraud??????
    Now no house no job soon no wife I hope not...I cry inside everyday not for me but for my beautiful wife who has stood by me. My son, well .How can you have your son respect you after this.

  • doyla66
    doyla66 Friday, 21 February 2014

    Forgot to mention
    struggled with payments of block
    Liz orchard to the rescue
    offering 15% return fro an investment company.
    I thought this was too good to be true
    I wanted re assurance so I asked to meet the bank manager

    Thats right Mr David St pierre guaranteed me the money would sit in a fixed term deposit . He had known the company for over 5yrs. and had never faltered on a payment. The words from Mr Pierre I guarantee the money is safe and will sit in a fixed term deposit
    So I handed the cheque to Capital Growth Investment and 10 monther later the money stopped coming.
    Mortgage rose on my property like a cancer.
    My last words to David St Pierre "well if i cant trust a bank manager then who can I trust."
    After this scam he mysteriously disappeared and went to work for Harcourts in Runaway Bay. as a Real Estate agent.
    I wander if he is still working there??????
    many times it has crossed my mind to visit him
    problem.. I would go to jail before him.

    Innocent until proven guilty

    Gave a sworn statement of this to ASIC
    I wander if I will be asked to testify
    this will test our justice system

  • doyla66
    doyla66 Sunday, 23 February 2014


    Capital Growth International and David St Pierre Westpac Bank Manager funder of the SCHEME

    Liz Orchard said she was conned, well she did a good job conning everybody else, along with the help of the Silvers and DAVID ST PIERRE

    Westpac Bank Manager}.

    WESTPAC is denying DAVID ST PIERRE gave financial advice. Well what do you call when a bank manager {DSP} said to Terri Coxs, YOUR MONEY IS SAFE AS HOUSES. (see give link to Gold Coast )

    David St Pierre told Rob Vida the money was in a TERM DEPOSIT, like I was told by Liz Orchard. Both times DAVID ST PIERRE said that, it means he knows all about the fund and it is safe, it encourages people to invest.

    As for my case I came across CGI with my friend JC, we met Liz Orchard on the Gold Coast.JC went and did futher due diligence and met the Silvers,also David St Pierre who happened to be in the CGI office on the Gold Coast.

    JC who was trying to refinance his $180K mortgage with RAMS, due to the fact that JC was on a $42,000 income, he was having trouble getting approval.

    When JC met DAVID ST PIERRE at the CGI office , DAVID ST PIERRE told JC and Quote .IT IS GOOD THING TO BE IN. David St Pierre approved JC $180K loan plus lent him another $160K to put in the fund and this was approved within a week,where RAMS wouldnt even approve JC $180K loan let alone the futher $160K.

    To me this proved to me David St Pierre approved off the fund, because he gave that impression when I spoke to him on the phone.That is when I invested.

    I said to a person from ASIC that to me, from my point of veiw what David St Pierre did for JC it had BANK APPROVAL. The person from ASIC agreed with me. What David St Pierre did for JC is hard evidence that he gave encouragement. If he hadnt approved JC loan I wouldn’t gone ahead myself.

    As another Bank Manager said to me if David St Pierre had any integrity he would not had a bar of any of this and ran the other way. He would of known it was a fraudulent scheme.

    There is at least one othe case I know where David St Pierre sent and email to this couple saying everything was above board { hard evidence}

    To me David St Pierre and WESTPAC are as guilty as the rest of those who were involved in committing this fraud against well chosen people , some very elderly who had enough equity in their properties with little income to qualify for a loan , but the assumed income from a property development funded by Westpac .

    Westpac appears to have lent to both the developer and the investors ,this seems to me a scheme an illegal one that David S Pierre and Westpac are a party to.

    Shame On You David St Pierre and Shame on You Westpac for not being able to control such a fraud against all these people involved


  • doyla66
    doyla66 Sunday, 23 February 2014

    Robert and Stuart email the Senators, Bishop, Bushby, Dastyari and Williams and state its imperative that they talk to Denise again.

  • doyla66
    doyla66 Tuesday, 25 February 2014


    Well Neil
    More problems
    When property was seized by First Mac
    a buyer Debra Henderson was willing to purchase property @ value of mortgage ie apprximately $840k
    As bank took possession I advised Gail Halcoop that I had a buyer willing to purchase.

    Outcome :: First Mac solicitors refused to deal with buyers solicitors. Perhaps confusion as to still who had rights of property. Well the bank kicked the tenant outs. Who cares about income????.
    Buyer advised me that they would not deal with her solicitors.Very keen she walked away and found it listed witRay White 6 months later where property was to be auctioned.
    She presented an offer of $665k
    !80k less.First Mac accepted offer, still leaving money owed on property .

    Viv Mercer working for Mortgage Insurance Brokers contacted me who were acting on behalf of QBE insurance interviewed me asking "How I was unable to service a loan with a 388k income.
    What??????? A 388k income. I advised that I had forwarded to ASIC prior to this a statement that loan income was frauded PLUS first Mac refused to sell property to alleged buyer. Sorry not alleged buyer,but same party who ended up purchasing property... Debra Henderson.

    An email from Gail Halcoop states............ I believe property sold at a very good price.
    Purchased For 970k in 2006. Ray White Broad beach stated it was worth in 2009 1.55 mill (had DA approval)
    yes market fell but let me get this 60%
    I payed mortgage insurance but was not advised I am paying insurance so as the bank does not lose.

    Now I have received a letter from QBE demanding $289k .

    Yes the party acting for QBE did not care.They still paid them out.
    If I had shares with QBE let me tell you $289k profit lost yes lost.
    I have lost the property and now own nothing
    Why isnt First Mac covering the loss
    After all they frauded my income . Inflated from $35k to $388k.
    Must have been a human error in decimal points.

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