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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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Immediate call for a Royal Commission to save lives in the Loan Fraud epidemic

Posted by on in Political Blindness
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David Collyer was right.

Denise's evidence and assertions are based in many years' research. There is no room for speculation in the black and white of her evidence. It's FRAUD. What is more it is intentional, premeditated and well organised systemic fraud.

How can the regulators and the politicians deny the facts and keep their credibility? They can't.

Further evidence has been revealed since the initial hearing at the Senate Inquiry. It underlines the even greater need for a Royal Commission.

The Australian public want the truth. Investors want the truth. Borrowers want the truth. Our international reputation is also under scrutiny.

Surely it is part of the job description of any chief regulator or parliamentary representative to supply informed, well-researched answers not off the cuff comments based on assumptions and their own opinion in order to protect their jobs! They are paid handsomely to supervise and ensure the stability our Finance Industry. Some of the answers we have received from politicians and regulators indicate very clearly that no research or proper consideration has gone into their replies. They have already failed us in their laxity and indifference to breaches of Law by the lending industry and the prevention of financial crime. They continue to fail us through their inability to provide intelligent and thoughtful answers to our formal letters and requests for their attention to business. Something is clearly wrong with their thinking if they can fail their constituents and their employers, the Australian public, in such a basic way. History will judge these individuals for their failure to heed the warnings and attend to the proper business of their office.

To continue to fail to act in accordance with their commissions in the face of widespread and consistent evidence of systemic fraud is to fail in their jobs. It beggars belief that they can do this so blatantly and think they can get away with it. They are failing in that mission as well. I suspect they have all accepted the inevitable and are busy shredding documents that could incriminate them.

Accordingly I call for the resignation of the relevant ministers, chief regulators and staff for their complete incompetence and indifference to the breaches of Law that have led to the widespread abuse, suffering and deaths of our citizens at the hands of indifferent regulators and cruel lending fraternity. 

I also call for the resignation of the relevant shadow ministers who have failed to challenge the government on their record of regulatory failure and silent compliance with criminals. Not knowing is some defense. Knowing and failing to act is a far greater crime.

I commend David Collyer, John Williams, the Senate Committee, a handful of elected representatives and the ever vigilant Australian media for their willingness to listen, to observe, to read and to take on board the possibility that Denise's evidence constitutes the emerging tip of the iceberg in Australia's own home grown Loan Fraud nightmare.

We now have evidence of what appears to be corruption of our regulatory system by those behind the Loan Fraud. This is now showing up in reports in the mainstream media, way beyond the tabloids. This is a very serious matter. Still our government maintains a wall of silence while the evidence mounts to the point where it will eventually topple that wall and all that hide behind it. Watch this space.

As this Loan Fraud Scandal is the product of laxity by regulators and associated corruption of their office on the watch of both sides of the house and others, which spans many years of Australian financial history, there are many questions to be asked, many stories to be told and many items of documentary proof to be tabled.

The most fitting and proper place for this to occur is through the established and time honoured process of a Royal Commission.

How much suffering could our parliament be preventing by calling for this to occur now?

How much pain and distress, how many deaths, could our parliament be preventing by calling for a moratorium on involuntary liquidations?

It is beyond me what they are waiting for or why they are dithering, as I'm certain it is for the thousands of other people affected either directly or indirectly by the complete abdication of duty by our regulators resulting in the fraud loans, illegal and secret securitisation of our loans and the selling off of our homeland by our banks and our government whom we can prove are profiting from this criminal activity.

One of our members reached the point of total desperation this week. This is the direct result of the complete and cold-hearted failure of our Australian system of care and “justice” to assist and support her through the shock, distress and long, drawn out, complex and overwhelming experiences involved in the resolution of a Loan Fraud dispute and extended dealings with irresponsible banking and lending corporations while experiencing hardship over many years.  

I know you will all agree when I say that there is NO EXCUSE for the way this woman has been treated by the callous and indifferent Australian system.

Our Australian government and regulators are trying to deny the problem.

Our representatives on all sides of the house are trying to deny the problem.  

The Banking and lending industry are trying to deny the problem.

Can you even begin to imagine how ordinary Australian borrowers, most of whom do not have law degrees or even tertiary education, are feeling in the midst of all this stress, denial and cover up?

The BFCSA are a non-profit organisation based in WA and operated on a shoe string budget by a small team of volunteers. We receive no assistance from government. We are doing the work of ASIC in dealing with banking and finance complaints. We work long hours supporting one another through this endurance trial called the Australian justice system. We maintain a website from which we reach out to other borrowers, investors and their friends and family who are in need of real help and support. Clearly our capacity to assist and support is limited by our lack of resources and the size and scope of the problem of white collar crime within the Australian Banking and Finance Industries.  The demand for our services is growing constantly. Our members contribute where they can.

We welcome and thank you for your donations which are needed in order to continue our work.

We urge you to join the BFCSA today and support our work.

 

WE NOW CALL FOR:

AN IMMEDIATE MORATORIUM ON ALL INVOLUNTARY LIQUIDATIONS

THE IMMEDIATE EXTINGUISHMENT OF ALL FRAUD LOANS, THE RETURN OF ALL TITLE DEEDS AND THE REFUND OF ALL MONIES

THE IMMEDIATE COMMITMENT OF OUR AUSTRALIAN PARLIAMENT TO A ROYAL COMMISSION INTO THE BANKING, FINANCE, INSURANCE, SUPERANNUATION FUNDING, REAL ESTATE INDUSTRIES WITH WIDE TERMS OF REFERENCE

 

There is no reasonable or humane alternative.

 

 

 

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Comments

  • doyla66
    doyla66 Wednesday, 26 September 2012

    Politicians and bank executives take note: KNOWING & FAILING TO ACT IS A FAR GREATER CRIME.
    If you work in a bank and can provide us with any inside information, please help us. (Confidentiality assured)

  • doyla66
    doyla66 Wednesday, 26 September 2012

    Watch this Space: Vote[1]LisaMartin Vote[1]DeniseBrailey - perhaps sit opposing sides "broom the middle"(save the worthy/repentant).

  • doyla66
    doyla66 Wednesday, 26 September 2012

    Immediate call for a ROYAL COMMISSION to save lives in the LOAN FRAUD epidemic

    What an Increditable post Lisa, every one of our weak and gutless politicians,heads of APRA, ASIC,COSL, FOS and Federal Police should receive a copy of this and do some serious soul searching. Politicans are not doing the job they were elected to do, and will be shown as the weakest defenders of their constituents which ever party they represent. They supposed to represent the community not the fraudulant banksters

  • doyla66
    doyla66 Wednesday, 26 September 2012

    Thankyou Carol, Andy and Peter.
    Our parliament is handicapped by the past and by their party political histories. Those days are over.
    I do hope they read this and, as you have said Peter, do some serious reflection on why they hold the positions that they do.
    Somewhere the light on the hill is still burning ...

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