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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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Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Subscribe to this list via RSS Blog posts tagged in ASIC at snails pace
 GoldCoastBulletin   'Ponzi' probe pushed aside by Australian Securities and Investment Commission investigators probing an alleged $100 million"Queensland Ponzi scheme" were stretched and faced under-resourcing issues, according to documents from the Corporate watchdog,s own staff.   The scam overseen by infamous New York fraudster Bernie Madoff, never reached a prosecution phase.  The missing $100Mil has also never been recovered, leaving elderly investors out of pocket. ASIC maintained the investigation "was adequately resourced" and any resourcing issues were not factors in its outcome. Yet ASIC,s internal documents indicate their investigators' time was engulfed by digging into collapsed Townsville financial advisory outfit Storm Financial. It illustrates the constraints ASIC faces in prioritising investigations. (ASIC only gets $450 million per annum budget to run around in circles!)  Roger Munro, "categorically denies engaging in any improper conduct" the operations collapsed in 2008. When ASIC sought their market analyst expert in Sydney to chase down some leads, the expert...
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    setup says #
    If a thorough investigation was done with no stone unturned, it could have resulted in a prosecution. Asic can afford to write off
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Deary me.  Do we have no-one capable of telling the truth in Government and in particularly Treasury?  35% of loans are business and commercial?  So how do the banks account for the thousands of loans issued to pensioners and the documents were doctored to show "Self Employed" and then with a FAKE ABN attached that the borrower did not discover until BFCSA told members and Parliament in 2012.  Bank BDMS (Officers) sent emails to all 11,000 sellers of the broker channel: "you can now do ABN's for a day"...These loans were classified by Four Majors as "business"........................APRA never look behind the curtain and that's scary.  BOO!  Then again APRA told the Parliament 8 August 2012 there was only a 10% risk with RMBS Packs.  Then when I threw a few facts to dispel those myths onto the Senators' bench, Treasury announced it has scrapped the AOFM's purchasing of these products using...
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BIG POINT HERE IS:  There are 100 plus, on our list of villains........................why hasn't ASIC closed them down? Behind all these spruikers there are Bankers as when the time is right to hit these poorest of people will be fed like christians to the lions - to the lenders with the worst track record for future loans!!!!   Behind every misleading Spruiker there is a hidden evil Banker. Why hasn't Parliament outlawed PROPERTY SPRUIKERS when we complained back in 2001 to the Howard Government and in particular the then Finance Minister Joe Hockey?  Property Spruikers prey on the most vulnerable.  Rent to Buy is nothing new - old scams leading more vulnerable people into the waiting arms of bankers and high cost risky Liar Loans.  Nothing changes.  Banks need more cannon fodder to assist their developer clients of the bankers with distressed properties.  We know how the game is played and so does...
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    Yes we are the poor unfortunates who innocently fell into their well organised trap and now are left to struggle through life the
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At last ASIC taking action over SMSF tainted advice and conflicts of interests with developers and other nasties in the corporate and financial advice sector.  This email address is being protected from spambots. You need JavaScript enabled to view it. Melbourne property developer charged with $1 million fraud Monday, 21 July 2014 1:38 Eloise Keating   A Melbourne man has been charged with defrauding 14 investors of more than $1 million over a three-year period.  Barry John Patrick of Sunbury appeared in the Melbourne Magistrates’ Court last week on 15 fraud charges, with the Australian Securities and Investments Commission alleging he persuaded investors to refinance their home and self-managed super funds to fund his non-existent property developments. The charges come just days after ASIC Commission Greg Tanzer warned trustees of self-managed super funds about the legal implications of accepting advice from real estate agents when investing their funds in property.  ASIC said in a statement Patrick has been charged with eight counts of obtaining...
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