Menu
Cuzz Media

Cuzz Media

Cuzz Media is part of t...

NAB VICTIM

NAB VICTIM

In late 2008 we became vi...

Banking In Australia Today

Banking In Australia Today

Visit Banking in Austra...

Donate Please

Donate Please

We need your support. ...

Prev Next
Welcome, Guest
Username: Password: Remember me
Welcome to the Kunena forum!

Tell us and our members who you are, what you like and why you became a member of this site.
We welcome all new members and hope to see you around a lot!

TOPIC: Jennie Paluka says "report McGarvie to IBAC"

Denise on CBA departures, BEAR, 4 months 1 week ago #3851

  • DesiredUserName
  • DesiredUserName's Avatar
  • OFFLINE
  • Platinum Boarder
  • Posts: 913
  • Thank you received: 8
  • Karma: 0
Lsbc Spying on advocates for a Royal Commission was very informative.

BFCSA: CBA finance chief Rob Jesudason’s exit - jumping ship makes Matt Comyn’s job harder. Unemployed? Plenty of Vacancies at CBA, with nice salary!

The revolution under way at Commonwealth Bank has many dimensions, not in the least the sixth vacancy in the executive leadership team created by yesterday’s announcement that chief financial officer Rob Jesudason will return to Hong Kong to join a blockchain company.

There are now six vacant roles on the CBA executive leadership team: chief financial officer, head of the retail bank, head of the institutional bank, chief information officer, head of wealth, and head of people and culture. One of the big questions is whether Jesudason’s resignation will lead to an exodus of highly qualified finance professionals.

One senior industry observer warned yesterday that the punishing BEAR (banking executive accountability regime) framework and continuing scrutiny from the royal commission could result in a stream of departures to less hostile banking environments.

“Why would you want to work in Australia when you’ve got BEAR, the royal commission, (the likelihood of) no bonuses at CBA, and the end of the housing cycle?” he said. Among other things, this includes acceptance of the APRA report on culture and risk and implementation of its 35 recommendations, the financial services royal commission, Austrac’s money laundering allegations, and last week’s settlement with ASIC over attempted unconscionable conduct in relation to interest rate rigging.

Permanent or not, the APRA report fired a rocket at the directors over their complacency and a “dulling of the senses” that blinded them to a deterioration in the bank’s risk profile. There was a complacency that ran through the bank, from the top down.

Send CBA a "Get Better Soon Card"

Read more....................
www.bfcsa.com.au/…/bfcsa-cba-finance-chief-rob-jesud…
The administrator has disabled public write access.

Pensioners are revolting! 4 months 1 week ago #3852

  • DesiredUserName
  • DesiredUserName's Avatar
  • OFFLINE
  • Platinum Boarder
  • Posts: 913
  • Thank you received: 8
  • Karma: 0
LATEST NEWS !!

AGED AUSTRALIANS IN REVOLT .

ENOUGH IS ENOUGH !

Large political Parties are taking note that a group of Aged pensioners are willing to take them on at the next Federal Election .

The AAPG group - Australian Aged Pensioners Group were formed to ensure the Aged get a voice in Canberra ( they make up 20% of Aus population) ,

AAPG are focused on important issues that affect Aged Pensioners , below poverty pension , unacceptable changes to retirement age , unfair pension rates for couples , out of date rental assistance rates are not meeting housing market changes , removing 1.2 million Pensioners from Poverty , ensuring the Aged Care industry provides an acceptable & safe level of service to the old & frail . The removal of the Welfare Card , ensuring Pensioners are not seen as Welfare recipients , the promotion of the Aged as being a contributing force in the community , respected & valued as past tax payers .

The AAPG has to overcome a major barrier that all ambitious political groups are faced with when they want to become a Political Party in Australia
The administrator has disabled public write access.

Complaints by Americans 4 months 1 week ago #3853

  • DesiredUserName
  • DesiredUserName's Avatar
  • OFFLINE
  • Platinum Boarder
  • Posts: 913
  • Thank you received: 8
  • Karma: 0
bankvictims.com.au/financial-planners/it...through-bendigo-bank

This article is reported by Bank Victims American Correspondent, BendigoBanksters

Dr Alexander Douglas (Independent) MP for Gavin, has warned the Australian Public about the Bendigo Bank and he has even said it in the Queensland Parliament, refusing all requests from the Mike Hirst CEO of the Bendigo Bank to withdraw it....!!

It is not only the Bendigo Bank that Dr Douglas is after, it is all Banks operating in Queensland and he has some very serious concerns relating to them indeed, the question that needs to be on everyone's lips is... why is it that our Federal Politicians are so Mute on the matter and what do they have to hide...!!!

MATTERS OF PUBLIC INTEREST Bendigo Bank Dr DOUGLAS (Gaven—UAP) (11.42am):

Today I say beware all borrowers of the Bendigo Bank when taking out a mortgage with that bank and signing their documents. There are loaded clauses in these documents that may lead to a very good borrower, families and businesses; losing everything through no fault of their own. I want honourable members to listen to this story and consider how they might advise their own constituents and their families. There are 120 branches of the Bendigo Bank in Queensland alone.

The property that I am describing is an historic fire station on the Maroondah Highway in Ringwood, which is an outer eastern suburb of Melbourne. However, there are many other similar examples. I want to tell members about what has been going on. I refer to a document regarding one couple.

In August 2012 their finance facilities expired. Bendigo advised the owner that they should refinance in the middle of the SBC market rental review required under the lease and retail tenancies act.

Efforts to refinance met with similar responses such as ‘until the rental review is determined a valuation cannot be done’. Bendigo’s response was that it did not believe that to be the case and in any event it was not their problem.

With no notice or warning, Bendigo took control of the property on 23 October 2012 appointing two liquidators as ‘controllers’. Bendigo claimed to have served notice of default seven days before, which the owners never received. This is the critical thing; it is about the documents. In a reprehensible display of unfairness, Bendigo gave its default notice by apparently sliding it under the locked door of the tenants’ restaurant—not the owners of the building—which the tenants deny ever receiving, knowing full well that the owners would not receive it.

Bendigo gave the default notice to the third party and they knew it was in the middle of a rental dispute with those current tenants.

Bendigo hides behind an unfair, absurd law which they say allows them to give notices to a customer’s address shown in the mortgage at the land registry. Bendigo argues that this is a fair notice despite

(a) knowing that its customer left the mortgage address five years earlier;
(b) knowing a third unrelated party would receive the default notice, not the customer;
(c) never telling the owners, who are the current owners of the property, that they should amend their address in the mortgage; and

(d) the owners, having notified Bendigo in writing and having receipted it in writing years earlier, in this case seven years, and strictly complying with Bendigo’s change of address procedures in the terms and conditions, that still was not done. Bendigo says that they comply with the banking code of practice, but they expect everyone to act reasonably and fairly towards them in a consistent, ethical manner which they claim to be doing in relation to the owners of this property. Is it ethical, fair and reasonable:

(a) for Bendigo to have mandatory address change procedures for customers which say absolutely nothing about being required to formally change the address kept at the land register;
(b) for customers to give Bendigo their new addresses, 100 per cent in accordance with procedure;
(c) that Bendigo accepted customers new addresses and sent hundreds of letters and statements to that new address over five years—that is exactly what happened to these people and there are plenty of examples like this;
(d) for the most important notice ever sent by Bendigo to be left at a third-party address, which was critical as it meant that they are now in the process of losing their property, which is going to be auctioned on Thursday;

(e) that Bendigo did not send that critical note to one of at least three addresses where the owners had expressly asked for correspondence to be sent?

Any chance of refinancing vanished when Bendigo appointed controllers seven days after leaving the notice at the one place where they know the owners would not receive it. Bendigo was never at risk. There was ample equity. I am going to table the documents.

Tabled paper: Correspondence regarding Art Pacific Pty Ltd and Bendigo Bank Ltd [3887].

There was ample equity in the property with an LVR of 64 per cent and ample income to satisfy the loan. Their entire loan, which was charged 5.71 per cent interest, was dropped into an overdraft and charged at 14.16 per cent. None of the $115,000 rent for that facility was credited to the contract. With all the penalties, costs, controllers fees imposed since October 2012 totaling $612,000, the LVR—the loan to value ratio—is now at 90 per cent.

In conclusion, Bendigo has claimed that the magistrate ruled in its favour, but that is not the case. This couple, who was fighting this case—and there are others—were actually not deemed to have leave to appeal on a procedural technicality, yet Bendigo has put out press releases saying that it ruled in their favour. Bendigo has not settled this case with this couple properly and it is using the law to defend its case. These people may also lose their own home. The bank gets their money and income at 14.6 per cent with controllers fees at $600,000.

This is good business if you can get it. Bendigo Bank stands condemned by its actions.

Alexander_Douglas-Gaven-20131029-758138927869.docx

Source: Alex Douglas Member for Gavin. Record of Proceedings, 29 October 2013
The administrator has disabled public write access.

Extraordinary cover up: BankReformNow 4 months 1 week ago #3854

  • DesiredUserName
  • DesiredUserName's Avatar
  • OFFLINE
  • Platinum Boarder
  • Posts: 913
  • Thank you received: 8
  • Karma: 0
Thursday, April 14, 2016 4:06:00 AM
Anonymous Anonymous said...

The SEC fellow called his Senior Counsel in on a call about the Legal Board of Vctoria and they fell off their chairs.
President
Australian Anti-Paedophile Party
This email address is being protected from spambots. You need JavaScript enabled to view it. Dear Dr Pridgeon,

we're shocked at Australia's cover ups.

Good luck with the Royal Comission because you're almost there to get one

Executive Summary: If there are pedos in the law, often its shrouded in lots of "he said, she said" family law. However we might have a case that's different. Can you imagine a legal services board that goes so far out of its way to protect a famous mining fracking accountant "Trevor Shane McTaggart" that it can't tell the difference between the landlord and the tenant?. Next it disagrees with everything and with whistleblower reports.

But the whistleblower reports come true with unguessable things like Ian Narev and David Cohen's admissions they really were aware about whistleblowers in the Commbank Bribery Case?

Or unguessable things like there really were undercover agents on a cocaine truck from California to New Jersey like the cocaine busts on Mastercard's Lawyer Keila Ravello. Her partner in crime is in Bloomberg qoutes as saying "I still can't tell how this unfolded". (The Legal Services blew the whistle to undercover police we think).

Or the Colombian Shipping Container that disappeared from Mick Gatto's wharf. Who steals from the Calabrians and the Colombians! Better still, why are the legal services board's Tina Stagliano named in the reporters' files and in McGarvie's files on Trevor McTaggart.

Yes, the crims couldn't see it coming, but the whistleblower reports reported it all. Is this the chance to expose the connection between crook lawyers in the "ethics police" and crims who use them to search for doctors against peds and crime?

We went to the Victorian Legal Ombudsman Kate Hamond (she is the newspaper in an article headed "Victorian Lawyers are Evil and Dumb"

www.theage.com.au/news/national/evil-and...134703644883.htmland

and to Senator John Madigan (he wants a Royal Commission into the child custody area of the family law court).


Police came but, in between them leaving for "Operation Purana Police" to come, the place was cleaned up and vaccuumed by someone who can move shipping containers very very fast.

For very strange reasons the Victorian Legal Services Board people blew the whistle in hints to people with contacts in television and politics. Afterwards the Legal Services Board chased everywhere to find out what law enforcement agencies knew, like the American SEC.

Very suspiciously the Legal Services Board pretended the landlord wanted "his" boxes from under the stairwell (but they were the tenant boxes, mostly brochures for Asian skyscraper developments and a place called "Old Mill Road" in Healesville Victoria).

We think everyone should report the legal services board to someone because "it all came true".

Most reently, a few weeks ago, the Commonwealth Bank's David Cohen confirmed in the Parliament that Ian Narev was told about the CBA Computer Bribes Contract at Computer Science Corp, like the witnesses reported to the American law agencies in 2014!

(We've dubbed the Legal Services oard whistleblowers "The Oracle of Delphi").

Good luck with the Election Campaign.

Might we suggest that you tee up with groups who want a Royal Commission into the banking sector. In that area criss crosses the cocaine, the Trimbole Family "debt collectors" unlicensed lawyers, accountants in mining, and corrupted legal elite.

Our whistleblow-ees are flabbergasted by the accuracy of the whistleblowing.

Best Wishes



Submitters to Senator Peter Whish-Wilson's Senate Inquiry into White Collar Crimes.




Subject: US & 17 States v Amex, Mastercard, Visa;

Thursday, April 14, 2016 2:57:00 PM
Anonymous Fushin' trip said...

The Aussie Election shapes up as Anti Royal Commission Bankers vs the Royal Commission Lobby. The Opposition Leader "Shorten" says he wants bankers in the Dock. (Is that 'slang' for those uuum fishing trips??)

The Royal Commissioners might to rent a very big fishing boat :)

Wednesday, April 20, 2016 12:42:00 AM
Anonymous Anonymous said...

Ian Narev's lawyer "confessed" they knew about the bribes that affected Computer Science Corp! Some Forces of Light arranged Parliamentary Inquiries to quiz him! What's a Prelate Act for RICO?

Tuesday, May 03, 2016 10:13:00 PM
Anonymous Anonymous said...

Cardinel Pell's pal Michael McGarvie should be referred to the Anti-corruption watchdog "IBAC" says his own lass Jenny Pakula.

Is it true they pretended to be "a landlord" and used "anonymous" complaints (by Trevor McTaggart's mob) to find out about international bribery crimes?

Is it legal and ethical for the Victorian State Government's Legal Ethics Board of Miners & Frackers to spy on politicks on behalf of miners and frackers?

Someone who fire up Airconn1. Can you imagine dragging unethical ethics lawyers into the slammer? :)

Who is Brendan French?

Wednesday, May 25, 2016 9:39:00 AM
Anonymous Anonymous said...

Looks like high profile federal prosecutor Eileen Decker has a Commonwealth Bank executive Keith Hunter up on a sentencing hearing for international wire frauds against shareholders. The newspaper says Hunter might go away until he's 100 years old.

Friday, October 28, 2016 4:06:00 AM
Anonymous Anonymous said...

The SEC IRS FBI & DoJ have the Commonwealth Bank of Australia's I.T Expert Jon Waldron on an arrest warrant. His co-accused faces Disgorgement of about $30m too. BankReformNow.com.au were onto this during the elections of the politician in Queensland who helped the Huttons with Bendigo Bank too. Great to see the US Cavalry arresting bankers in Sydney. www.ccenterdispatch.com/news/state/artic...67-a4d79ce1ed85.html

Friday, October 06, 2017 7:43:00 AM
Anonymous Blind Freddie said...

Wow, The Commonwealth Bank's two Chairman David Turner & Catherine Livingstone, Secretary-Lawyer David Cohen, CEO and "all" the non executive directors were served with a class action today for concealing moneylaundering and counter terrorism violations. Meanwhile the Julia Gillard Scandals continue. Radio Host Michael Smith asked the Federal Court to remove Gillard's former business partner Judge Bernard Murphy from the Bench. Smith's complaint says:
Monday, 09 October 2017
The Honourable JLB Allsop AO Chief Justice
Federal Court of Australia Dear Chief Justice,
MURPHY, Bernard Michael - apparent misconduct as a solicitor - fitness to sit as a Judge; From 1986 to August 1995 MURPHY was a partner in the law firm Slater and Gordon.

Slater and Gordon acted for the Australian Workers' Union Victoria branch from 1988/89 until MURPHY's departure from the firm in August 1995.

In 1995 MURPHY was the firm's senior partner and head of its industrial relations practice. He was a fiduciary to the Australian Workers' Union.

Monday, October 09, 2017 7:36:00 AM
Anonymous Anonymous said...

The server of the bank lawyers' friend, Howard Bowles, has words on it like 501c3, PAC, SEC, FBI IC Unit and racketeering. Richard Dennis' lawyers also reckon there's a racket, no matter what Michael McGarvie advised his Victorian Minister for Counterterrorism Robert Clark in response to complaints by accountants that Bowles' foreign government board passes information to very shady characters while Austrac investigated breaches of anti moneylaundering and counter terrorism laws by the I.T Department in the Commonwealth Bank of Australia. Great to see the Bob Katter's "cross bench" want Turnbull to be sacked so a Royal Commission can investigate things like cartel laws. See www.huffingtonpost.com.au/2017/11/12/bob...m_hp_ref=au-homepage. Also good to see that I.T Vice Presidents in the CBA will be extradited. Foreign Boards shouldn't use their Act to cover up for crims and moneylaunderers, should they?

Sunday, November 12, 2017 7:47:00 PM
Anonymous Anonymous said...

The State of California is one of the largest stockholders in that Australian bank, "Commonwealth Bank", that's at the center of 53,000 breaches of international counterterrorism and moneylaundering laws for years. Newspapers say that the whole Board at the bank could be sacked by institutional shareholders like First Superannuation because the bank concealed the violations for years and hoped that Australian regulators, like Fiona Bennett's ethics board ans "APRA", could stop US Federal agents. But the anti-terrorism agency AUSTRAC wasn't going to cover it up. Do you think the bank's VP David Cohen should surrender his passports (plural), or should he be grabbed at departure lounges and whisked away on Airconn1 to Guam for questioning?

Tuesday, November 14, 2017 4:52:00 PM
Anonymous Anonymous said...

The DEA and IRS got the lawyer for Mastercard, Keila Ravelo, to admit her role with criminals that doctored Australian Reserve Bank documents which affected US cases like US & 17 States v American Express, Mastercard and Visa. Let's hope that Ravelo hands over all the lawyers and bankers involved now that the giant scam on retailers and consumers was exposed.

Wednesday, November 29, 2017 1:48:00 PM
Anonymous Anonymous said...

The Royal Commissioner Judge Kenneth Hayne - Finally - says he WILL hear from bank victims. The webpage of the Australian Council of Trade Unions also wants to hear from victims. Do you think its ethical and legal for foreign boards to lean on customers of the Victorian Government legal ethics board during covert undercover work on criminal transporters of narcotics and Reserve Bank Amex Mastercard and Visa information that was doctored in Antitrust Cases in order to scam US stores to settle for pennies on the dollar? Or do you think that foreign officials shoul be extradited for running a protection racket to keep criminals and their lawyers, like Keila Ravelo, safe from US justice?

Tuesday, January 16, 2018 1:56:00 PM
Anonymous Anonymous said...

He has Yolinda's story on his staffers' desk.

Saturday, March 03, 2018 10:39:00 PM
Anonymous Anonymous said...

Royal Commissioner Hayne quized NAB Bankers about toxic fraudulent loans being packaged up and sold to investors as rock solid deals. The NAB Board knew, say news reports. Iirc, Hillary Clinton complained before the GFC in 2008 about US investors being conned by foreign banks. What do you think should be done with foreign bank executives? CBA Bank's Jon Waldron and Keith Hunter face extradition so is that a fate that awaits boards of banks down under?

Wednesday, March 14, 2018 9:06:00 AM
Blogger Shareholders said...

Dr Peter Brandson's BankreformNow facebook pages cover the revelations made by the Queens Counsel to her Royal Commissioner Kenneth Haynes QC. Heads should roll. Bank directors knew all about it say the press coverage.

Wednesday, March 14, 2018 9:50:00 PM Delete
Blogger Shareholders said...

Whistleblower of the legal servics board's whistleblown inner secrets, Elliot Sgargetta, may be on Australia's tv show "The Project".

Wednesday, March 14, 2018 9:53:00 PM Delete
Blogger Shareholders said...

Victorian Judge Randall sacked the lawyers Hibbert & Hodges' Glenn Hodges and Barrister Mathew Stirling from running a case at huge cost for a 90 year old widow, her daughter in law (a relative of Dan Tehan, Minister for Cybersecurity) and a son who retained "the biggest con artist that I (Kelvin Thompson from the Parliament's International Treaties Committee) ever saw, McTaggart. Good Heavens. For years the legal ethics board backed McTaggart and let him run a boiler room of people who posed as lawyers to scam $30,000,000 from the unsuspecting public. Australian legal ethics boards backed the wrong side this time. Word is the legal board passed inside information to Mctaggart about US antitrust cases where Reserve Bank documents were found smuggled by trans-US cocaine transporters to Mastercard's lawyer Keila Ravelo. The DEA and DoJ's Andrew Kogan have a Sentencing Hearing on her fairly soon. She was cenrral to what the National Retail Federation said was conduct so unethical that Judges cancelled Settlements between 3,400,000 Amex Card Merchants and 12,000,000 Mastercard and Visa's merchant stores.

Friday, March 16, 2018 2:13:00 AM Delete
Anonymous Anonymous said...

This is how the CBA operates..
Push it as far as they can under their Corporation Rug.
Hoping their muscle power, chosen position will let it pass over if they just say “SORRY”
There is many systemic and cultures issues that have been condoned by many and allowing this to happen without accountability or consequences.
Just look at the CBA $76 million plus Ponzi Scheme...
This involves the CBA Head Office Branch Box Hill.
I unknowingly, alerted the Top Senior Sales Manager, Box Hill, on the 19/02/2007.
I attended a meeting I arranged and informed Mr Brendan Epps, that we were really concerned and very distressed because it would appear we are Victims of some sort of scam..
We need help urgently...
Mr Brendan Epps, persona changed , he went all white and sweaty but he denied us any help...
Stated that he had full faith in Mr Bill Jordanou and had approved and facilitated many Loans with him..
And what happened Next was the biggest Cover Up..
We became CBA Bank Enemy No 1
All relevant documentation was denied us.
But most of all No Investigation..!!!!!!!
The Big Cover Up was put into ACTION.
I approached the CBA many many times and all doors slammed in my FACE...
I was abused, bullied and desrespected
The CBA was ruthless, without empathy or compassion and the CBA only aim was to destroy, discredit and eliminate....
And the performance of the CBA Representative yesterday, just validated and vindicated all the allegations being made by all the Victims of the CBA..
The CBA will not help..
The CBA put into action their plan to deceive and mislead and the CBA do this by creating that web of deceit and confusion by producing all these scenarios and producing all these plans “in the future”
Just to avoid their responsibilities!!!!!!
Great Reporting ....The News Daily,,,
Keep up the good work Commissioner Hayne and his amazing assistants....
CBA waited two years to admit insurance problems to ASIC
The Commonwealth Bank waited two years before admitting to ASIC that it had sold insurance protection on personal loans to 20,000 customers
thenewdaily.com.au. Debbie Barker, Mildura Australia.

Tuesday, March 20, 2018 1:28:00 PM
Anonymous Anonymous said...

Bendigo Boss bails.
Mar 26 2018 at 10:37 AM
Updated Mar 26 2018 at 5:42 PM


Bendigo and Adelaide Bank managing director Mike Hirst to retire



Mike Hirst says banks need to motivate staff more and incentivise them less.
Mike Hirst says banks need to motivate staff more and incentivise them less. Arsineh Houspian
James Frost AFR Woodcut

Share on twitter

by James Frost

Outgoing Bendigo and Adelaide Bank managing director Mike Hirst has drawn parallels between Australian cricket's ball-tampering scandal and the Hayne royal commission, saying leaders need to step up and take responsibility for the misconduct of team members.

As the veteran banker prepares to step aside after nine years in the top job, he also took a parting shot at the regulators such as the Australian Prudential Regulatory Authority, which curtailed the ability of the smaller banks to take the fight to their bigger rivals.

"It's a bit like having one arm tied behind your back," Mr Hirst said. "You are trying to do the right thing by customers by not pushing volume, and it makes it difficult. Our ability to grow the business would have been hugely helped by an even playing field."

Over the past 10 years, the total share return for shareholders has been 163 per cent. That's about half the total return from sector leader Commonwealth Bank at 308 per cent, but within striking distance of the larger banks' average at 228 per cent.

Tuesday, March 27, 2018 2:43:00 AM
Anonymous Anonymous said...

Do US law enforcement like the SEC rely on these Australian regulators during global investigations? Customers of their bank regulator's Ms Bennett's legal ethics board cheered when the US DoJ Criminal Division's chief Thomas Eicher signe off a plea agreement with Mastercard's lawyer in the Reserve Bank Document Smuggling Scandal that was covered up by foreign officials.


We need an inquiry into ASIC - it's an embarrassment
By Michael Pascoe
27 March 2018 — 10:45am

Share on Facebook
Share on Twitter
Send via Email

If you want to feel heat in Townsville, sledge the Cowboys NRL side or just mention the name “Storm Financial”.

Storm was Emmanuel and Julie Cassimatis’ Townsville-based cowboy (no relation) finance outfit that destroyed the savings of thousands of clients, making the Cassimatis rich while setting poor people up to lose their homes.
ASIC received the penalties it requested for Emmanuel and Julie Cassimatis: fines of $70,000 each and banned for seven years from managing corporations.

ASIC received the penalties it requested for Emmanuel and Julie Cassimatis: fines of $70,000 each and banned for seven years from managing corporations.
Photo: Jim Rice

Partially enabled by three banks that didn’t care where business came from as long as it came, Storm ripped out rich fees for absolutely poisonous financial advice, making outrageous promises to people who didn’t know any better.

The Storm model was to encourage people, however poor, to gear up beyond their eyeballs and punt on Storm products and the stock market never correcting. Pensioners mortgaging humble homes on the promise of getting rich quick? No, it doesn’t end well.

Last week in its most pathetic effort since it waved feathers at the perpetrators of the Firepower fraud, ASIC received the penalties it requested for Emmanuel and Julie Cassimatis: fines of $70,000 each and banned for seven years from managing corporations.

Tuesday, March 27, 2018 5:12:00 AM
Anonymous Anonymous said...

Austrac says child exploitation was part of the racket. !!!!

New AUSTRAC boss Nicole Rose shocked by 'depth and breadth' of money laundering
AM
By senior business correspondent Peter Ryan

Posted yesterday at 10:56am
Thick bundles of 50 and 100 dollar notes sit stuffed inside a duffel bag
Photo: AUSTRAC's job is to make sure cash from illegal activities isn't laundered into the legitimate economy. (Supplied: District Court of WA)
Related Story: CBA rejects bulk of fresh money-laundering allegations
Related Story: CBA warned terrorist his account was about to be closed: AUSTRAC
Related Story: CBA the only bank in AUSTRAC's sights over money-laundering scandal

Australia's financial intelligence czar Nicole Rose says she is shocked at the depth of money laundering in the economy involving organised crime, child exploitation and drug importation.

"I thought coming from the Australian Criminal Intelligence Commission that I had a pretty good handle on serious and organised crime," she told the ABC's AM program.

Thursday, April 05, 2018 9:13:00 AM
Anonymous Anonymous said...

I can tell my experience in money laundering known to be going on by Perpetual Trustees and the NAB by a criminal mortgage broker ..... Google Dominic Cincotta .... for some 10 years both banks knew of his money laundering which was never reported to AUSTRAC, AFP etc..... they were breaking serious law .... $25m off to Hong Kong for drugs. False mortgage funds he brokered

Saturday, April 07, 2018 9:09:00 PM
Anonymous Anonymous said...

If Nicole Rose's Australian Criminal Intelligence Commission didn't know about human trafficking, child abuse, narcotics and organised crime and the banks, just as well customers of Fiona Bennett's legal ethics board reported its whistleblown tip offs to US agencies like FinCen.

Saturday, April 07, 2018 9:14:00 PM
Anonymous Anonymous said...

Texan, California and masshole teechers, pensioners and public servant retirement funds are suing that famous Commonwealth Bank of Australia. finance.nine.com.au/2018/04/10/13/28/us-...st-commonwealth-bank. In other news their I.T expert Jon Waldron was comitted to face trial in Sydney on charges of international bribery, and the Australian fincen chief said she was shocked to see the extent of child exploitation and violations of the antimoneylaundering laws.

Tuesday, April 10, 2018 12:00:00 AM
Anonymous Anonymous said...

Pension fund giants back Commonwealth Bank class action
New Commonwealth Bank CEO Matt Comyn. Picture: James Croucher
New Commonwealth Bank CEO Matt Comyn. Picture: James Croucher

The Australian
1:21AM April 10, 2018

Eric Johnston
Business Review Editor
Sydney
@ejohnno

Some of the world’s biggest pension funds are planning to launch a class action against the Commonwealth Bank, claiming the lender engaged in misleading conduct and committed a string of disclosure breaches relating to a separate legal claim brought last year by anti-money laundering agency Austrac.

The class action, which has not yet been lodged but was announced last night, has backing from some of CBA’s major shareholders, including heavyweight United States public pension funds with a combined net worth of nearly $US500bn.

This includes the $US224bn California State Teachers Retirement System (CalSTRS), the $US150bn Teachers Retirement System of Texas (Texas TRS), the $US71bn Massachusetts Pension Reserves Investment Management Board, and US$44bn Colorado Public Employees Retirement Association, according to Melbourne-based law firm Phi Finney McDonald

Tuesday, April 10, 2018 1:19:00 PM
Anonymous Anonymous said...

Says the Australian Financial Review: "Mr Comyn will be looking to replace members of his 10-person-strong executive team following three resignations including that of group executive Kelly Bayer-Rosmarin just two weeks ago. The remaining group level executives including private banking head Adam Bennett, head of legal Anna Lenhahan, chief financial officer Rob Jesudason and chief risk officer David Cohen."

www.afr.com/business/banking-and-finance...nder-20180409-h0yj5p

Tuesday, April 10, 2018 2:20:00 PM
Anonymous Anonymous said...

4BC Radio Brisbane just reported that American pension funds with a worth of $500 billion are suing the CBA because the CBA hid things from the stock market. Sydney Radio 2GB said the same.

www.4bc.com.au/pension-giants-launch-cla...t-commonwealth-bank/

Wednesday, April 11, 2018 12:46:00 AM
Anonymous Anonymous said...

The Royal Commission intends to question Australia's corporate lapdog, ASIC. Is it true that Australia's ASIC and APRA allowed sub prime doctored figures to be sold as AAA to Americans and the Bank of International Settlements? Crikey, SIC's chairman Medcraft was on Wall Street's IOSCO and he let these bogus figures be sold to US investors?

Wednesday, April 11, 2018 1:02:00 AM
Anonymous Anonymous said...

by James Frost

Outgoing Bendigo and Adelaide Bank managing director Mike Hirst has drawn parallels between Australian cricket's ball-tampering scandal and the Hayne royal commission, saying leaders need to step up and take responsibility for the misconduct of team members.

As the veteran banker prepares to step aside after nine years in the top job, he also took a parting shot at the regulators such as the Australian Prudential Regulatory Authority, which curtailed the ability of the smaller banks to take the fight to their bigger rivals.

"It's a bit like having one arm tied behind your back," Mr Hirst said. "You are trying to do the right thing by customers by not pushing volume, and it makes it difficult. Our ability to grow the business would have been hugely helped by an even playing field."

Over the past 10 years, the total share return for shareholders has been 163 per cent. That's about half the total return from sector leader Commonwealth Bank at 308 per cent, but within striking distance of the larger banks' average at 228 per cent.

Friday, April 20, 2018 12:35:00 AM
Blogger Shareholders said...
Anonymous Anonymous said...

Ms Fox, chair of the Australian Shareholders Association says its like Madoff's ponzi scheme down there, and she wants them all jailed. Is it true the State of California is a shareholder, along with US pension funds like CalSTRS, in that "Con's Bank" that was caught vioating counterterrorism and mneylaundering laws AND there was Child Exploitation too, says Austrac's antimoneylaundering agency's chief Ms Nicole Rose. Was Fiona Barnett right about the child trafficking and the 'protection racket' by foreign officials? Have foreign officials and these bankers ripped off American pension funds and covered up all the violations of the laws in Executive Orders For Extradition?

Wednesday, April 25, 2018 1:00:00 AM
The administrator has disabled public write access.

Bowles 'spied' on anticorruption in qld 4 months 1 week ago #3855

  • DesiredUserName
  • DesiredUserName's Avatar
  • OFFLINE
  • Platinum Boarder
  • Posts: 913
  • Thank you received: 8
  • Karma: 0
Suitcases of cash. Barristers 'settling' disputes with cash payments in the Mayor's carry on luggage. Scandals galore. Does the victorian legal board often 'spy' on anti corruption campaigners and let the crooks lawyers operate with impugnity??

THE State Government has pledged more than $14 million to the Crime and Corruption Commission to clean up councils across Queensland.

Premier Annastacia Palaszczuk yesterday announced $14.25 million would be provided to the CCC to establish a new Office of the Independent Assessor in the upcoming state budget.

"The Office of the Independent Assessor, when established, will deal with councillor conduct complaints, improved governance practices and enhanced delivery of more sustainable local government," she said.
The administrator has disabled public write access.

Jennie Paluka says "report McGarvie to IBAC" 4 months 1 week ago #3856

  • DesiredUserName
  • DesiredUserName's Avatar
  • OFFLINE
  • Platinum Boarder
  • Posts: 913
  • Thank you received: 8
  • Karma: 0
internationalbanker.com/banking/commonwe...-laundering-scandal/


International Banker
AUTHORITATIVE ANALYSIS ON INTERNATIONAL BANKING

HOME
BANKING

FINANCE

BROKERAGE

COMPANIES

TECHNOLOGY

LIFE ARTS & TRAVEL

MEDIA

AWARDS

Home Banking Commonwealth Bank of Australia—in the Midst of a Money-laundering Scandal
Banking
Commonwealth Bank of Australia—in the Midst of a Money-laundering Scandal
December 20, 2017
Commonwealth Bank of Australia—in the Midst of a Money-laundering Scandal

By Phillip Mann, International Banker

On November 15, the Commonwealth Bank of Australia (CBA) held its annual general meeting (AGM), during which a small but notable protest vote emerged against the bank’s board appointments and executive remunerations. While the vote was not enough to warrant a mandatory board spill—the remuneration report still managed to gain 91.4 percent support, and the weakest majority vote among the four new director appointees to the board received 84 percent—it signalled that a considerable degree of discontent had emerged during a year in which the Australian stock market’s biggest company has had to face lawsuits over allegations that it breached anti-money-laundering and terrorism-financing rules.

Indeed, the AGM followed revelations back in August that CBA had been sued by the Australian Transaction Reports and Analysis Centre (AUSTRAC)—the government’s financial-crime agency—over 53,700 alleged breaches of such laws. The case concerns automated cash-deposit machines—known as “intelligent deposit machines”—that were introduced by CBA in 2012 and which allow customers to anonymously deposit and transfer cash, even when banks are closed. The machines count the cash and then instantly credit the designated recipient; they also allow for up to A$20,000 per deposit to be anonymously placed in recipient accounts, which can then be transmitted to offshore destinations.

AUSTRAC contends that such machines were predominantly used by four money-laundering syndicates, three of which have ties to drug-importation and distribution networks. The syndicates were able to anonymously deposit and transfer cash, with one operation seeing more than $21 million being deposited into 11 CBA accounts between February 2015 and May 2016. Indeed, it is believed that the bank failed to report suspicious transactions totalling more than A$624 million ($497 million) that were transmitted through this network of deposit machines. While banks are required to flag transactions in excess of US$10,000 within 10 business days, CBA reportedly failed to deliver such reports for a period spanning three years. According to AUSTRAC, therefore, CBA failed to assess the money-laundering and terrorism-financing risks of those machines, and thus failed to sufficiently meet its transaction-monitoring requirements. It has thus filed 83 allegations concerning suspicious transaction reports and 19 allegations regarding customer due diligence. Moreover, the maximum penalty for each of CBA’s 53,700 breaches is up to $18 million, which means that the lender could end up being footed with a potentially massive financial obligation of nearly A$1 trillion if found guilty.

According to AUSTRAC’s court filing, CBA’s conduct during this matter “has exposed the Australian community to serious and ongoing financial crime”, with the crime unit adding that the delays in the case have also led to “lost intelligence and evidence, including CCTV footage, further money laundering and lost proceeds of crime”. The bank also allegedly failed to act despite receiving a clear warning from the Australian federal police, which advised in late 2015 that numerous accounts “were connected with an investigation into serious criminal offences, including ‘drug import and unlawful processing of money’”, AUSTRAC claimed.

In addition to AUSTRAC’s case, CBA also faces a shareholder class-action lawsuit, which alleges that the lender knew of the allegations but did not disclose them to shareholders prior to a drastic drop in the lender’s share price. In total, the bank failed to adequately report unusual transactions totalling more than A$77million. The lawsuit thus centres on the bank’s lack of disclosure of the AUSTRAC allegations to the Australian Stock Exchange, which the board admitted it knew of in the second half of 2015 but on which it made its first public comment only in August 2017 when AUSTRAC’s legal action was confirmed. The concurrent drop in share price during early August was, according to Andrew Watson, the national head of class actions at law firm Maurice Blackburn, “in the top one percent of price movements that CBA experienced in the past five years, making it apparent that the news was of material significance to shareholders”.

In response to the allegations, CBA admitted in mid-December to some failings with respect to reporting on time to the authorities, a failure which it describes in legal filings as one “that deprived law enforcement of some additional intelligence”. The bank also cites systems-related glitches as being behind the problem rather than any nefarious actions taken internally, which in turn suggests that it is aiming for the thousands of failures to be considered as one single breach of the law, thus minimising the ultimate penalty imposed on the bank. While the case remains ongoing, moreover, CBA has cut bonuses for its executives and initiated an overhaul at board level. The bank’s CEO, Ian Narev, will also be stepping down from his position at the end of the financial year. “We let down our stakeholders and, regardless of the ins and outs of the legal claim, I am sorry for that as the chief executive,” Mr Narev recently admitted, adding that he takes accountability for the scandal.

Additionally, CBA has now put in place measures to prevent its personal customers from depositing more than $20,000 per day at the bank’s ATMs. This means that the new limit will apply irrespective of how many deposit transactions are made in a day. According to the bank, this new measure “is another important step in the management of money-laundering risks. It strikes a balance between addressing our obligation and commitment to prevent financial crime and meeting our customers’ legitimate banking needs”. Nonetheless, the bank’s position remains clear with regards to the bulk of the claims—that most of the breaches were due to software errors. It also refuses to accept AUSTRAC’s contention that the bank’s failures equate to eight separate contraventions of the law, and denies the suspicious-transaction and due-diligence allegations. Indeed, CBA Chair Catherine Livingstone recently stated that the allegations made by AUSTRAC did not suggest that any of the bank’s employees had acted maliciously, nor had the bank acted deliberately to flaunt AUSTRAC laws.

The allegations have also had some wider-reaching consequences, with the government in December deciding to implement a law that requires bitcoin exchanges operating in the country to register with AUSTRAC. The move is a direct result of growing concern from Parliament that financial crime in the country needs to be brought under control following CBA’s alleged violations.

According to CBA, AUSTRAC had indicated it will file more allegations of legal breaches, which in turn would very likely cause the bank to update its own legal defence. It will also make clear to the court that it has taken specific steps over the last few years to strengthen its compliance against financial crime. Nonetheless, the bank faces much criticism from shareholders, regulators and politicians over its conduct, to the extent that a public inquiry into the bank’s misconduct was finally agreed upon in November. The case remains ongoing.
The administrator has disabled public write access.
Time to create page: 0.434 seconds

News

Major Topics

Helpful Resources

Socialize

About Us