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Founder's Messages

Founders Message - 18 September 2017


Hi to you all,

Over 12 months ago we were told by the Government that a “one stop shop” would be set up to help the many bank victims through the maze of the system, and have their cases heard with hopefully compensation paid back to them because of the corrupt action of the banks.

Our team of researchers have presented to the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) several cases that without doubt show there were unconscionable actions, asset stripping and fraudulent activity by some banks.

In light of the recent scandals by CBA, there has been no explanation by ASIC as to why the banks Chief Executive, implicated by corrupt banking practices that Bank Victims has reported since 2011, has not been prosecuted to date.

During the CBA Chief Executive’s highly paid term of management, the bank has been implicated in the following scandals:

March 2012: 
Enforceable Undertaking on credit limit consents relates to misleading statements in obtaining credit card limits

September 2012: 
Compensation for Storm Financial losses where CBA agreed to pay customers to invest through Storm Financial.

December 2013:
 EU on handling of client funds where CommSec handled client funds to deficient processes pre-2012.

March 2015: 
Two former CBA IT executives charged with bribery, receiving corrupt payments with respect to awarding of an IT contract from a supplier.

November 2015: 
CBA customers on a wealth package failed to receive fee waivers. $80m in fees refunded to clients.

December 2015: 
Claims of CBA deliberately foreclosing on Bankwest loans in order to lower its purchase price.

February 2016: 
CBA staff found complicit in $76m Ponzi scheme fraud and receiving secret commissions.

March 2016: 
Claims CBA failed to pay life insurance claims due to its strict/outdated definitions. CBA failed to alert police to fraud allegations.

August 2016: 
Two US funds filed a class action against the four major banks. ANZ, NAB, and Westpac had already been charged by ASIC for manipulating rates. CBA was not named in the ASIC action, but was named in the class action.

December 2016: 
CommSec tops fines list from the Markets Disciplinary Panel in 2016 for allowing trading in accounts of deceased clients.

December 2016: 
Enforceable undertaking on FX trading between 2008 and 2013. “Inappropriate conduct” in wholesale FX business.

March 2017: 
Ian Narev confirms no senior executives had suffered consequences from the CommInsure, Wealth Management/Financial Planning scandals.

August 2017: 
Alleged violations of AML laws due to failure to submit timely TTR reports to Austrac.

Victims cannot have confidence ASIC is capable of carrying out its responsibilities, in light of these oversights by Mr Greg Medcraft, Peter Kell and Greg Tanzer. They must be stood down while there is an urgent investigation or a Royal Commission that has powers to investigate and prosecute banks and regulators implicated in the problematic banking practices.

Bank Victims believes the investigation or Royal Commission should look at each of the CBA scandals. Further, so that there is an end to allegations of corruption by the banking sector, there is evidence that the Australian Bankers Association, Financial Ombudsman Service and the Code Compliance Monitoring Committee are involved in a banking scam that is out of control, as it can potentially damage 17.09 million bank customers.

We await the response from ASIC Chair, Mr Greg Medcraft to supply copies of all reports ASIC has carried out demonstrating it has investigated these claims.

Does the present Government honestly believe that there are people in this country who accept the banks and their association members should get away with no action by the regulators, in a corrupt banking system that is out of control.

Bank Victims will continue to require justice from banks that have been concealing documents, selling asset only or predatory loans and failing to investigate complaints from customers that have legitimate claims of deceitful practices.

Kind Regards,
Russell Cousins
Founder of Bank Victims and NAB Victim
Operations Director


Letter to Mr. Greg Medcraft - Chairman - Australian Securities & Investment Commission - 12 September 2017

Memorandum of Banking Self-Reguation - 11 September 2017

Signatory to “The Oath”

NMK Solutions - 28 August 2017- Submission

2004 Code of Banking Practice

Consumer Protection in the banking insurance and financial sector Submission 109

Consumer Protection in the banking insurance and financial sector Submission 109 - Response - Code Compliance Monitoring Committee

Bank Victims Submission 'Re:##### v NAB: Facts & Opinions' to ASBFEO - 7 August 2017

Bank Victims Submission 'Re:##### v ANZ: Facts & Opinions' to ASBFEO - 14 August 2017

Bank Victims Submission 'Re:##### v Rabobank: Facts & Opinions' to ASBFEO - 29 August 2017


Founders Message - August 2016

In the last few months the Bank Victims team have been campaigning Politicians, the ASIC, and the public to make everybody aware of the new evidence which we have investigated regarding the Banking Code of Practice and a hidden Constitution called the CCMC Constitution that took all the rights away from borrowers, and that no borrower was able to access this Constitution for the 10 year period from 2004 until 2014.

Founder's Message - 21 May 2014

This Article Dated 5th February 2014 appeared in the Gold Coast Bulletin

The man behind Skylinq cable car idea says NAB 'destroyed' his family companies                                   

Quentin Tod Gold Coast Bulletin February 05, 2014 6:47AM

We are amused why this story was written. But we thought the story had some merit.

There are however a few points that the writer made that needs some attention to detail.

1.   The writer says :- The 64-year-old Mr Cousins, on the Cousins Securities website, said the bank sold off six properties for $6 million less than the value the company put on them.

Mr Cousins says :- The Company did not put the value on these properties. These were valued by a registered professional valuers, who were also on the panel of Grenfell Securities. It was not on the Cousins Securities website it was stated on the Cousins Property Group website.

2.   The writer says :- Most were vacant land intended for development and the holdings included the Hibiscus Caravan Park and a planned residential golf course development, both at Mission Beach.

Mr Cousins says :- All properties were under design and development. No land was land banked. Approvals were obtained on the Beach Club & Spa and others were pending approval. The Timber Plantation was a registered plantation growing timber, and the Hibiscus Caravan was fully operational.

3.   The writer says :- A Cousins Securities liquidator's report in 2009 estimated that the realisable value of seven Cousins properties was $10 million and said that debt on those properties was $15 million.

Mr Cousins says :- The valuation on these properties were obviously carried out by HTW Valuers known to work for the banks and will value properties 70 cents in the dollar. As they are seen to be conservative valuers which the corrupt banks like.

4.   The writer says :- Mortgagees, apart from NAB, ­included Grenfell Securities, which has since failed.

Mr Cousins says :- Grenfell Securities failed on Friday 31st October 2008, before the NAB decided to send my Two Companies to the wall. They have not since failed. There collapse in 2008 caused a roll on effect, as we could not then source money from the fund for further development, as the fund was frozen by the receivers.

5.   The writer says :- The liquidator's report said there was an employee claim by Colleen Cousins against Cousins Securities for $600,000, representing payment for six years as a bookkeeper and administrator at $100,000 a year.

 Mr Cousins says :- As Mrs Cousins was entitled to claim these wages as recommended by the accountants. Mrs Cousins was the only unsecured creditor as all others were paid by the family. The two secured creditors were the NAB and Grenfell Securities in liquidation.

6.   The writer says :- In 2010 the Cousins Property Group, which is subject to a strike-off action.

Mr Cousins says :- At the time of writing this article in Feb 2014 Cousins Property Group was not subject to strike-off action as stated by the writer.

Just a few points I thought I might correct. But if the writer really wants to see what the NAB is about and how corrupt they operate, then he is only too welcome to visit or where their subsidiary, NAB-Clydesdale in the UK has ruined thousands of families and their lives. Also there is other relevant information at NAB Victim.

Russell Cousins

21 May 2014

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