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Founder's Message - 22 August 2014

Founder's Message - 22 August 2014
The year to date has seen the banks up against Class Actions for their corrupt and relentless pursuit of profits.

The people are standing up to these criminal organisations and are demanding justice. But as we all know the banks will throw whatever is needed to slow down this process.

More signals are on the horizon for a Class Action, on the way banks have treated business and are still treating businesses. In a "STING STYLED EXERCISE" that takes the assets away from the true owner and is divided up between the banks and it's puppets.

Time and time again we hear of businesses that have been put into receivership. We know only two well how they play this game and are able to get away with it. One at a time, so not to be seen, they ply their parasitic trade.

Another day another Victim, that should be their slogan.

This morning I received a letter from Faye outlining her demise at the hands of the NATIONAL AUSTRALIA BANK (NAB). I spoke to Fay later today and confirmed to her our commitment to expose the corrupt actions of the perpetrator.

A comprehensive story of how this STING occurred and how they were allowed to sell the properties will be forthcoming over time. The NAB will be made accountable.

Here is Faye Andrews story in her letter to me:

 

Dear Russell,

I realise that you’re extremely busy but I would be most grateful if you could spare a few minutes to read the facts of what NAB did in my case.

My business with NAB was as a property investor and spanned a total of 46 years; I was considered a high net worth Client with NAB.  In 2010, my monthly income was stable and I had a substantial amount of cash - $865.000.00 - in Term Deposit with NAB.

NAB and  the major Banks determination to acquire clients assets by any meansis not limited to the problems  of overdue mortgage payments – the result of the GFC  -or problems arising from a specific industry ie  Agriculture, or by the fraudulent actions of a few rogue planners.  This is white collar crime as Australians have never experienced before;  aided, abetted and condoned by Government regulators.

The devious methods to acquire clients’ assets are many and varied; these include the Banks holding Valuers responsible for any losses on foreclosures and is akin to blackmail.  

Banks directive to hold Valuers  responsible  resulted in reduced property values and increased LVR’s which ultimately gave the Banks carte blanche to terminate Loan Contracts and acquire / steal Assets at will.   

 When my properties maintained their LVR, NAB recommended that ‘’I sell some of my properties and invest in Bank products.’’
When I declined the offer, NAB Credit Managers resorted to criminality.   

Vacant properties - the best in Parramatta CBD - were vacant.  As I awaited changes to Zoning ( and a wider buyer/tenant pool arising from changes to existing Zoning )– considered imminent -   I wanted to pay the shortfall interest for the vacant properties from my own funds in the Term Deposit  and  stipulated a maximum time of up to 4 months.

Though I had not missed a single interest payment, NAB told me - by using my own funds -  ''you are eroding the bank's security.''   

NAB froze the $865.000.00 in my Term Deposit  -  then said I was in default - and instituted 15.90%  Penalty interest.  No alternative lender would entertain lending to a ‘’ borrower in default.’’   Indeed, with each application to refinance it took weeks to prove that the NAB would deliberately prevent me from paying interest from my own funds.

They then placed my entire life's work, my portfolio, with Receivers PriceWatershouseCooper (PWC)  

PWC refused to allow signed, witnessed Sale Contracts for 2 properties - to my tenants of 20 years - to proceed.  This would have prevented the sale of the remaining properties, including the vacant property as above.

The jewel of my Portfolio was a block of 12 Units with a magnificent Art Deco Penthouse located adjacent to Ascham College, opposite the Edgecliff Centre in Edgecliff with huge potential to construct a sub-penthouse on the roof with good water views.

With NAB's approval, PWC

• sold the block to a developer for $5,000.000.00 - $750.000.00 less than NAB's conservative valuation of    $5,750.000.00. After 46 years of paying high interest repayments, NAB allowed the purchaser  to reap the full potential and profit of my life’s work.

• On the day following exchange of contracts - with just 5% deposit, of uncleared funds -  allowed the purchaser to pre-sell the units with no approved Strata.

• On that day, 8 units were sold at just over 50% of the recent sale price of a Unit in the adjacent block and netted the Purchaser of my property, a profit of over $2,000.000.00. Imagine the profit if the Units were marketed properly in a sufficient time period.

• The $2,000.000.00 profit - did not include the remaining 4 Units or the magnificent Penthouse or the potential for a sub-penthouse with water views   or  the sale of  5 prized parking spaces allocated to the Lot.

• PWC allowed the purchaser to continue with my Strata application in the name of my Family Trust ''so he didn't waste time.''

• Full Strata of the block was approved by Settlement - 6weeks 2 days later.  

• With NAB’s approval, the vacant properties in Parramatta were sold with complete disregard of offers to purchase at a higher price by (2)  high profile Companies who have been in Parramatta for  over 35 years.

This was deliberate so that my entire portfolio would have to be sold.  

• The sales of my portfolio were complete in under 6 months but PWC did not wind up the estate for over 20 months.
        More profit to them?

• Finally, after the $865.000.00 was absorbed in Penalty Interest, the NAB evicted me and sold my 2 bedroom home.    

As with all sales by a mortgagee, my home sold for $350.000.00 less than a nearby, inferior property sold for a short time later.

Note:    PWC told me  -  ''to forget about it and start again.''

There's no starting again Russell ;  After a lifetime of hard work, at  69 years of age the stress is indescribable and as a result I now have developed a very serious Auto Immune condition.

Once the Bank took my home, my life savings and Assets, there was nothing left to fight with.  

The systemic banking practises of NAB annihilating clients continues and will not stop until the Directors are held accountable.  

Collectively, we must hold CEO’s and Board Members legally& personally responsible for compensation.

As I delve deeper into blogs and websites I note there are thousands of us who are affected and we all tell the same sad tales of solicitors taking our money  - virtually under false pretense -  knowing that we  can’t possibly compete with CEO’s & Board Members  ‘Bank Policy’ – of spending unlimited amounts of clients funds  on legal fees,  so to protect outrageous  annual increases  to their salaries and termination payments.

I look forward to joining with you and all those affected in mounting a collective legal action against these unethical  corporate  thieves.

With best wishes and kind regards

Faye Andrews

PO Box 915
Potts Point 1335

 

Faye's letter shows what these predators are capable of.

More information on the NAB can be found at: Dr Evan Jones. http://bankvictims.com.au/dr-evan-jones

This will give you a very good understanding of the NAB and its corrupt practices.

Russell Cousins

NAB Victim (One of Many)

22 August 2014

Last modified onMonday, 25 August 2014 01:08

1 comment

  • Tony Salter
    Tony Salter Friday, 22 August 2014 09:27 Comment Link

    Keep up the great work Russell. Not easy by any stretch, especially as victims are mostly left shattered and the banks have endless appetite for abusive court strategies. You have a great social conscience and I hope you keep growing and getting the support you and this endeavour deserve.

    Report

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