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Charles Ponzi

Charles Ponzi

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  • June 2014 is interesting: that's when the FOS Review by D'Argerville and the David Murray FSI and VLSBC's Tina Stagliano knew the SEC mob buster Mary Jo White was investigating.

    Confidential documents reveal Commonwealth Bank stressed to the anti-money-laundering regulator it was making a “significant investment” in its compliance ­systems and reporting breaches “in a timely manner”, just months before it was hit with legal action alleging huge reporting failures.

    Austrac filed a 600-page legal suit in the Federal Court in August last year, alleged the bank breached anti-money-laundering and counter-terrorism financing legislation more than 50,000 times. The bank has denied it had any knowledge of the charges levelled against it until the statement of claim was filed in court and subsequently became public.

    But documents obtained by The Australian under Freedom of Information laws reveal a back-and-forth between the bank and Austrac in the months leading up to the legal action, with the regulator concerned with how the company complied with anti-money-laundering laws. The heavily redacted documents were obtained following a five-month battle with CBA, which had opposed their release.

    The documents reveal Austrac in mid-June and mid-October 2016 had given CBA notices that required the bank to hand over detailed information relating to the bank’s compliance systems and processes.

    A letter sent by CBA general manager of financial crime operations Matthew Keaney to Austrac on April 13 last year reveals CBA’s response to a third request for information from Austrac just a month earlier.

    In that letter, Austrac had asked for “further information” relating to two undisclosed issues raised in the bank’s prior responses to Austrac’s 2016 legal notices.

    “Before responding to the specific questions in your letter, we reiterate our firm commitment to meeting our obligations under the (anti-money-laundering and counter-terrorism financing) Act,” Mr Keaney said, according to the letter obtained by The Australian. “We recognise the role we play in combating financial crime, and the importance of that to our customers and the communities we serve. We will continue to make significant investment in our AML/CTF systems, people and processes, including to ensure that critical intelligence is detected and reported to Austrac in a timely manner.”

    Austrac in August last year ­alleged CBA failed to send the regulator tens of thousands of legally required transaction reports, many of which related to deposits made through the bank’s smart ATMs. Last month, Austrac ­dramatically broadened the allegations to include further instances where organised crime groups and convicted terrorists allegedly washed money through CBA’s intelligent ATMs.

    Austrac has alleged CBA is still breaching the law.

    A CBA spokesman said the bank co-operated “fully” with Austrac. “This includes continuous ­liaison and collaboration with the regulator, including the provision of information to Austrac on an informal basis and in those instances when Austrac uses its information gathering powers,” he said.

    According to Austrac principal legal officer Jennifer Ermert, CBA objected to the release of the letter because it disclosed confidential information about the bank’s transaction monitoring systems and processes.

    The letter also disclosed “the review that the CBA is conducting” in relation to transaction monitoring and “the specific measures and upgrades that the CBA has implemented, or will be implementing” to its systems and processes,” Ms Ermert said.

    The CBA letter is cited in Austrac’s statement of claim against the bank as evidence the lender did not comply with its transaction monitoring program ­between October 2012 and September 2016. There, Austrac claims the bank did not properly monitor nearly 800,000 accounts “for varying periods”. It is also alleged the bank knew of the compliance failure with the accounts in June 2014, but “did not resolve the systems error” on all accounts until late September 2016.

    In its Federal Court defence, CBA has claimed “the error was corrected, and the affected accounts were subject to automated transaction monitoring by, at the latest, October 12, 2015”.

    Chairman Catherine Livingstone has said while CBA discovered the failed transaction reports in about August 2015, after Austrac queried the lender for a number of missing transactions, the bank was unaware of the impending legal action until the 600-page statement of claim was filed in the Federal Court in August 2017.

    Former Austrac acting chief executive Peter Clark last year told a parliamentary hearing the regulator had “quite a lot of contact with CBA” before filing its lawsuit in court.

    Law firm Maurice Blackburn has already launched a class action against the bank alleging breaches of continuous disclosure over CBA’s compliance with anti-money-laundering legislation.


    Elder Financial Exploitation, Neglect and Abuse Victim
    Violating Institution : Bendigo Bank
    Suspects : Bank Manager Christine Frankham & Susan Bogaard Paid Care Giver
    Suspected Accomplice: Peter Hadley Wood (Solicitor/Attorney)

    Yolanda was the first Elder Financial Exploitation, Neglect and Guardianship Abuse Victim reported to NASGA from Sydney Australia in late 2013, she was also a Victim of Australia's Institutionalized Elder and Disabled Financial Exploitation and Cover-Up's within Australia's Banking and Financial Services Industry.. !!

    Yolanda is the mother of Mareea Watts and Tony Hutton (NASGA and Banking Abuse Advocate), both the Bendigo Bank and Bank Manager Christine Frankham have now been placed on NASGA's "Wanted List" and all information received by NASGA from Banking Abuse Whistleblowers in relation to either Australian or American Banks will be kept Strictly Confidential .. !!

    Case History :-

    Bendigo Bank Manager Christine Frankham and Susan Bogaard a Paid Carer of Yolanda Hutton were under New South Wales (NSW) Police Investigation from August 2011, during this time Bank Manager Frankham was suspended for 18 months from Bendigo Bank pending the Police Investigation.

    Bendigo Bank Manager Frankham and her friend Susan Bogaard had been appointed Guardians and Financial Managers of Yolanda Hutton (who in June 2007 was diagnosed with Advanced Dementia), until they relinquished their role prior to a Guardianship Hearing on 26/7/2011, due to intensive Investigation by the Australian Media .. !!

    Following a story screened by Channel 7 News over 3 nights, the matter was referred to the Assistant Police Commissioner Nick Kaldas (the story was screened on 8/8/2011 - 22/8/2011 - 23/8/2011).

    After the first night’s screening another family contacted Channel 7 in Sydney, advising them that their Aunt (Joan Douglas) had been befriended and allegedly targeted by Bendigo Manager Frankham in a similar way to Yolanda Hutton, when Frankham was manager of the Commonwealth Bank at Brookvale NSW... !!

    Yolanda Hutton also had an account at the same branch of the Commonwealth Bank, at the same time and both where customers of Bank Manager Christine Frankham...!!

    Christine Frankham left Commonwealth Bank in July 2002 and joined the Bendigo Bank at Dee Why as the Branch Manager, Yolanda Hutton accounts immediately followed Manager Frankham to the Bendigo Bank... !!

    A Current Affair (Channel 9, in Sydney) also screened a half hour special on 11/11/2011 that started with the story of a Sydney Taxi Driver. who was allegedly Targeting and Defrauding Vulnerable Elderly People, it then led into the Yolanda Hutton's Story and her involvement with Bank Manager Christine Frankham....!!

    There were also articles in the Daily Telegraph by John Rolfe (News Director of the Daily Telegraph) on 8/8/2011 & 10/11/2011 relating to Christine Frankham, without Yolanda's name being mentioned for legal reasons, as Yolanda was a Protected Person (being a Ward or Protected Person the Daily Telegraph was unable to publish her name) .... !!

    Different rules apply to Australian TV Media, who exposed Bendigo Bank Manager Christine Frankham, also published the name and details of the alleged victim Yolanda Hutton (with the Families Approval)... !!

    The Family gained documentary evidence in the diaries of Just Better Care, found in Yolanda's home when Police forced access on 21/05/2011...!!

    Just Better Care called at Yoland's home every day for about 3/4 of an hour to prepare her a meal, the diaries showed evidence of the horrendous alleged Neglect and Abuse of Yolanda, by her then Guardians Bendigo Bank Manager Christine Frankham and Frankham's friend Susan Bogaard... !!

    Yolanda was in a Deplorable State on the 21/5/2011 when Police Gained Forced Entry to her home, as allegedly Bendigo Bank Manager Frankham and Susan Bogaard, had the locks changed for the third time at Yolanda's expense, to deny Yolanda's Family access... !!

    Yolanda had been on the timber floor for up to 20 hours, wearing only a thin nightie, when Police entered the home. It had also been a very cold night, Yolanda was hypothermia, tachycardia, had a urinary tract infection, with impacted feces and severe scalding in her Genital Area... !!

    Yolanda was taken to Mona Vale Hospital by Ambulance, Mona Vale Hospital Emergency Admission and Clinical Notes where also given to Police.

    The Just Better Care Diary when transcribed consists of 120 pages, the diary continually mentions the poor state of Mrs. Hutton health, which allegedly Bank Manager Christine Frankham and Paid Care Giver Bogaard disregarded...!!

    The most appalling evidence (apart from the alleged neglect and abuse) that was found, appears to be that Bank Manager Christine Frankham and Paid Care Giver Bogaard’s, efforts in arranging Yolanda to sign 4 consecutive wills in 4 years (8/9/06--13/10/06--30/4/08--3/4/09).... !!

    In each of these wills Manager Christine Frankham was the Executor, with both Frankham and Bogaard’s percentages of Yolanda's Estate increasing, until the final will in 2009 arranged by the alleged perpetrators (before Yolanda was freed from this nightmare, making her last and final will) .. !!

    In the last will of this "Undue Influence" saga both Manager Frankham and her friend Paid Care Giver Bogaard, were to inherit the entire estate of approximately $1.5 Million Dollars, with an additional clause inserted, that if anything happened to either of them, then their share would have gone to "Their Children". They only allowed $20,000 to be given to one of Yolanda's Granddaughters Jacki Riley. Jacki was 1 of the 8 Grandchildren of Mrs. Yolanda Hutton... !!

    Interestingly the Wills were prepared by Northern Beaches Solicitor Peter Hedley Wood from Wood Marshall Williams at Brookvale, who for some unknown reason MUST work under the supervision of another Attorney.... !!

    It's also interesting to point out that Christine Frankham had been allegedly involved in a similar situation before, with another Elderly Women named Joan Douglas who died in 2004... !!

    As we stated before in July 2002 Bank Manager Frankham left Commonwealth Bank, allegedly "Head Hunted" by the Bendigo Bank, where she became the Manager of it's Dee Why Branch... !!

    Allegedly on 26/4/2000 Christine Frankham arranged to take Joan Douglas to prepare a new will with David Tuckerman (solicitor) from Rees Tuckerman in Brookvale, whereby Manager Frankham became a beneficiary receiving $30,000 and Bank Manager Frankham was also included in the line of beneficiaries for Joan’s house at Beacon Hill... !!

    In February 2001 Frankham allegedly asked Joan for a loan of $10,000 and this money was allegedly transferred to Frankham on 19/2/2001... !!

    Allegedly Joan then had great difficulty in the loan being repaid and as Joan’s demands became more public, the loan was eventually repaid on 30/4/2001, allegedly $10,000 was withdrawn by Manager Frankham from Yolanda's Visa Credit Card account at Commonwealth Bank in Brookvale, where Frankham was previously a Manager (the card had a limit of $10,000 & had never been used before)... !!

    Joan Douglas died on 18/12/2004, but Christine Frankham was unaware that Joan had made another will, where in Bendigo Bank Manager Frankham was no longer a beneficiary... !!

    Allegedly when Bendigo Bank Manager Frankham discovered that she would no longer beneficiary, she then confronted Joan’s Nephew Frank Henry and major beneficiary, demanding $40,000. On 26/1/2005 allegedly Bank Manager Frankham arrived at the Nephew’s house at night in an "Aggressive Manner" demanding $40,000 or she would contest the will, at that point Frank Henry told her she was trespassing, asked her to leave and closed the door in her face..!!

    Trying a gentler approach on 28/2/2005 Frank Henry alleges he received a letter from Frankham, in a "Bendigo Bank Envelope" again demanding $40,000, Joan’s Nephew Frank Henry ignored Bendigo Bank Managers Christine Frankham’s Demands... !!

    Documents to support the above relating to the Joan Douglas allegations, where also given to the NSW Police. .. !!

    Full Profile and Source:
    NASGA: Yolanda "Linda" Hutton

    See Also:
    Facebook: BendigoBanksters
    Posted by NASGA Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest [Privacy Badger has replaced this Google+ button.]
    Labels: Bank, Caregiving, Christine Frankham, International, Social Media, Wanted

    Charlie said...

    Why isn't this ****** Christine Frankham in jail? I don't get it.
    Wednesday, June 03, 2015 11:31:00 AM
    BendigoBanksters said...

    Charlie, that is a question that a lot of people are now starting to ask, initially it was though that it was because of Australia's lack of Elder and Disabled Abuse Laws and that the Late Mrs' Hutton was deemed to be an unreliable witness because of her disability (they don't have the same Elder Abuse Laws as the United States)..!!.

    But now it's starting to look more like a Cover Up because of the Massive Fraud and Critical Conflicts of Interests, that has been perpetrated within Australia's Banking Industry, every day the Main Stream Media has another Financial Scandal that is being exposed, with the Elderly, Disabled, Pensioners, Retirees and Seniors have been targeted because they are "Asset Rich and Income Poor" (ARIP)..!!

    The Australian Banks and Trustees have been doing everything from Predatory Lending to People with Alzheimer's, right though to covering for their staff with Direct Acts of Fraud and Theft Against Clients, including anything you can think of between that...!!

    If this case had of been correctly investigated and prosecuted, it could have exposed what is now coming out and would have been more than an embarrassment for the Bendigo Bank, it could have possibly brought down all Banks sooner and even saved people lives..!!!

    The suicide rate has gone though the roof, with it also taking a heavy tool on Australia's Farmers, it really looks like "Institutional Homicide by Depraved Indifference" as we would call in the USA and a waste land left in the Banks Wake.. !!

    Australia has been rocked by ongoing Financial Scandals involving its Banking and Financial Services Industry over the past 12 months, with two Senate Inquiries having now been held... the latest (ending in late 2014) looked into a Financial Planners Scandal involving the Commonwealth and Macquarie Bank's, with the Senators recommending a Royal Commission be held.

    Subsequent to that Senate Inquiry other Australian Banks have been implicated in the the Financial Planners Scandal, also other Unethical and Possibly Illegal Banking Practices that has devastated Tens of Thousands of Australia's Retirees, Seniors, Pensioners, Elderly Disabled Persons and Farmers..!!

    These Banks include the National Australia Bank (NAB), Westpac, ANZ Bank, St. George, Rural Bank, Robobank and Bank of Queensland (BOQ) just to name a few and it is not just limited to banks, as the entire Financial Services Industry is now being questioned, including Australia's Insurance Companies, Public and Private Trustees (that control Billion of Wards Monies).. !!

    To date the Australian Government seems to be turning a blind eye to the Critical Situation at hand, with rampant Elder and Disabled Abuse running out of control, neither Prime Minister Tony Abbott or Treasurer Joe Hockey appear to be willing to show the Leadership required to confront the issue and end the abuse. .!!
    Wednesday, June 03, 2015 12:37:00 PM
    Anonymous said...

    Wow, Australia really is a penal colony,

    complete with accents like real pirates!

    Have you seen the Commonwealth Bank of Australia bribe scandal, the Spy on Senators scandal, the Bendigo bought Cyprus Bank scandal, the Whistleblower scandal.

    Maybe the DoJ should charge everyone of them who's on the NY Stock Exchange.
    Wednesday, June 03, 2015 3:07:00 PM
    Betty said...

    What a horrible, horrible story. When the words gets around about what Bendigo Bank has done and allowed to be done to Yolanda Hutton, I would hope their current customers close their accounts in protest.
    Wednesday, June 03, 2015 3:11:00 PM
    StandUp said...

    This is clear undue influence in my book. Bendigo Bank must have alot of influence?
    Wednesday, June 03, 2015 4:01:00 PM
    Jessica said...

    I never really trusted banks, but for a bank manager to go this far is just pitiful. The fact that the bank didn't do anything about it should be not only an embarrassment to the bank, but it should have led to an indictment. Keep the heat turned up Bendigo Banksters!
    Wednesday, June 03, 2015 4:29:00 PM
    Mary said...

    What kind of bank lets someone like this within a 100 miles of an elderly person and even lets her keep her job after after this debacle..??
    Wednesday, June 03, 2015 5:54:00 PM
    Robyn Lane said...

    Far too much time has passed, this woman should be in jail! No justice for the people only for the bankers!
    Wednesday, June 03, 2015 5:56:00 PM
    Robyn Lane said...

    This woman should be in Jail, no justice for the people only the bankers!
    Wednesday, June 03, 2015 5:58:00 PM
    Anonymous said...

    Praying for this family and praying that the bank is held accountable.
    Wednesday, June 03, 2015 6:50:00 PM
    Anonymous said...

    The Bendigo Adelaide Bank is Australian or American? It has a branch in crime capital Cypus called Delphi Banque or something. Are they tied up to the greece debt default? A mattress sound safer.
    Wednesday, June 03, 2015 6:54:00 PM
    Dan said...

    I'm taking my money out of the Bendigo Bank, absolutely socking behavior.
    Wednesday, June 03, 2015 7:24:00 PM
    Anonymous said...

    I find it totally amazing that a bank could put someone in charge of a human, that is a horrable abuse of control, and is a huge conflict of interest!! Why is Bendigo bank getting away with this??!! Hopefully, bendigo bank takes a huge look at these people, and find them guilty of robbing a woman who could not do for herself. AMAZINGLY Sick!!!! Good luck to the family....
    Wednesday, June 03, 2015 8:06:00 PM
    Anonymous said...

    World Elder Abuse Awareness Day is on June 15th, it would be good timing for the Bendigo Bank to do the right thing about this finally... WOULDN'T IT
    Wednesday, June 03, 2015 8:37:00 PM
    Anonymous said...

    Australia is a sick joke.

    Did you know they're head watchdog is a top banana on Wall Street at the same time?

    Australia should report their bank watchdog to the dog catcher, I think.
    Wednesday, June 03, 2015 8:55:00 PM
    Anonymous said...

    I read the company might consider contemplating the possibility of chasing the top brass banks. Phew, that'll scare them.
    Wednesday, June 03, 2015 8:59:00 PM
    Anonymous said...

    Excellent expose, Nasga!!! keep the pressure on.
    Wednesday, June 03, 2015 9:01:00 PM
    Adam said...

    This boils my blood. If Frankham did this, she should be charged and taken off the streets so she doesn't do this to anybody else.
    Wednesday, June 03, 2015 9:08:00 PM
    Sylvia Rudek said...

    The facts of this case are so blatant for example:

    Allegedly on 26/4/2000 Christine Frankham arranged to take Joan Douglas to prepare a new will with David Tuckerman (solicitor) from Rees Tuckerman in Brookvale, whereby Manager Frankham became a beneficiary receiving $30,000 and Bank Manager Frankham was also included in the line of beneficiaries for Joan’s house at Beacon Hill... !!

    The word: BENEFICIARY has red flags waving and then follow the $ yet no action on the part of the predatory tactics of the bankers continue without interference.

    Enabling the banks to be free of consequences of financial exploitation to continue with their tactics while no one knows the true number of victims. Free to continue with no deterrent to stop.

    The walls of protection are thick and deep.
    Wednesday, June 03, 2015 9:12:00 PM
    Ann said...

    The bendigo bank destroyed my parents lives, may they all burn in hell.
    Wednesday, June 03, 2015 9:24:00 PM

    No wonder their mascot is a PIG, they employe them and I will never do business with them again either...
    Wednesday, June 03, 2015 9:34:00 PM
    Margret B. said...

    The banks here in Australia are completely out of control, every time you turn on the T.V on or read the papers, they have been caught out again and Tony Abbott does nothing.

    It just breaks my heart to hear what has happened to this elderly women and her family, may she rest in peace and I pray that justice is finally done.

    Wednesday, June 03, 2015 9:55:00 PM
    Joey said...

    What has Australia come to, the Banks are now running the place and they are running this country right into the ground with their unquenchable lust for profit over ethics. The elderly are now treated like dirt and our farmers are killing themselves because of the banks, anyone that watched that show Banking Bad on Four Corners could see that the Government is just doing the bankers bidding. This story just takes the cake, God help us all when we get old, is all I can say.
    Wednesday, June 03, 2015 10:47:00 PM
    Old Dave said...

    Doesn't surprise me at all about the Bendigo Bank, half of their franchises fail and the community is left holding the baby, typical bankers really and they don't care what mess they leave behind because the government always bails them out.

    Well I think its long overdue to re-regulate the banks, nobody trusts them and you would be a fool if you did at this point, as for Tony Abbott he's no leader and he has no vision.
    Wednesday, June 03, 2015 11:13:00 PM
    Mandy said...

    How many more people must suffer before the Government takes action against this sort of thing happening, its been happening way to often and nobody seems to be able to stop it.

    Isn't this a country of law anymore and why is the Goverment not doing anything about it..?
    Wednesday, June 03, 2015 11:21:00 PM
    Anonymous said...

    The Bendigo Adelaide Bank must be hurting from this exposure. Have you seen the youtube clips from their top national news stories? Shocking!
    Wednesday, June 03, 2015 11:49:00 PM
    Anonymous said...

    Fix this scandal now I say.
    Wednesday, June 03, 2015 11:52:00 PM
    Anonymous said...

    We went to Queensland Civil and Administration Tribunal regarding my father and how his third wife was subjecting him to mental anguish, physical neglect and financial abuse.

    The Public Trustee was asked to look into dodgy bank transfers, etc, and did nothing. Bank manager was also complicit.

    Poor Dad - he died in hospital from broken bones from a fall - with no blood family allowed to visit.


    All we can hope for is Karma.
    Thursday, June 04, 2015 1:07:00 AM
    Gwen said...

    I was reading the Age this morning and ASIC are looking at putting the Bank Executives in Goal, the sooner the better I think !
    Thursday, June 04, 2015 3:12:00 AM
    Anonymous said...

    Fantastic even more Human Rights Violations, Tony Abbott and his Government couldn't do a worse job even if they tried, its a National Disgrace.

    What is it that Alan Jones said on the radio "One Farmer is Killing himself every 4 Days" because of these banks, now our old folks are being abused and the Federal Government does NOTHING..!!

    Anybody would thinking that we had a Rightwing American Republican Government and not an Australian, but wait most of the Banks are Foreign Owned, so maybe we do ... ?

    As to the Bendigo Bank, may they suffer the Great Aussie Curse: May your Chickens turn into Emus and Kick your Dunny Door Down...!!
    Thursday, June 04, 2015 4:12:00 AM
    Anonymous said...

    If the banks got fined of up to 20 million every time, they or one of their staff ripped off an elderly or disabled customer, this would all stop tomorrow.
    Thursday, June 04, 2015 4:52:00 AM
    Anonymous said...

    Its this culture of corruption that has now infected everywhere within society today, organizations like the bendigo bank spend to much time asking themselves can they do something or get away with it and not enough time asking themselves should they do it in the first place. Some time in goal might give these bankers the time they need to reflect on what they have done, but then most of them are sociopaths and will never change.
    Thursday, June 04, 2015 5:50:00 AM
    Natasha said...

    Thursday, June 04, 2015 5:59:00 AM
    Anonymous said...

    The ozzie bank regulators are as useless as tits on a hefferbull.

    If she's American, the Embassy help the family?

    Don't they have an SEC down under the knowledgable exporter of securitization to Europe, Greg Medcraft?

    Send in the Cavalry!!

    Thursday, June 04, 2015 7:14:00 AM blogger said...

    Rugby great Senator Glen Lazarus can tackle elder abuse with a thud.
    Thursday, June 04, 2015 7:17:00 AM
    Carl said...

    What Dirty Rotten Scoundrels Frankham and the Bendigo Bank are, I'm not surprised that she and everyone else is not rotting away in jail, it's almost like these bankers are bullet proof.

    ASIC did manage to charge Westpac's David St Pierre with fraud after years and many were elderly or vulnerable people, but this has been going on for decades and everybody knows that there is a lot more that have never been brought to justice.

    The lawyers are just as bad as the banks, channel 9's John Martin became the victim of solicitor Bernard Kevin O'Donnell, he was at least "Struck Off" for his antics and they haven't put him in jail yet.

    But at least he was struck off, where as the banker Frankam got to keep her job and I don't see any justice in that, but banks are a law unto their own.

    Tony Abbott won't do anything, but if it was his mother that was abused it would be another thing entirely, he would be wanting Frankham in jail that very same day and the Bendigo Bank would be paying him compensation before the bank closed for business.

    Half of the LNP Goverment are ex- investment bankers or have close ties to banks and even the Treasurer Joe Hockey's wife is some hot shot at Deutsche Bank, talk about a conflict of interest.

    There are so many people that should be in jail in Australia for white collar crimes, that its become a joke, I don't have any allegiance to any political party and I know two things.

    I won't be doing my banking with Bendigo Bank and I won't be voting for Tony Abbott the next time we have an election, I am disgusted with the both of them at this point..!!
    Thursday, June 04, 2015 10:02:00 AM
    Anonymous said...

    Typical that we find out about this from a yank website and though social media, the banks have been covering up all of this for the last 15 to 20 years at least. The Bendigo Banks CEO Mike Hirst was in the papers, telling everyone they had no right to copies of their loan applications and now many thousands of seniors can't prove the predatory lending fraud that they have become victims of like my husband and I.

    What happened to this family is more than horrendous, the banks are taking peoples homes and farms all right, but to steal somebodies mother like that is the an act lower than a snakes belly. The Bendigo Bank will continue to lie, that is what the banks do now here in Australia and the Federal Government is useless, they should have announced a Royal Commission into the Banks last year.

    However the people in our government are more interested in lining their own pocket at our expense and the political donations that they get from the banks, mining companies and big business.
    Thursday, June 04, 2015 10:29:00 AM
    Russ said...

    The Bendigo is nothing but a bunch of lying corrupt mongrel dogs, I remember seeing this on television and always wondered what had happened, like everyone else that have been ripped off by a bank nothing has happened, with the pain and agony continuing.

    Thanks for letting Oz know what the latest is NASGA, it's organizations like yours that keeps us informed and of things that neither the banks, nor our own government wants us to know.

    Sorry that you in American have been drawn in on Australia's dirty little secrets, this is absolutely not the best light for our country to be seen in, but it all needs to be exposed and thank you.
    Thursday, June 04, 2015 10:52:00 AM
    AnAmericanCousin said...

    I though that our banks here in the United States where bad until I read this, we have nothing on the banks Down Under, they are more than just ruthless.... They win the Son of a B*tch Prize of the Century, hands down...!!!!!!!!!!!!!!!!!!
    Thursday, June 04, 2015 11:17:00 AM
    Anonymous said...

    You can never trust the bureaucrats at the NSW Trustees and Guardians, the same thing happened to my late father over 10 years ago, with an account/financial planner that befriended him and he ended up my fathers estate. The politicians were useless and did nothing but just talk, with the cops saying they didn't have the powers needed to investigate it properly, I felt sorry for the cop that had our case, he tried his best. These weasels know that there is protection orders around what we call "Protected Persons' in Australia (I think you call them Wards in the USA) and even the cops can't get to the bottom of things and all these sleaze bags do is shut up and say nothing. it appears like everywhere else in the world elderly, disabled and guardianship abuse is taken seriously, except in Australia and I have been reading the posts on Boomers Against Elder Abuse about high profile case like Peter Falk, Glen Campbell and Casey Kasem. What Peter Falk's daughter Catherine and her Catherine Falk Organization is doing is amazing, to get State Laws changed and stop the isolation. that predators use to perpetrate their financial exploration and theft of estates. I hope you keep the pressure up on the Bendigo Bank NASGA, the more international pressure the better, the Ozzie Pollies won't listen to us, but they are scared of how their International Reputations look upon the World Stage.
    Thursday, June 04, 2015 12:02:00 PM
    Jay said...

    My friend from Australia emailed this link, telling me how bad thing are in the banks down there. WOW she was right, this is bad, really BAD.. !!
    Thursday, June 04, 2015 12:14:00 PM
    Anonymous said...

    When are people going to wake up to these criminals, this is what they do ever time. They get some half baked ambulance chasing crooked lawyer, to tell them what the loopholes are and how not get caught by the police, then they isolate a ward and start ripping them off blind. The families are then cut out of the picture and they proceed to wealth rape the individual for every penny they can, it happening every day and the banks are the worse, both here in the good old USA and in Australia too.
    Thursday, June 04, 2015 12:35:00 PM
    Nancy said...

    Beautiful between Parasitical Guardians and Corrupted Bank Management, what chance do old people have..??

    The saying "Live Hard, Die Young and Leave a Good Looking Corpse" looks darn good after reading this story... !!
    Thursday, June 04, 2015 1:11:00 PM
    Deb C. said...

    Sickening, put them all in jail and throw away the key.. How dare anyone outside of a family interfere like, this especially a Bank Manager whose in a position of trust and its not like she hadn't done something like it at the Commonwealth Bank before.. !
    Thursday, June 04, 2015 2:53:00 PM
    Steven Lawson said...

    Soulless corporate people who put profit above all. I am now a man with no country. This land is foreign to me now. Hard working people are relentlessly crushed whilst those in authority give themselves pay rises and believe the little people will continue to endure this system of feudal rule. Sociopaths the lot of them
    Thursday, June 04, 2015 2:55:00 PM
    Anonymous said...

    I just woke up this morning to read an article by Adele Ferguson in the Sydney Morning Herald, that a 3rd Senate Inquiry was announced into the banks headed by by Senator David Fawcett.

    With a wide-ranging terms of reference that will target loan defaults, and whether the banks deliberately engineered some of them to sell people up.

    Then someone posted this to my Facebook Timeline overnight, and now I think we need a 4th Senate Inquiry into how the banks have treated elderly and disabled customers after reading this little charmer.

    Tony Abbott has to do something soon about the banks, day by day more and more is being exposed about them, how on Gods wide Earth did this manager ever get away with this and why the dickens didn't Bendigo just sack her and put things right with the family is beyond me.

    The Bendigo must have had something else to hide, just like every other bank does, Tony Abbott had better call a Royal Commission soon or lose the next election..!!
    Thursday, June 04, 2015 3:32:00 PM
    Anonymous said...

    Talk About Abusing A Position Of Trust...!!!!!
    Thursday, June 04, 2015 4:16:00 PM
    Anonymous said...

    The abuse in Australia is swept under the carpet too often.

    The politicians know its rife, just look at mainstream stories like the Channel 7 and Channel 9 news on Mrs Yolanda Hutton or newspapers like this on.

    BankReformNow uncovered great stories as did Dr David Pascoe ReproOV Vet, shock jock Alan Jones and their Senators. Senators are onto the Engineered Defaults as well, finally.

    Bendigo Bank won't be on the Bankers Association Xmas Card List the way this is going down. :)

    Never forgive, never forget!
    Thursday, June 04, 2015 8:05:00 PM
    Anonymous said...

    Whoa!!! Saw this on Bankreformnow and bendigobanker and bankvictims.

    Reopen the Aussie Alcatraz in Port Arthur!
    Saturday, June 06, 2015 7:49:00 PM
    Anonymous said...

    Thieving maggots like this should be thrown into the darkest prison, in solitary confinement and isolation, the punishment should suit the crime.
    Saturday, June 06, 2015 11:33:00 PM
    Anonymous said...


    Big hugs from Down Under for spreading BankReformnows' and nasga's expose of the rampant bankersterism down there. Al Capone must be green with envy!

    Looks like the Australian Senators woke up to predatory lending to asset rich income poor oldies who think banks are still run by honest men in cardigans and bow ties. Their politicians can't be that blind deaf and dumb, can they? Can't they ask their wives what they really do all day at the bank? :)
    Sunday, June 07, 2015 12:03:00 AM
    Anonymous said...

    Good Lord,

    Please help the Bendigo Bank warm the cockles of their heart (if they have one)with a few truckloads of brimstone.
    Sunday, June 07, 2015 12:07:00 AM
    Disgusted said...

    The Bendigo Bank can't let this go on, surely.
    Sunday, June 07, 2015 12:09:00 AM
    Supportive Residents & Carers Action Group Inc in Australia said...

    Thanks to people like Marcia, BendigoBanksters, BankReformNow, and Catherine Falk Foundation, the Australan Senators are firing up the grillers down there. Look at this from the leading Australian newspaper.

    BENDIGO and Adelaide Bank will be ordered to appear before a Senate committee to explain its behavior towards thousands of investors who put $1.8 billion into the failed Great Southern managed investment scheme.

    Labor senator Sam Dastyari said he would summon executives of Bendigo and Adelaide Bank to front the committee into forestry managed investment schemes within the next week, after accusing the bank of “negligence or complicity”.

    The decision follows reports in The Australian on Tuesday that thousands of small investors stand to lose homes or be bankrupted under a settlement between some investors, former directors, liquidators and the Bendigo and Adelaide Bank set to go before the Victorian Supreme Court on October 28, with almost $400 million still owed.

    Senator Dastyari, who is chair of the Senate Committee into forestry managed investment schemes, said he had been inundated with complaints about Bendigo and Adelaide Bank and its debt demands on investors.

    In many cases they were being asked to pay three or four times their initial investment in Great Southern because of interest and exit fees.

    “Unfortunately what we have seen in Great Southern is not an isolated incident, but it is increasingly part of a pattern ... I think it’s time the behavior of Bendigo and Adelaide Bank was called into question,” Senator Dastyari told The Australian.

    Senator Dastyari said he believed the behavior by the bank was “unconscionable”, especially given the scheme was facilitated by financial adviser practices and corporate structures now deemed illegal.

    “I believe we also have to be asking a higher test; that is, how is it acceptable that we are allowing a handful of banks to profit from behavior that we now deem illegal?” Senator Dastyari said.

    He added that he thought the banks either knew the state of Great Southern — described by investors as a Ponzi scheme — before becoming involved, or they were not exercising due caution for shareholders.

    “The question has to be this: ­either the banks were not aware what was going on in places like Great Southern … or they were completely aware of what was going on when they became involved,” he said.

    “Frankly, both of those outcomes result in questionable banking behavior.

    “On the face of it, it would ­appear it is negligence or complicity.”

    Notices would be sent to Bendigo and Adelaide Bank next week informing them of the need to appear, with the committee hearings to take place as soon as practically possible, given the urgency of many debtors’ situations.

    So far the committee has been focusing on the collapse of forestry managed investment scheme Timbercorp. However, after being overwhelmed with investors’ stories the committee will now turn its sights on Great Southern and the role the bank played.

    Liberal senator Bill Heffernan also called for a full parliamentary inquiry into the issue, similar to the recent inquiry into the behavior of Commonwealth Bank ­financial planners.

    Leo Shanahan
    The Australian :-
    Sunday, June 07, 2015 12:34:00 AM
    Banana Republik said...

    Outrageous!!!!!!! An international embarrassment! Are they deliberately trying to be achieve true Banana Republic status at the UN?

    Bank Reform Now

    NEWSFLASH / Elder Abuse Alert - Bendigo Bank and Bank Manager Christine Frankham have just been placed on the "Wanted List" of the USA based National Association to STOP Guardian Abuse (NASGA). If you only read one bank abuse story in detail today please make it this one (link below). Bankers, lawyers, accountants are known to steal the funds of elderly and disabled people. Why is Bank Reform Now excited that NASGA is taking the Bendigo Bank Scandal seriously? Because our own government is doing nothing to stop bankers and other professionals from engaging in these types of heinous crimes. How many years can the government pretend there is no problem? How long does the Hutton family have to wait before the bank and banker pay for their unconscionable conduct?

    Folks in the next few days BRN is going to post a powerful interim measure to help families that have been ripped off like the Hutton family - but we need your help.

    Contact PM Tony Abbott and Bendigo Bank CEO Mike Hirst and let them know how angry you are that Bendigo Bank has abused the public's trust. Full restitution and compensation must be paid to the Hutton family. Spread the word now and support our proposals for reform coming up over the next few days.

    Tony Abbott -

    Mike Hirst -…/contact_us/index.asp

    Bendigo Bank Facebook (you know what to do folks
    smile emoticon

    Story Links below (& in comments section below post at Bank Reform Now page).

    >> NASGA Exposes the Bendigo Bank / Frankham Scandal -

    NASGA wants you to contact them with anymore information about Frankham or of other Aussie Bankers abusing elderly clients - This email address is being protected from spambots. You need JavaScript enabled to view it.

    Other Recent Stories of Elder Abuse -

    >> Crooked Accountant -…/accountant-sentenced-over-…/6500810…

    >> Crooked Solicitor -…/greedy-solictor-steals-from…

    By the way folks - apparently Christine Frankham is also on another list - the ASIC watch list. It is quite likely that watching will soon give way to action. Who will act first - the government or ‪#‎BendigoBank‬? Watch this space folks.
    Sunday, June 07, 2015 12:46:00 AM
    Pistol & Boo said...

    What happened to the lucky country?
    Sunday, June 07, 2015 8:23:00 AM
    Frank said...

    Once upon a time banks and bank managers where trusted people and institutions within our society, those days have log pasted and never likely to return, never again will any of us be able to take the trustworthiness of our banks for granted.

    Listening to the wisdom of those that know what they are talking about, the downward spiral of control fraud started when President Richard Nixon effectively took America and the rest of the world off the Gold Standard and the final nail in the in the coffin of honesty, was when President Bill Clinton signed away the last of the Glass Steagall Act and Deregulated Derivative Trading in 1999.

    They do say that when America sneezes, the rest of the world Catches a Cold, this time the world has caught is more than a cold, its more like a Cancer, a cancer that is eating away at the very fabric of local communities and society in general within Australia.

    We've all been reading the newspapers and watching the television stories about the ongoing corrupt culture within our banks here in OZ, only now is the magnitude and ramifications being realized by all of us.

    I personally have no questions in my mind that ASIC and the AFP should have been notified immediately about what happened to this poor women, however we are now learning that ASIC was or is, either Ineffective or possibly Corrupted itself. We have also discovered Financial Ombudsman Service is actually under the control of the banks, no wonder they have proven to be useless and always acting in the banks best interest.

    This story even predates Jeff Morris blowing the whistle on the Commonwealth Bank back in 2008, that led to the Senate Inquiry into the Commonwealth Bank that ended in late 2014, so we have to ask how has this all just been covered up for so long and why haven't the Politicians acted upon it all long before now.

    The Banks Senior Management now have the creditability of Child Molesters running Kindergartens in Australia and the present Government doesn't fair much better I might add. Its a good thing that Australia has much longer statures of imitation than the United States, so if the Goverment and Opposition are serious about chasing the banks and making banking safer, they can and this case would be a Good Start...!!
    Sunday, June 07, 2015 10:37:00 AM
    Anonymous said...

    What sort of sick twisted mongrels are these people at the Bendigo Bank, most banks are happy just stealing peoples money, they allowed a manger to steal a human being and devastate her family..!!

    Guess "Which Bank" has no ethics, morals or principles, it's the Bendigo Bank.. !!
    Sunday, June 07, 2015 10:58:00 AM
    Anonymous said...

    We've been fighting Sandhurst Trustees, Sandhurst is part of the Bendigo and Adeliade Bank over the collapse of the now failed property lender Wickham Securities (Sandhurst was their Trustees), most of us are elderly and have been completely whipped out because of them.

    Don't trust a word that either Sandhurst or the Bendigo says, they will lie to their back teeth, just like every other bank in Australia, thanks for getting stuck into the Bendigo and Adeliade, they deserve everything they get Nasga,.!!!!!!!!!!!!!!!!!!!!!!
    Sunday, June 07, 2015 11:17:00 AM
    Grace said...

    Here's another one with a $100 Million Dollars with the Rural Bank, it looks like the POLICE are AWOL from this one also.. The story say "The Bendigo Bank subsidiary Rural Bank and three of its senior executives have denied accusations they were complicit in an elaborate fraud allegedly used to steal a database worth as much as $100 million".

    The Bendigo Bank and all of it's evil off shoots have been running these scams under the radar for years, bring on a Royal Commission and lets clean it all up, once and for all.
    Sunday, June 07, 2015 12:01:00 PM
    Chuck said...

    WTF: The folks down under don't need a royal commission, as they call it, to clean these messes up, they need SEAL TEAM SIX to do the job.

    Any body got a problem lending them a Seal Team or Two :)
    Sunday, June 07, 2015 12:17:00 PM
    Anonymous said...

    They don't deserve to hold a banking license.!
    Sunday, June 07, 2015 3:25:00 PM
    Rosemary said...

    This is totally appalling and completely unacceptable, why hasn't the government done something about this long before now.. ?
    Sunday, June 07, 2015 5:05:00 PM
    Morris said...

    Elder abuse is the most under reported crime in Australia today and even when the media gets a hold of it, nothing is ever done about it. Financial Exploitation is the most prevalent, with it degenerating into isolation and neglect. I have read the comments and press releases made by the Australian Bankers Association about the banks role it stamping it out, they just look like the usual lip service given by bankers.

    How dare the Australian Bankers Association stand there with a straight face every June 15th, telling us all how great they are about Elder Abuse, when this has happened and nothing is done about it. They're as bad as the people that perpetrate the crime, with their hubris and hypocrisy knowing no bounds.
    Sunday, June 07, 2015 5:34:00 PM
    Andrew said...

    Come on Abbott, for the love of God, do something about these banks.
    Sunday, June 07, 2015 5:48:00 PM
    Bank Reform Now said...

    We have just put up a proposal - we call it the Frankham Bill. It asks the government to set up a bank funded compensation scheme to help victims of predatory bank practices. The first group to be funded should include cases like that of Yolanda Hutton. More details here -
    Sunday, June 07, 2015 5:59:00 PM
    Anonymous said...

    The banks have been targeting older people because they already have their mortgages paid off and they think that because their old, they are ripe for the picking.

    They see nothing but dollar signs in their eyes, banks always have and always will, watch what happens with this one. When they eventually give her up, they will just call her a Rouge Manager or a Lone Wolf, when the problem is more wide spread in the bank.
    Sunday, June 07, 2015 6:10:00 PM
    Anonymous said...

    I'd rather put my money under my mattress, than trust this bank.
    Sunday, June 07, 2015 6:22:00 PM
    Anonymous said...

    You should see what's on

    The banks can't be accused of discrimination because they do this to everyone down there.
    Sunday, June 07, 2015 8:06:00 PM
    Anonymous said...

    In the race to the bottom, the Bedigo Bank has won by a Kentucky Mile.
    Monday, June 08, 2015 12:38:00 AM
    Anonymous said...

    What kind of scumbags do such a thing, the bank will never live this down.
    Monday, June 08, 2015 6:18:00 AM
    Timothy said...

    They must be atheists at the bendigo bank, not believing they will one day meet their maker and judgment day.
    Monday, June 08, 2015 6:46:00 AM
    Anonymous said...

    We now appear to have a lawless financial system, just stacked ready for the next global financial crisis, with the most vulnerable in society right in the firing line.
    Monday, June 08, 2015 8:25:00 AM
    Claire and John said...

    We live in the UK and we've got some good friends in Australia, that have been sending us the news links of what has been going on down there. The control fraud is unbelievable and the government is doing nothing. This is one of the most tragic stories that I have seen, other than the suicide's of so many farmers, its as bad with the Australian Banks as it is with the UK Banks.
    Monday, June 08, 2015 8:47:00 AM
    Anonymous said...

    Hasn't this bank done their level best, to destroy their own reputation.

    When you think about it, who would trust any bank these days ?
    Monday, June 08, 2015 10:41:00 AM
    Tiger Fan said...

    Wednesday, June 10, 2015 1:10:00 AM
    Sue said...

    Its a sick twisted joke how the elderly have been treated by the banks and the government in Australia, we are getting more like a 3rd World Country by the day, lagging behind and throwing our seniors under the bus.

    We have had corruption here since the first days on the original colony, even the police where know as the rum corp and its not looking any better in the present day.

    Nobody should be shocked by what has happened here, the entire structure is set up for disasters like this one, with a history of ongoing cover ups that have been taking place since the get go.

    When you deregulate any service industry this is inevitable, human nature takes over and the rot sets in, then when it is discovered and exposed, they all close ranks to protect one an other.

    Self reporting or self regulation by institutions like banks was a preposterous idea, ask yourself a question, would you report yourself to the police if you had committed a crime.. of course you wouldn't and neither would a bank.. !!

    The John Howard LNP Government virtually gave the banks a license to steal and they have taken full advantage of that, with the present Liberal National Party Government and Tony Abbott allowing the banks to get away with blue murder.

    Unless the banks are re-regulated and severe penalties put in place for the Management and Board of Directors of the Banks, you can only expect a lot more cases like this one and things to get a lot worse,

    As to Elder Abuse in Australia, that has also been a dirty little secrete that has been swept under the rug, now with the internet it is becoming impossible to cover over and only a fool would think that the Government and Bureaucrats can hide that the issue any longer.
    Wednesday, June 10, 2015 7:23:00 AM
    Anonymous said...

    Good now with the internet, there seems nowhere to run and nowhere to hide anymore.
    Wednesday, June 10, 2015 12:40:00 PM
    Russ Hinze's Ghost said...

    Holy Moly!

    Their Central Reserve Bank of Australia and Legal Practices Board & Commission are up to their neck in iternational bribery cases, say the Uniting Church Submission to Sam Dastyari's Bribery Investigation.

    They don't have laws from the Lincoln Era! They don't have laws from the days of Bonny and Clyde and the Keystone Kops.

    Someone should Chase the crooks' subsidary bank in Bendigo Melbourne Victoria.
    Saturday, September 05, 2015 1:30:00 AM
    Baxter Coleman said...

    Shame Shame Shame on them!
    Monday, October 19, 2015 5:13:00 PM
    Mr Egregious said...

    They're bad down there.

    They passed an egregious ethics law that will allow their ethics police to question lawyers for foreign political figures and foreign government lawyers. "Excuse me but we need to know about your foreign government files"????. Can you believe that? They're buffoons. Corrupt, stupid and evil.
    Saturday, October 24, 2015 11:29:00 PM
    Karma said...

    Did you see what the Australian Financial Review said - this American Express Case in Australia went to New York, and ended up back at their Reserve Bank Murray Inquiry.

    The internet blames that Finance Ombudsman Scheme Ltd because its a rigged Arbitration game, as Robert Reich's Alliance for Justice says.

    Holy Raviolli! An Australian LIBOR trader is off on Conair One too. The Collins Street Bankers must be worried.

    Monday, October 26, 2015 11:57:00 PM
    Anonymous said...


    That Law Ethics Board is run by Miners Frackers Oil and Banks, AND it is the only people that can investigate if it's lawyers are ethical!

    Look at this!!!!

    I'm not surprised to hear that the Aussie Bankers want this legal board to run the whole nation's legal ethics racket.

    What say you Members of the Grand Jury??? Oh wait, they don't have those either.

    From: J Pearce, ED, LIV


    I refer to an email received by the LIV on Thursday 24th December 2015 with the subject, “Ethics complaint by Howard Bowles”.

    The LIV does is a member’s organization and does not handle complaints against practising solicitors. Whereas the ED of the LIV provides ethics advice to members facing current ethical dilemmas, the appropriate forum to lodge a complaint against a practising solicitor is the Victorian Legal Services Commissioner.

    John Pearce | Legal Ethics Solicitor
    Law Institute of Victoria, 470 Bourke St, Melbourne Vic 3000, Australia
    Tuesday, January 05, 2016 12:25:00 AM
    Anonymous said...

    To J Pearce

    I heard from a Member of Parliament they went to the SEC instead of to Caesar about Caesar.

    I also heard that all the Independent Senators with Nick Xenophone (spelling) and Glenn want RICO laws and task forces to go through the protection racket apparently. There's a few candidates running in the Australian elections on anti corruption platforms that the Legal Services Board wanted to know about. Why would a legal ethics body want to know what the Independent MPs were looking into, btw??? Hmmm.

    Monday, January 18, 2016 2:54:00 AM
    Anonymous said...

    Toni at This email address is being protected from spambots. You need JavaScript enabled to view it. invited people to email in requests for them to publish the names of lawyers in Sydney and legal ethics boards. There's another case where the ethics regulators pulled Law Institute Trust Auditors off different cases of suspected elder abuse. Unfortunatelty the pull-ees were caught out in lies and their own have whistle blown to the SEC during the G20 in Brisbane. Since them some lawyers were caught with drugs and with emails as they colluded on court cases against the DoJ and class action customers of credit cards. The National Association of Consumers and Hoffa's Teamster Association aren't happy with the ethics of the ethics lawyer we heard.
    Monday, January 25, 2016 1:27:00 AM
    Anonymous said...

    I think they're toast.

    What are the odds that the Ravelo collusion and drug case doesn't overturn other global settlements too?

    Frankly I'm not surprised if the whole FOS-ASIC-Legal Board- CBA Spy Scandal-Pell and Everything cases are in the SEC Reports. The Legal Board are up to their eyeballs in it. Do they waive Privilege if they blab to Witnesses for the SEC Office of Sean McKessy? Just asking. Oh, and how do those US SEC Rewards for Tip Offs work, and is the legal board backed by the assets of the State of Victoria?
    Monday, January 25, 2016 10:09:00 PM
    Anonymous said...

    Speaking of Cardinel Pell, Police leaked a story about 10 altar boys that Cardinell Pell allegedly knew too well. I wonder if its about those strange boxes the police found on a farm? Bigwig Mick Michael McGarvie was best mates with Pell and golly was he upset when police arrived unexpectedly to change the locks. But will the new younger MPs cover things up? Anti-ped Bill Heffernan is retiring, so is the ex lawyer Kelvin Thomson. Phil Ruddock was onto the banks, but he's now suddenly decided to take up a posting too good to refuse. The "Republicans" are losing 1 a week due to scandals like bugged? Rolexes from chinese billionaires. How stupid are they? The place is a disaster. The real Socialists in the ALP Party are as bad. Queen Elizabeth should fire them all!
    Saturday, February 20, 2016 9:15:00 PM
    Anonymous said...

    Thanks BankReformNow for the link to Nasga. This is shocking and I think the USDOJ are looking into things down there. As Four Corners Nick McKenizie wrote (Foriegn Bribery Submission 40 something) Kara Brockmeyer wants to see some elite discrete specialty units in Australia. The crims are running the law, the whole shebang!

    With reference to the evidence at Federal Parliament by the Commonwealth Bank's lawyer David Cohen, the Board' staff threatened members of a family of retired US Police and other potential witnesses. The witnesses reported the LSB's own concerns with banking lawyers to the FBI & SEC before the Bank's IT Manager Jon Waldron was arrested, and Cohen told Senator Fawcett that the Bank didn't see Police until after the FBI & NSW Police arrested Jon Waldon. The question I have is why did the LSB threaten people like BankReformNows' witness Elliot Sgargetta and Glen Jones, but protected Trevor McTaggart' crew. Why did it threaten to deregister lawyers for witnesses? Why did McGarvie lie to the accountant for The Hon Robert Clark? Why did all their tales to witnesses come to pass later, and why did they cover up? The $10m computer contract and its $2m bribe will cost Computer Science Corporation $100,000,000 says court filings by their lawyer Peter Walsh at Potter Anderson Corroon Lawyers. The lawyers for Mastercard, Hausfeld' want to sue the Legal Board as well. In conclusion, the cover up by the legal services board looks huge.

    Thanks for the update!
    Thursday, April 14, 2016 3:02:00 AM
    Shareholders said...

    Simply as an update, will the Auditors at computer science corp (CSC) sue the Guardians of Unethical Bank Ethics?

    1. You will recall that Elliot was on ABC TV in 2014 and he lobbied for a Royal Commission. The Australian Labor Party says it WILL have a Royal Commission into banking. The Independent MPs and Greens also want one. This will be a huge issue in the Elections in Australia.

    2. The Jon Waldron I.T Bribery Case was quizzed in Parliament. The Legal Services Whistleblowers were right

    – the Commbank’s CEO and the General Counsel knew about the bribe

    - Somehow the Whistleblowers inside the Legal Services Board knew to tell Elliot to report, and he reported it before the CEO went to Police. (Hopefully that helps the whistleblowers prove that they are entitled to a reward if the SEC ever fines the Bank)

    Thursday, April 14, 2016 3:23:00 AM
    Anonymous said...

    Thanks BankReformNow and NASGA for exposing this horrific example of bad banking.
    Thursday, April 14, 2016 4:00:00 AM
    Howard Whistlebolles said...

    According to, the run a shady operation:

    In the VLSB' hunt for witnesses in an anti-pedophile group, the Victorian Legal Services Board's tips came true, and their own customers went to the FBI as recommended by their insiders. Fiona Barnett.

    "VCAT, the Victorian Bar, and the Legal Practices Tribunal – The Sting

    One of the most effective ways to disempower a whistleblower is to annihilate his legal team and supporters through threat and intimidation. This has been continual since the seriousness of potential exposure loomed in 1995 and 1996 due to the startling evidence at the time. One solicitor chose to quit the profession and the fathers current legal team has been at the end of the hammer of the Network ever since they took on the task in 1996. That is Gabriel Kuek of Access Law and David Perkins senior counsel who has represented the father over the many years that this matter has remained unresolved.

    Since taking on the case both have been the target of various state government run agencies who have the ability to use intimidation and manipulation of the law to get their required result and that is to destroy them so that the father has no ability legally to defend himself. David Perkins is presently facing disciplinary proceeding where it is reported the Legal Practices Tribunal may disbar him. The whole matter rests on these trumped up contempt charges for telling the Tribunal member that because of what he did in perverting justice was inexcusable.

    The VCAT Act says that you cannot insult a member as it could place you in contempt of court. Tribunal member Davis could not bear the truth of Mr. Perkins statements in October 2000 and probably together with former bully Kellam J (who was VCAT president at the time) issued proceedings against Perkins to charge him with contempt. The contempt proceedings in VCAT December 2000 were a farce in that nothing was inquired of the Tribunals behaviour to have warranted such a submission made before a judicial officer. Insults aside; it was true! But it gave the network a golden opportunity to wield their evil intent against Perkins to try to finally eradicate him as he cost the government millions of dollars in penalty court payments for discovering their corrupt and bullying ways, and now representing a father who has the potential of exposing the networks corruption in a satanic/paedophile cover-up, he needed to be attended to finally. Perkins was never into ‘clubbing’ with the legal fraternity so on the outer o
    2 days ago
  • Charles Ponzi created a new topic ' Joseph Stiglitz and American Express' in the forum.
    Howard Bowles intentions to "violate the economic espionage act" were reported by whistleblowers to the SEC's Sean McKessy before McGarvie used Soviet style Gas Lighting and False Pretences to, say his customers at Parliament's Inquiry, pervert the course of justice, cover up his board giving info to crims on prosecution investigation into criminal smugglers of reserve bank of Australia information. This is Stiglitz's opinion at the US Supreme Court. President Trump's executive order suggests that corrupt foreign officials should be extradited for offences like those that harmed US retailers, US consumers and US corporations so do you think the whole Victorian State Government Legal Servces Board should be removed?

    1 week ago
  • Charles Ponzi created a new topic ' Leon Ashby on the Royal Commission:' in the forum.
    OK are you stuck with how to do your submission to the Royal Commission into Banking Misconduct?

    Here is a summary from Leon Ashby

    email address to ask questions is This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it.

    The Royal commission will give people who have been treated unfairly by a bank or its agents an opportunity to put the facts of their case to the commission.
    I encourage people to look at the terms of reference, and then consider making a submission
    The approach that I believe would assist the commission best would be.

    • A dot point summary (a few pages only) of where the banks and its agents etc have done things wrong either legally or morally or contrary to their code of conduct.
    • A copy of documents supporting the wrong doing. (easily referenced so the commission can see which documents support each point in the summary)
    • The names of people and their positions who you believe the commission should require come in an answer questions
    • A list of the questions the commission should ask them
    · Any recommendations you have to make the banking system work better (e.g. a tribunal system to deal with past cases at no cost to the customer)

    In my view, this approach makes the Royal Commissions job easier, so it can see which cases appear to need investigation.

    Also is attached info on a seminar in Townsville on Feb 1st & 2nd to assist anyone wanting to put a submission into the Banking Royal commission

    Leon Ashby| Operations Manager Canberra
    Senator Fraser Anning for Queensland

    Canberra Office
    S 1 32 Parliament House Canberra 2600
    Phone (02) 6277 32 53 M: 0435423636
    This email address is being protected from spambots. You need JavaScript enabled to view it.

    Here also is the Terms of Reference for the Royal Commission so that you can address this appropriately:…/Terms-of…

    If you are having trouble some of us may be able to help you... send your question through via the page and members will assist where they can!
    Terms of Reference
    On 14 December 2017, the Governor-General of the Commonwealth of Australia, His Excellency General the Honourable Sir Peter Cosgrove AK MC (Retd), appointed former High Court Judge, the Honourable Kenneth Madison Hayne AC QC, to inquire into and report on misconduct in the banking, superannuation an...

    2 weeks ago
  • Thank you for contacting the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Royal Commission. The Royal Commission is in the early stages of being established and may not be in a position to reply to your email until early 2018. Further information about the Royal Commission, and methods through which members of the public can provide material to the Royal Commission, will be made available on the website
    If you have received this transmission in error please
    notify us immediately by return e-mail and delete all
    copies. If this e-mail or any attachments have been sent
    to you in error, that error does not constitute waiver
    of any confidentiality, privilege or copyright in respect
    of information in the e-mail or attachments.
    From: Pastoral.Office.Maverick.Ministries <This email address is being protected from spambots. You need JavaScript enabled to view it.>
    19/12/2017 (16 days ago)

    Maverick Ministries
    PO Box 444
    Clemens California
    (209) 603 8733

    Sent from ProtonMail, Swiss-based encrypted email.

    Original Message
    Subject: FBI & SEC Prosecution of the Commonwealth Bank I.T Division;
    Local Time: 19 December 2017 7:03 PM
    UTC Time: 19 December 2017 08:03
    From: This email address is being protected from spambots. You need JavaScript enabled to view it.
    To: This email address is being protected from spambots. You need JavaScript enabled to view it. <This email address is being protected from spambots. You need JavaScript enabled to view it.>

    Dear Royal Commission

    I am Dennis Sgargetta, a public accountant practising in Preston Victoria.
    My clientele included US, New Zealand and Australian residents in the SEC Office of the Whistleblower Program who were asked in 2015 by the FBI to meet them in Los Angeles to provide additional information following the arrests by the FBI of Commonwealth Bank executives in the bank’s IT department and the I.T expert Mr Pulier as per the enclosed SEC Prosecution Material two years later. According to the FBI Asst Director in Charge of the Los Angeles IC unit, Deirdre Fick, and the US Government Prosecutor Ms Eileen Decker, the crimes committed by the Commonwealth Bank IT division threatened the integrity of the US financial system and defrauded the US defence contractor Computer Science Corporation of $98 million.

    I understand that your Royal Commission can investigate breaches of professional standards and ethics and I also understand that your Royal Commission can compare overseas results against the methods used in Australia.

    During the covert operations that are noted in the prosecution charges, the purported guardian of legal ethics in Victoria under the chairmanship of Apra’s Ms Fiona Bennett threatened to imprison Elliott Sgargetta while Gadens lawyers and the Commonwealth Bank’s Auckland Savings Bank went to foreclose on properties in Australia and New Zealand unless Elliott Sgargetta convinced his US relatives called Waldron to sign up to a hush deed worth an estimated $1m. Elliot and his relatives, like the Commonwealth Bank’s Jon Waldron, were customers of the same CBA subsidiary Auckland Savings Bank in to which the Clinton’s IT expert Mr Pulier transmitted international bribery funds. Elliott Sgargetta was threatened by Ms Bennett's delegate Mr Howard Bowles even though Mr Bowles and his office knew the FBI and SEC were involved. Ms Pakula's file Com-2015-038 has cc correspondence with the FBI and Mr Michael McGarvie's staff were terrified that they would be implicated in unethical misconduct in public office for carrying out plans to lean on witnesses and spy on the Whistleblower Reports at the SEC. Ms Bennett’s legal services board and commission was aware that the FBI’s Special Agent Ryan Adams was to meet Mr Sgargetta’s Waldrons at the Los Angeles Branch of the FBI. Ms Bennett’s legal services board and commission were also aware that the SEC’s Mr Jim Daly and Mr Jack McCreery also wanted additional information, and I noticed that the SEC seeks forfeiture from CBA IT executives Keith Hunter and CBA IT executive Jon Waldron and the Clinton’s Mr Eric Pulier. I think it is appalling that a Victorian government board under the chairmanship of a Director of Apra would lean on Elliott Sgargetta and threaten to imprison him given that Dr Peter Branson asked the SEC and Parliamentary Joint Committee to investigate the Victorian legal services board and commission for witness tampering and hindering investigations by global law-enforcement on the CBA’s IT division.

    As you will be aware, the IT division is also at the centre of the Austrac counterterrorism and money-laundering laws, and the IC division of the FBI handles weapons of mass destruction, counterterrorism cybercrime, paedophile rings and the extradition under President Trump’s executive order dated February 2017 of foreign crime characters for offences that impact on the USA, as the fraud on Computer Science Corporation did according to the FBI’s Deirdre Fick and US prosecuting attorney general Eileen Decker.

    I believe the legal services board and commission is personally liable if it leaks information maliciously and I believe that it passes information to unsavoury people even when it is aware that the FBI and SEC carried out a sting which was on the news when the FBI arrested Keith Hunter and Jon Waldron. As I read the Prosecution documents, the US Federal Agents believe that corrupt characters were chosen to work in the CBA IT Department in an elaborate plan to defraud CSC (a division of Hewlett Packard), and according to Whistleblower Marcus Nicholson, Ian Narev himself was aware of the international bribery from 2013 however Mr Narev chose to risk being found out by the Secret Service.

    The Victorian ombudsman was also aware in advance of the whistle blown intention to lean on potential prosecution witnesses for the FBI and SEC, and the Victorian ombudsman was aware that those plans were subsequently carried out.

    As I believe it is unethical for a Victorian government board to carry out intentions to pervert the course of international justice, I think the Victorian government's 'ethics' board should be thoroughly investigated by a Royal commission.

    I also think the Victorian government board and its complicit officials should fully compensate all victims for whistleblowing on its own plans to pervert the course of justice and engage in conduct that might be abuse of a public office. If it wants to funnel information to criminals and their lawyers and cover upinternational crimes, it should not do so during covert operations like those carried out by the FBI which arrested people as high as the IT expert to the Clinton Global Initiative, President Bill Clinton, Al Gore and the defence contractor computer science Corporation.

    I would also like compensation from the Victorian legal services board in the amount of $10 million.

    In summary, I believe the LSBC is an unethical part of a protection racket that passes information to third parties, and lent on people as Gadens threatened foreclosure on persons who refused to sign a hush deed that would hinder them from seeing the FBI and SEC.

    D. Sgargetta
    US SEC Office of the Whistleblower Program

    2 weeks ago
  • The representatives of SEC Witness/Whistleblowers at Parliamentary Inquiries were right about the Yates Memo wth the US' thinking and judgement that McGarvie's Board 'disagreed' with. Does the VLSB often disagree with William Baer and Sally Yates? Good Lord, even President Trumps' Executive Orders and National Security Stragetgy says foreigners should be extradited, just as is happening to the I.T Executives under David Cohen and Ian Narev's watch. What sort of foreign government board of Australian banking and accounting experts thinks differently to US Attorneys Generals, the SEC IRS FBI DEA and the White House?

    2 weeks ago
  • Will Associate Professor Dr Peter Doherty end up on a platter?
    September 4, 2017 / 10:48 AM
    Heads roll at Australia's CBA amid money-laundering scandal
    Paulina Duran, Byron Kaye

    4 Min Read

    SYDNEY (Reuters) - Commonwealth Bank of Australia (CBA.AX), the country’s biggest lender, announced a major board shake-up on Monday as it scrambles to shore up investor support following allegations it oversaw thousands of breaches of anti-money laundering rules.
    FILE PHOTO: The logo of the Commonwealth Bank of Australia (CBA) is displayed outside a branch in Sydney, Australia, March 21, 2016. REUTERS/David Gray

    But the ouster of a third of the bank’s non-executive board, including the first two directors to leave since the allegations were made public on Aug. 3, failed to impress shareholders as CBA stock touched 10-month intraday lows on the news.

    The board overhaul came as CBA faced the first day of court hearings into the allegations, and while it did not deny that illicit transfers had taken place, it said it would contest its level of responsibility.


    CBA has been under mounting pressure to respond more aggressively to the crisis, which has damaged its already tarnished reputation and exposed it to billions of dollars in potential fines.

    Directors and audit committee members Launa Inman and Harrison Young would step down on Nov. 16, while a third director, Andrew Mohl, would leave in a year, CBA said in a statement, without giving a reason for the departures.

    CBA announced on Aug. 14 that Chief Executive Officer Ian Narev would leave by mid-2018, although it said his departure was not related to the money-laundering scandal. Narev has blamed a coding error for most of the alleged breaches.

    Robert Whitfield, a former head of institutional banking at CBA rival Westpac Banking Corp (WBC.AX), would be appointed to the board, CBA said on Monday, without naming any other new appointees.

    Whitfield could be in the running to replace Narev, said Omkar Joshi of Regal Funds Management, a CBA shareholder.

    “It is unlikely now that you can really have an internal candidate for that role - rightly or wrongly internal candidates have been tainted with that same brush,” he said.

    CBA shares touched 10-month intraday lows before closing down 1.42 percent at A$74.41, while the broader market was down 0.39 percent. The shares have dropped 12 percent since the scandal erupted last month wiping roughly A$17 billion ($13.55 billion) off its market value.

    Financial crime fighting agency AUSTRAC alleges CBA oversaw tens of thousands of illicit transfers amounting to A$624.7 million from 2012 to 2015, including some by known criminal gangs.
    Commonwealth Bank of Australia80.39
    CBA.AXAustralia Stock Exchange


    CBA’s lawyers told the Federal Court on Monday the bank would not “in large part” contest the main facts of the legal action, but said they planned to file a defense.

    3 weeks ago

    1 month ago
  • 1 month ago
  • Customers of Howard Bowles Tina Stagliano Shirley Joseph and Fiona Bennett's LSBC reported their leaked plans to "violate the Economic Espionage Act" and spy on what US Federal Agents might know behind the arrets of Mastercard's lawyer Keila Ravelo and her partners in transnational narcotics transporting smugglers of Reserve Bank information and American Expess' and Visa's evidence. Is it ethical in Australia for a foreign government board to back criminals and cover up and defame witnesses?

    Dec 14 2017 Brief amici curiae of 20 Merchants as Amici Curiae in Support of Petitioners filed.
    Dec 14 2017 Brief amicus curiae of The Australian Retailers Association filed.
    Dec 14 2017 Brief amici curiae of Ahold U.S.A., Inc.; Albertsons LLC; The Great Atlantic and Pacific Tea Company, Inc.; H.E. Butt Grocery Co.; Meijer, Inc.; Publix Super Markets, Inc.; Raley's; Rite Aid Corporation; Safeway, Inc.; Supervalu, Inc.; and Walgreen Co. filed.
    Dec 14 2017 Amicus brief of United States Public Interest Research Group Education Fund, Inc.; Center for Responsible Lending; Consumer Federation of America; Consumers Union; National Association of Consumer Advocates; National Consumer Law Center; Public Citizen, Inc. submitted.
    Dec 14 2017 Amicus brief of American Medical Association and Ohio State Medical Association submitted.
    Dec 14 2017 Amicus brief of VERIZON COMMUNICATIONS INC. submitted.
    Dec 14 2017 Amicus brief of The Merchant Advisory Group submitted.
    Dec 14 2017 Amicus brief of American Antitrust Institute submitted.
    Dec 14 2017 Amicus brief of Open Markets Institute submitted.
    Dec 14 2017 Amicus brief of International Air Transport Association and Airlines for America submitted.
    Dec 14 2017 Amicus brief of Wal-Mart Stores, Inc., The Home Depot, Inc., Target Corporation, Sears Holding Management Corporation, Jo-Ann Stores, LLC, and Merchant Trade Associations submitted.
    Dec 14 2017 Amicus brief of Discover Financial Services submitted.
    Dec 14 2017 Amicus brief of New York, Alaska, California, Delaware, Hawai‘i, Indiana, Kentucky, Maine, Massachusetts, Minnesota, Mississippi, New Mexico, North Carolina, Oregon, Pennsylvania, South Carolina, Washington, Wisconsin, and the District of Columbia submitted.

    1 month ago
  • Howard Bowles discussed this case too, he says, with Lewis Janover's client Mr Jones, however Jones threatened McGarvie and Howard Bowles with defamation and customers of Jeannie Pakula reported Fiona Bennett's board to the SEC and Parliament and Cameron Sinclair for supected witness tampering and leaning on people.

    1 month ago
  • Howard Bowles claimed he discussed this case with some landlord who reckoned he was evicted. Is he liable for defaming the landlord in what the SEC Office of the Whistleblower was told could be economic espionage by a foriegn government board? The Australian Retailers Association brief in the US Supreme Court is here

    1 month ago
  • Charles Ponzi created a new topic ' howrd bowles american express case' in the forum.

    Retail Groups File Amicus in SCOTUS Amex Credit Card Fees Case

    News provided by
    Retail Industry Leaders Association

    Dec 14, 2017, 18:58 ET

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    WASHINGTON, Dec. 14, 2017 /PRNewswire-USNewswire/ -- Today, the trade associations for America's most recognized retailers, filed a joint amicus brief in Ohio, et al. v. American Express. The case, currently before the U.S. Supreme Court, considers the legality of American Express (Amex) rules that prevent retailers from offering benefits, including discounts, to consumers for using cards with lower fees, or even educating consumers about those fees. The brief was filed on behalf of the Retail Litigation Center (RLC), National Retail Federation (NRF), National Association of Convenience Stores (NACS), Food Marketing Institute (FMI), National Grocers Association (NGA), National Association of Shell Marketers, Inc. (NASM), and the Retail Industry Leaders Association (RILA).

    Amex, Visa and MasterCard once all had rules prohibiting merchants from encouraging customers to use lower-fee credit cards. Visa and MasterCard dropped the restriction in a 2010 settlement with the Justice Department. Amex refused to do the same, and was sued by DOJ, as well as 11 states. A U.S. District Court judge ruled in February 2015 that the Amex rules violated federal antitrust law and enjoined them, but Amex appealed and a three-judge panel of the 2nd Circuit ruled in its favor. Eleven states petitioned the U.S. Supreme Court to re-consider the lower court's decision. In October of this year, SCOTUS agreed to hear the merits of this case.

    "Marketplace competition is the hallmark of the retail industry. Unfortunately, it is largely absent from the credit card market where fees continue to skyrocket. These fees—forcibly hidden from the consumer by credit card companies—are among the highest costs of doing business for America's retailers. Retailers should have the right to offer consumers benefits for using cards with lower fees," said Deborah White, senior executive vice president and general counsel for RILA and president of the RLC.

    "Transparency is a vital first step toward bringing credit card swipe fees under control. These rules amount to a gag order on retailers educating their customers about the high cost of credit card fees or encouraging them to use cards that carry lower fees. As long as rules like these are allowed to remain in place, credit card fees will continue to drive up costs for retailers and the prices paid by consumers," NRF Senior Vice President and General Counsel Stephanie Martz said.

    "Information is power – and preventing merchants from sharing useful, money-saving information with consumers only adds to the already immense market power acquired and long abused by the credit card giants. The Supreme Court has an opportunity to strike a blow for competition by barring American Express from using that power to benefit itself by reducing choice for consumers while driving up costs for merchants," stated Lyle Beckwith, senior vice president, government affairs for NACS.

    1 month ago
  • Charles Ponzi replied to the topic BankReformNow's advice to the SEC in the forum
    Banking royal commission terms of reference

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    Chris Pearce

    The draft terms of reference for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry released by Prime Minister Malcolm Turnbull on November 30.

    Australia has one of the strongest and most stable banking, superannuation and financial services industries in the world, performing a critical role in underpinning the Australian economy. Our banking system is systemically strong with internationally recognised, world's best prudential regulation and oversight.

    Most Australians are consumers of banking, superannuation and other financial services. The superannuation system alone in Australia has created more than a $2 trillion retirement savings pool, which continues to grow rapidly, and which compels all working Australians to defer income today for their retirement.

    All Australians have the right to be treated honestly and fairly in their dealings with banking, superannuation and financial services providers. The highest standards of conduct are critical to the good governance and corporate culture of those providers.

    These standards should continue to be complemented by strong regulatory and supervisory frameworks that ensure that all Australian consumers and businesses have confidence and trust in the financial system.

    The Government will appoint a distinguished serving or former judicial officer to lead a Royal Commission into the banking, superannuation and financial services industries.

    The Commission's inquiry will not defer, delay or limit, in any way, any proposed and announced policy, legislation or regulation of the Government.
    Terms of Reference
    1. The Commission must inquire into the following matters;

    a) the nature, extent and effect of misconduct by a financial services entity (including by its directors, officers or employees, or by anyone acting on its behalf);

    b) any conduct, practices, behaviour or business activity by a financial services entity that falls below community standards and expectations;

    c) the use by a financial services entity of superannuation members' retirement savings for any purpose that does not meet community standards and expectations or is otherwise not in the best interest of members;

    d) whether any findings in respect of paragraphs 1(a), (b) and (c)

    i. are attributable to the particular culture and governance practices of a financial services entity or broader cultural or governance practices in the industry or relevant subsector; and
    ii. result from other practices, including risk management, recruitment and remuneration practices;

    e) the effectiveness of mechanisms for redress for consumers of financial services who suffer detriment as a result of misconduct by a financial service entity;

    f) the adequacy of:

    i. existing laws and policies of the Commonwealth (taking into account law reforms announced by the Government) relating to the provision of financial services;
    ii. the internal systems of financial services entities; and
    iii. forms of industry self-regulation, including industry codes of conduct;

    to identify, regulate and address misconduct in the industry, to meet community standards and expectations and to provide appropriate redress to consumers and businesses;

    g) the effectiveness and ability of regulators of a financial services entity to identify and address misconduct by those entities;

    h) whether any further changes to:

    i. the legal framework;
    ii. practices within financial services entities; and
    ii. the financial regulators,

    are necessary to minimise the likelihood of misconduct by financial services entities in future (taking into account any law reforms announced by the Government); and

    i. any matter reasonably incidental to a matter mentioned in the above paragraphs, 1(a) –1(h).

    2. In conducting its inquiry the Commission should give priority to matters which in its opinion, have greater potential for harm if not addressed expeditiously.
    3. Inquiring into the matters set out in paragraph (1)(f), the Commission:

    a) must have regard to the implications of any changes to laws, that the Commission proposes to recommend, for the economy generally, for access to and the cost of financial services for consumers, for competition in the financial sector, and for financial system stability; and

    b) may have regard to comparable international experience, practices and reforms.
    4. However, the Commission is not required to inquire, or to continue to inquire, into a particular matter to the extent that to do so might prejudice, compromise or duplicate:

    a) another inquiry or investigation; or

    b) a criminal or civil proceeding.

    And, the Commission may choose not to inquire into certain matters otherwise within the scope of this Inquiry, but any such decision will be the Commission's, alone.
    5. The Commission is not required to inquire into, and may not make recommendations in relation to macro-prudential policy, regulation or oversight.
    6. The Commission may submit to the Government an interim report no later than September 2018 and must submit a final report within 12 months.

    The final report is to contain:

    a) its findings; and

    b) any recommendations relevant to the inquiry that the Commission thinks fit.

    financial service entity means an entity (other than a Commonwealth entity or company) that is:

    a) an ADI (authorised deposit-taking institution) within the meaning of the Banking Act 1959;

    b) an entity that carries on the business of undertaking liability, by way of insurance (including reinsurance), in respect of any loss or damage, including liability to pay damages or compensation, contingent upon the happening of a specified event, including:

    i. a general insurer within the meaning of the Insurance Act 1973; and
    ii. an entity undertaking life insurance business within the meaning of the Life Insurance Act 1995.

    c) a person or entity required by section 911A of the Corporations Act 2001 to hold an Australian financial services licence or who is exempt from the requirement to hold a licence by virtue of being an authorised representative; or

    d) an RSE licensee of a registrable superannuation entity (as that term is defined in the Superannuation Industry (Supervision) Act 1993) and any entity that has any connection (other than an incidental connection) to the RSE licensee of a registrable superannuation entity.

    Macro-prudential policy and regulation means policy and regulation, including as to the structure, role and purpose of financial regulators, that is concerned with containing systemic risk, which can have widespread implications for the financial system as a whole, beyond simply the banking system.

    misconduct includes conduct that:

    a) constitutes an offence against a Commonwealth, State or Territory law in relation to the provision of a financial service, as existed at the time of the alleged misconduct; or

    b) is misleading and/or deceptive; or

    c) indicates a breach of trust or duty or unconscionable conduct; or

    d) breaches a professional standard or a recognised and widely adopted (conduct) benchmark.

    1 month ago
  • Charles Ponzi created a new topic ' Crackdown on new business lending' in the forum.
    Regulators ask lenders to reveal how lending crackdown has impacted new business

    Australian Financial Review Dec 10 2017 7:40 PM

    Duncan Hughes

    Lenders are being quizzed by the nation's financial regulators about the impact of recent rule changes on their credit policies, lending volumes, marketing strategies, distribution and communication with mortgage brokers and clients.

    In addition to seeking internal information about credit changes regulators are also requesting external communications with lenders and mortgage brokers through emails, websites, call centre scripts and press releases.

    It comes as another big four bank, National Australia Bank, prepares to tighten its credit policies by updating borrowers' living expenses used in assessing customers' serviceability.

    APRA and ASIC are taking the deep dive into lenders' data following the so-called "macro-prudential" changes intended to slow borrowing, particularly by investors, and ease pressure on property prices.

    The regulators have sent detailed questions to lenders seeking responses to how the recent policy changes have influenced a range of key performance indicators, particularly any changes to their "lending book", which is a term used to describe lending records.

    Details are being requested on changes to interest rates, lending policies, such as increasing or lowering loan-to-value ratios, fees and how it has been communicated to customers and brokers.

    It follows the Australian Prudential Regulation Authority imposing temporary benchmarks for both investor lending growth and new interest-only lending.

    APRA – with the backing of the Reserve Bank of Australia – intends to constrain higher risk lending and discourage lenders from competing aggressively for these types of loans by imposing caps on the amount and speed of growth. The RBA is concerned continued growth will inflate a housing bubble and make the economy more vulnerable to sharp shocks.

    For example, in March APRA-regulated lenders had to limit their new interest-only lending to no more than 30 per cent of new lending.

    About 90 per cent of housing finance is provided by APRA-regulated lenders. The Australian Securities and Investments Commission monitors non-authorised deposit taking institutions.

    The regulators are asking lenders to answer more than a dozen detailed questions about changes to the size and composition of their lending books, such as a transition from interest-only to principal and interest loans, increased loan-to-value ratios for higher risk borrowers and higher rates.

    It is also attempting to assess how lending practices have been influenced by closer attention to serviceability measures, such as assessment of living expenses and the identification of a borrowers' existing debts.

    APRA has also been rolling out new, and in some cases more prescriptive, guidance on what it considers lenders need to know about a borrower's total debt, income and spending.

    ASIC and the Australian Prudential Regulation Authority are checking with lenders on their communications with borrowers and mortgage brokers, who act as intermediaries between borrowers and lenders.

    Senior bankers believe the regulators are attempting to assess what impact their changes are having on current market conditions, how effective it has been, whether it needs tweaking and might have benefited bigger lenders at the expense of mutuals, co-operatives and non-big four competitors.

    The research will also provide benchmarks as a guide for future policy initiatives.

    Neither regulatory would confirm the review.

    But APRA chairman Wayne Byres recently stressed the importance of sophisticated data in ensuring lenders make "sound credit decisions" that are appropriate – individually and in aggregate –taking into account the broader housing market and economic trends.

    APRA said it is also focusing more attention on so-called "shadow banks", or non-ADIs, by looking at whether bank warehousing of their loans is increasing risks.

    Separately, NAB this weekend announced it is tightening its home lending credit policies by updating household expenses used to calculate serviceability. Westpac Group, AMP and Commonwealth Bank of Australia recently announced similar changes.

    1 month ago
  • Charles Ponzi created a new topic ' Tina Stagliano and Howard Bowles cases' in the forum.
    Will the LSBC be held to account?.
    Malcolm Turnbull has announced a royal commission into the banking sector, after Australia's big four banks wrote to the Treasurer asking for an inquiry to restore public faith in the financial system.

    A letter signed by the chairpersons and chief executives of ANZ, Commonwealth, NAB and Westpac argued that even though the sector had long campaigned against it, such a measure was now in the national interest.

    "Our banks have consistently argued the view that further inquiries into the sector, including a royal commission, are unwarranted," the letter said.

    "However, it is now in the national interest for the political uncertainty to end."

    Shortly after the letter was released, the Prime Minister announced the royal commission, saying that it was the only way to "give all Australians a greater degree of assurance" about the banking sector.

    "Since the financial crisis, there have been examples of misconduct by financial institutions. Some of them extremely serious. And that's demanded a response from the institutions themselves and from government," Mr Turnbull said.

    "The only way we can give all Australians a greater degree of assurance is a royal commission into misconduct into the financial services industry.

    "It will cover the nation's banks, big and small, wealth managers, superannuation providers, insurance companies. It will be a comprehensive inquiry."

    The Government will ask the royal commissioner to deliver a final report by February 1, 2019.

    More to come.

    2 months ago
  • Charles Ponzi created a new topic ' Pedophile Magistrate jailed 9 years' in the forum.
    Queensland magistrate William Randall jailed for child abuse

    Posted 21 Nov 2017, 4:05pm
    Map: QLD

    Queensland magistrate William John Randall lived a double life for years, passing daily judgment on others for criminal behaviour while systematically sexually abusing a young boy.

    The boy was just five when the abuse started in 1990 at Randall's home at Wynnum, on Brisbane's bayside.

    It continued for almost 12 years, and the victim was 30 before he finally gathered the courage to tell police.

    Randall, who retired just last year from his position as referee in the Small Claims Tribunal after years on the bench, continues to maintain his innocence.

    He pleaded not guilty in the Brisbane District Court last week to 18 charges including maintaining a relationship with a child, indecent treatment and sexual assault.

    His lawyers cross-examined the victim in the witness box about the allegations, accusing him of fabricating lies about being abused hundreds of times so he could later sue Randall.

    However, the jury dismissed this and returned guilty verdicts.

    Randall was on Tuesday sentenced to nine years' jail, and will be eligible for parole after serving half of that time.

    Judge Catherine Muir described Randall's behaviour as "shocking and reprehensible".

    "With your continued and repeated abuse of the complainant you essentially took away his innocence, his childhood," she said.

    Judge Muir acknowledged Randall had been well-regarded in the legal community, but said any reputation was "hypocritical given your offending behaviour occurred while you were sitting in judgment of others".

    She noted the effect the offending had on the victim, who said he had "turned to alcohol to try to drink the memories away".

    The victim and his family hugged outside court after the sentence was handed down.

    2 months ago


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