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Charles Ponzi

Charles Ponzi

  • Karma
  • Member since
    Sunday, 30 August 2015 04:33
  • Last online
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About Me

Basic Information

  • Gender

  • Birthdate

    1956-12-19
  • About me

    Charles Ponzi sent me.

Contact Information

Education

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  • Charles Ponzi created a new topic ' Julia Gillard's Bruce Wilson Inquiry' in the forum.
    Former union boss linked to murder

    The Australian

    3:16PM September 14, 2017

    WA Chief Reporter
    Perth
    @AndrewBurrell7

    Julia Gillard’s ex-boyfriend, former union boss Bruce Wilson, has been sensationally linked to the 1975 gangland-style murder of Perth brothel madam Shirley Finn.

    A witness, Philip Hooper, today described to the West Australian Coroner’s Court how he and his girlfriend were parked near the murder scene in South Perth on the night and had heard four gunshots.

    He said two men — who he identified as police officer Bernie Johnson and Perth identity Laurie Tudori — later came up to his car and told him not to go to the police.

    He broke down in tears as he described the threats and intimidation he had since endured, including how Mr Johnson had threatened to frame him for the murder of Ms Finn. Mr Hooper, 68, who is gravely ill, said his testimony was his final chance to tell the truth of what had happened.
    Shirley Finn was murdered in 1975.
    Shirley Finn was murdered in 1975.

    “I have been scared for 42 years,” he said. “I have been shot at and it’s not nice.”

    Mr Hooper said Mr Wilson — who he knew as an Australian Workers Union leader in WA — had left a .357 magnum bullet on his car at his workplace with a note that said: “Keep your mouth shut or you’ll get one of these.”

    He said he knew of Mr Wilson as a “violent person who liked to get his own way”.

    Mr Wilson had once attempted to throw a roofing contractor off the roof off a building site because he refused to pay $10,000 to the union.

    Mr Hooper said Mr Wilson’s threat had prompted him to make a statement to police in 1994. “I thought, ‘this has got to bloody stop’,” he said.

    The allegations made by Mr Hooper predate Mr Wilson’s relationship with Ms Gillard by about 15 years.

    Mr Wilson has been connected to the establishment of an AWU slush fund at the time he was in a relationship with Ms Gillard.

    The AWU affair dogged Ms Gillard during her time as prime minister. Ms Gillard, who has repeatedly denied wrongdoing, provided legal advice to help Mr Wilson establish the fund.

    Mr Wilson has never previously been linked to the murder of Ms Finn. The case has intrigued Perth for the past 42 years.

    The inquest is continuing.

    Posted at 04:08 PM | Permalink | Comments (0)

    Comments


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    1 week ago
  • Charles Ponzi created a new topic ' Gold Coast MP Stewart Robert' in the forum.
    Latika Bourke: Further to my story last week, it turns out there's more when it comes to Stuart Robert's business dealings and how they interact with his job as an MP. I've been head down in ASIC documents for days looking how the relationship between the his family trust, trustee company and another company GMT which he co-founded and is awarded tens of millions in government contracts.
    Thank you for your support you have shown for our journalism at The Sydney Morning Herald and The Age - theage.com.au.
    Again I will ask you to please read and share this story if you think this report raises questions Mr Robert and Prime Minister Malcolm Turnbull need to start answering.

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    2 weeks ago
  • Charles Ponzi created a new topic ' APRA PROBES ITSELF: Judge Caesar' in the forum.
    ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
    I spoke to Eliza at the ABC News regarding the decision to appoint three CEOs to head up the Australian Prudential Regulation Authority (APRA) panel, assembled to review CBA.
    This is a classic case of Caesar judging Caesar! It is a case of the people that have created the problem, now judging themselves and their own class of people, and I am committed to raising it in Parliament.

    Each of these people comes from a CEO class, the new power group that runs society and pays themselves absolutely obscene amounts of money - the sort of Enrons and Goldman Sachs of this world. They are from the group of people they are now going to judge.

    All three have the same background. One of them served on the Qantas board. Qantas privatised all its jobs out. Thanks to that now notorious expose, we know the pay and conditions are so bad that their staff /contractors are reduced to sleeping in blankets and living at the airport. That’s what Qantas has reduced us to. And these are the people on this watchdog panel.

    Another particular person (one of the three) he was head of APRA, and APRA was presiding over what was going on with the Commonwealth Bank at the time.

    Mr (Graeme) Samuels, head of the organisation he was with did the Woolworths and Coles inquiry where we presented evidence that the two big wholesalers were doing 300% mark-ups and were responsible for the complete destruction of the dairy industry.

    When they were under arbitration commissions, all of these agriculture industries had an 80% mark-up, then we introduced the free market (of course which Samuels was one of the great advocates for in Australia). As a result of his advocacy we went from an 80% mark-up on food to a 300% mark-up much to the detriment of the farmers and most certainly to the detriment of the consumers.

    He had all this evidence and he decided there was no problem.
    So we’ve got one from the Qantas board, one that presided over the destruction that has ruined so many areas of Australia, and the other one was supposed to be the watchdog.

    The performance of APRA establishes clearly the identity of APRA, not as a watchdog, but as a fawny lapdog.

    There are no restraints or restrictions on the banks whatsoever.
    George Christensen will cross the floor for a Royal Commission into the banks should the Deputy PM be ruled disqualified to sit in Parliament due to his citizenship issues.

    Our proposal, which Christensen backs, appoints six people, three of them judges, plus three others from the community.
    We will maximise publicity on this. In this case, every single person not aligned with the Liberal party has been tenacious in their determination to secure an inquiry into the banks. And the Liberal party is doing themselves untold damage.

    Mark my words, this APRA inquiry will protect the maggots where a Royal Commission will shine the light on them and the maggots will shrivel up and die.

    www.abc.net.au/…/programs/pm/commbank-inquiry/8893896

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    2 weeks ago
  • Charles Ponzi created a new topic ' Hinch names Pedo Cop' in the forum.
    Senator HINCH (Victoria) (19:35): I'm going to tell you a horror story tonight—a real life nightmare—about a five-year-old girl raped, with a gun held to her head, raped almost daily by her stepfather, to the extent that when she was nine and started to bleed her grandmother took her to the doctor thinking she was starting her period early. She wasn't; she was having a miscarriage. She was nine years old. Her grandmother told her to forget about it and not tell anybody. The little girl's mother also knew about the abuse and did nothing. The rapes went on and on for years.

    It gets worse, if that's possible. When she was 15 her grandfather took her to the police to report the years of abuse, and nothing happened. You see, that little girl's attacker was a Victorian policeman who worked at Hastings police station. During his 12 years in the force Victoria Police failed to act on numerous complaints against him of sexually abusing children in country Victoria. During that time in uniform, he defiled at least nine children, including three stepchildren—kids aged between five and 10—and used his uniform to snare more victims.

    He asked one little boy if he wanted to see inside a police station. He took him there and raped him on a bed inside the building. A young girl dutifully went to the police station for help after losing track of her mother at a local festival. The copper told the child, 'I'll look after you'. Then he took her out the back into a divvy van and forced her to perform oral sex on him.

    But it was his stepdaughter who suffered the most. She naively thought that when she started primary school in Tyabb she would be safe. As she said in the victim impact statement years later:

    The first time he took me out of school during the day he informed the teacher that I had a dentist appointment. He would show up in his police uniform, police car including his police revolver. All the kids thought it was cool. All I could think about was this is not going to end well. I did not get to the dentist that day. I was taken home where I was abused, raped and threatened to be killed with his police revolver which was pointed at my head. He got off on pretending to kill me more than the sex I think, as it soon became his habit to have the gun resting on my temple. I was then made to have a shower and redress for school and I would be dropped off like a piece of meat at the front gates to walk back to the office and then on to class. This became a regular occurrence and a ritual for nearly 4 years of my primary school. I was always being picked up in the cop car or divvy van. Sometimes we would not head back to the house but to the tennis courts. No one questioned why a cop car would be there. Actually, no one questioned anything as to why I was seeing so many doctors or dentists.

    One boy who was sexually abused by the policeman in 1979 told his mother, and she reported the abuse to the cop's colleagues. She was persuaded, like other parents, not to press charges. The next day the police went to the woman's house and told her 'the offender wouldn't be in the police force anymore and would be moved away'. And that's what happened. The now ex-cop went to New South Wales where he abused more children over the next four years. For those crimes he was arrested in New South Wales in 2012 and sentenced to 17 years jail, with a non-parole period of 12 years. He was then extradited to Melbourne and last year was sentenced to 19 years behind bars, with a minimum of 15.

    But there is yet another aspect to this horror story. When this child rapist was sentenced, the County Court judge suppressed his name, supposedly to protect the identity of his victims, even though Bianca Hall from Fairfax formally requested it be lifted, even though three of his victims asked the court to name him because they believed more victims would come forward if they knew it was him and he was behind bars, and even though that five-year-old stepdaughter is now 45. The community deserves to know the name of this man, whose stepdaughter has accurately described as a 'monster'. With her permission, I will name him tonight. This monster, protected for years by Victoria Police, is Robert William Gommeson, now aged 67. I hope that naming him will bring some closure for some of his victims.

    I will never forget the words of his stepdaughter, who said:

    There were many times I prayed that I would not wake up in the morning. That somehow during the night my heart would just stop beating and all the hurt and suffering would be over. But it did not. I would hope and pray that I would not have a visitor come into my room and I would be saved from one night of terror and torture.

    That girl has built an adult life for herself, and has a family of her own now. She approached me recently and asked me to name the stepfather who stole her childhood and her siblings' innocence, as well as the innocence of those other kids. That is why I have named Robert William Gommeson, commonly known as 'Bob', the ever-friendly neighbourhood cop. And I'm going to name the brave stepdaughter too—her name is Tracey May; another victim is Martin Raby—because tonight they are here in the gallery to hear publicly mentioned for the first time the name of a piece of scum who destroyed their childhood but failed in the end to ruin their rebuilt adult lives.

    I say tonight: may Gommeson rot and die in jail. Tracey and Martin, I salute you. The community thanks you for your bravery and for your determination.
    parlinfo.aph.gov.au/parlInfo/search/disp...542a8db4ed%2F0170%22

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    2 weeks ago
  • Charles Ponzi created a new topic ' CBA automated 'terror' machines' in the forum.
    Counterfeit cash 'cleared' instantly. Crime and terror funding instantly transferred offshore.

    Alarm bells ignored as millions poured in at CBA
    The bank has been accused of 53,700 breaches of money-­laundering and terror-financing laws
    The bank has been accused of 53,700 breaches of money-­laundering and terror-financing laws

    Nicola Berkovic
    The Australian

    Nicola Berkovic
    Legal affairs correspondent
    Sydney
    @NicBerko

    Staff at the Commonwealth Bank’s Market City branch in central Sydney watched a man “upset” an automatic teller machine by stuffing it with suspected counterfeit notes but this did not cause the bank to stop the account or carry out due diligence on the customer.

    Although the machine went “out of service” that day, on July 15, 2015, almost $40,000 was successfully loaded into it and immediately spirited offshore.

    On another extraordinary day, on March 25, 2015, a man stood across from Sydney’s Downing Centre court complex cramming $27,250 into “Account 65” at a CBA machine on the corner of Liverpool and Castlereagh streets.

    The account was held by a company later suspected by the bank of having links to terrorism financing.

    A total of $300,000 was deposited into Account 65 that day, from machines in western Auburn, Chinatown and the Sydney CBD — part of a flurry of deposits that week totalling more than $1m.

    read more
    This CEO not for shifting: NarevJOHN DURIE, RICHARD GLUYAS
    Time to scratch these fat catsADAM CREIGHTON

    Almost two years later, sitting at the Downing Centre, NSW District Court judge Christopher Armitage handed a maximum five-year jail term to one of the men involved.

    The allegations are part of a widening anti-money laundering scandal that on Friday wiped ­almost $6 billion off the value of CBA on the Australian share market.

    The bank has been accused by the Australian Transaction Reports and Analysis Centre of 53,700 breaches of money-­laundering and terror-financing laws, each of which carries a ­potential $18m maximum fine.

    Austrac says the breaches were “serious and systemic” and involved transactions worth $625m.

    The CBA machines, which are still in operation, accept multiple cash deposits of up to $20,000 each, up to five times the limits ­allowed by rival banks.

    The machines immediately credit the cash, enabling it to be transferred overseas.

    Federal Court documents reveal that Account 65 was first used on October 27, 2014, when 11 deposits totalling $104,310 were made at ATMs across Sydney, including at Auburn, Lakemba, Marrickville and Dulwich Hill in the city’s west, at Chinatown and in the CBD.

    The activity triggered an immediate internal alert, but the CBA’s anti-money-laundering team did not get around to reviewing it for more than two months, on December 30.

    It was then that the CBA notified the regulator of the activity, but the alert was closed and the bank failed to monitor the company that held the account.

    A review by the bank’s intelligence team commenced in late January but was not completed until May 4.

    In the meantime, the suspicious deposits continued until May 20, stopping only when two men were arrested and charged with money-laundering offences.

    A search of their home by NSW police revealed $3m in banking receipts.

    The breaches alleged by Austrac yesterday prompted new calls for a royal commission.

    The opposition’s spokes­woman on financial services, Katy Gallagher, said the alle­gations were “deeply concerning”. “What else needs to happen to convince (Malcolm) Turnbull that the banks need to be held to account?” she said.

    “It doesn’t get much more serious than some of the allegations we’ve seen.”

    Back in July 2015, at the CBA’s Market City branch, staff asked the bank’s anti-money-laundering team to “please monitor and investigate” the flurry of suspicious deposits they had witnessed, warning that “AML/CTF (anti-money laundering/counter-terrorism financing) alarm bells (were) ringing”.

    The deposits were part of a $20m bounty funnelled overseas through the CBA by one criminal syndicate.

    Two members of the syndicate, Malaysian man Kha Weng Foong and Hong Kong man Yuen Hong Fung, were jailed last month for a maximum of five and six years respectively.

    In response to the Market City alert, members of the bank’s AML team sent a report to Austrac, but closed the alert and failed to carry out customer due diligence.

    It was not until Aug­ust 24, when members of the syndicate were arrested, that the suspicious deposits stopped.

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    Reader comments on this site are moderated before publication to promote lively and civil debate. We encourage your comments but submitting one does not guarantee publication. We publish hundreds of comments daily, and if a comment is rejected it is likely because it does not meet with our comment guidelines, which you can read here. No correspondence will be entered into if a comment is declined.

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    2 weeks ago
  • Charles Ponzi created a new topic ' Funds do maths on CBA' in the forum.
    The gruesome decline in Commonwealth Bank shares over the past month since financial intelligence agency Austrac dropped its 508-page bombshell on Ian Narev’s banking pillar is focusing fundies’ minds on the ultimate impact the money-laundering scandal will have on the financial giant.

    Speculation is swirling that the Catherine Livingstone-chaired bank could cop fines of $500 million, with pessimists predicting penalties of up to $1 billion.

    And then there is the market talk that the fallout from the scandal could claim something in the order of 30 executive scalps, possibly including board members.

    Never mind the threat of additional action from overseas regulators, which is still exercising market minds despite disappearing from a Moody’s note earlier in the week

    Read mooooore .www.theaustralian.com.au/business/margin...f94ed78dbf1c548aa569

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    2 weeks ago
  • Scott Murdoch
    Journalist
    Sydney
    @murdochsj

    Commonwealth Bank held urgent talks with global regulators and central banks on the day it was served by Austrac, in a bid to calm concerns that money-laundering allegations could hurt the bank’s reputation and future fundraising prospects.

    The bank, which is Australia’s largest home lender, refused to confirm which authorities were briefed by its top executives on August 3, when the Austrac claims were made. CBA is accused of allowing more than 53,000 suspect transactions to pass through its intelligent deposit machines, which could have funded crime gangs or terror.

    CBA is under investigation by the Hong Kong Monetary Authority because most of the suspect cash washed through the machines is thought to have been sent to the territory. However, sources have told The Australian that CBA sought out regulators and played down potential terror-funding fears.

    It is understood the briefings were likely to have been held with the US Federal Reserve, Department of Justice — because CBA is a signatory to the Patriots Act, which was created to crack down on terror funding sources following the September 11 attack — and the Office of the Comptroller of the Currency, which supervises foreign banks in the US.

    The bank’s reputation in the US is of huge importance because of the number of debt-funding sources located there. The bank has raised more than $3 billion in US senior debt over the past few months, and money-laundering is considered the worst financial crime in the US.

    CBA is believed to have also spoken to the Reserve Bank of New Zealand, Singapore Monetary Authority and Britain’s Financial Conduct Authority, which acts as a prudential regulator. CBA refused to reveal which agencies it spoke to and said it was in regular contact with regulators.

    It comes amid growing expectation chief executive Ian Narev could soon be called to give account before parliament.

    Anticipation of further pain to executive remuneration has also been building ahead of the release of the bank’s annual report today.

    “Full details of the remuneration outcomes and the board’s full consideration will be disclosed next week in the annual report,” chairwoman Catherine Livingstone said last Tuesday.

    The bank was last week asked by analysts whether the CBA culture was a problem after it emerged the bank ignored a number of staff warnings that the IDMs were being misused.

    Citi analyst Craig Williams said the Austrac allegations showed banks had to be “accountable” organisations that maintained the trust of customers.

    “CBA would acknowledge mistakes have been made in most cases,” Mr Williams said.

    “Action and accountability must be more dramatic if the industry is to stave off this threat.

    “This has become one of the key questions for the investment case of CBA and its peers looking forward.” Mr Williams said the bank’s future returns could be lower because of the increased gov­ernment and regulatory focus on the sector as a result of major incidents over the past decade.

    “This bank and its peers have had a litany of conduct and compliance issues over the last decade,” he said.

    “It is increasingly apparent that senior management has not yet done enough to build a culture which listens to customers, staff and regulators when problems are raised.

    “This raises the real risk of bank sector returns being damaged over time by a response from authorities.”

    Investor reaction to the Austrac scandal has been mixed, with the share price enduring a volatile ride over the past seven trading sessions since the allegations emerged.

    Mr Narev is due to meet fund managers in Sydney tomorrow and is expected to face calls for assurances in the wake of the Austrac claims, which are the latest in a series of scandals to break on Mr Narev’s watch.

    Regal Funds Management analyst Omkar Joshi said Commonwealth Bank was already the worst-performing of the big four banks on total return last year, and there were concerns that the money laundering case would drag on performance, even after a record profit announced last week.

    “Yes the result is OK, the numbers are OK, but this creates a lot of uncertainty,” Mr Joshi said.

    “You don’t know how this situation is going to play out. There are a lot of scenarios here and none of them are really positive.”

    Analysts have said for CBA the debt market reaction is more important than share price moves.

    In a worrying sign for CBA, its credit default swap has started to rise, which indicates investors think the company’s risk is starting to increase.

    The CDS — which for investors acts as the insurance policy for owning CBA debt — has ticked up slightly and sits higher for the first time in years compared to the other big three banks.

    NAB’s CDS moved higher during the 2004 foreign exchange trading scandal, while ANZ’s shifted when the Chinese economy was thought to be on the brink of collapse.

    CBA’s current scandal is expected to prompt a small increase in the cost when the bank next raises money in the offshore market. Mr Narev and chief financial officer Rob Jesudason leave shortly for briefings with major overseas investors, and the bank is expected to start marketing a European debt deal in the next six weeks.

    Meanwhile, there is increasing speculation that the Royal Bank of Scotland’s chief executive, Ross McEwan, could return to CBA shortly.

    Mr McEwan was formerly head of CBA retail banking services, but was passed over as CEO in 2011.

    Additional reporting: ANDREW WHITE

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    2 weeks ago
  • Charles Ponzi created a new topic ' Tonti Filipini & FOS' in the forum.

    Senate Consumer Protection Inquiry: More of the same (Part 1)
    Evan Jones 7 June 2017, 4:30pm 6

    PoliticsFinanceLaw
    [Privacy Badger has replaced this AddThis button.]
    (Image via @BankReformNow)

    The consumer protection inquiry began without fanfare and little MSM interest but bank victims' concerns are at least getting a hearing. Evan Jones reports in part one of this two-part investigation.

    THE CURRENT Senate Economics Committee Inquiry into consumer protection in the banking, insurance and finance sector held hearings in Sydney on Tuesday, 26 April 2017.

    You probably haven’t heard about this inquiry because the media has shown little interest. Save for scribes and witnesses waiting their turn, a mortgage broker victim and I were the only attendees. I’ve never before seen such a lack of interest in a Parliamentary inquiry hearing.

    Committee members presiding were Senator Chris Ketter (Labor, Chair), Senator Jane Hume (Liberal) and Senator Nick Xenophon (NXT).

    Those appearing before the Committee were representatives of the Australian Securities and Investments Commission (ASIC), the Financial Ombudsman Service, Choice, the Financial Rights Legal Centre and Consumer Action Law Centre, as well as a couple of financial industry associations. (I didn’t stay for the latter.)
    The Australian Securities and Investments Commission

    The Chair tackled the ASIC representatives on matters recently in the news — matters seriously embarrassing for ASIC.

    The first concerned the disclosure that ASIC had been for years workshopping its media releases regarding malpractice with the guilty parties. Sleuthing by The Australian’s Ben Butler (ex-Fairfax), after a long FOI battle, exposed the practice on 18 and 19 April. Fairfax’s Adele Ferguson complements the story on 21 April. This practice persisted during and after the 2013-14 Senate Inquiry into ASIC, in which ASIC was exposed as seriously derelict in its responsibilities.

    Notable is the reference to David Cohen’s involvement and ASIC’s kowtowing to him — Cohen at the CBA in 2014 but also at the AMP in 2006. This is the same David Cohen who, as CBA chief general counsel, played a dominant role in the foreclosure of close to a thousand BankWest business borrowers after the CBA takeover of Bankwest in December 2008 and the subsequent cover-up of its criminal character. ASIC’s deference to Cohen is definitely not a good look. Any sector that has a David Cohen as a senior player is a socially dysfunctional sector.

    The Chair also raised the matter, again from media exposure, that ASIC tolerated the persistent failure of Macquarie Bank to clean up its financial advisory arm — the failure including a compliant report from Ernst & Young.

    In reply, ASIC’s Deputy Chairman Peter Kell claimed that there was nothing untoward in ASIC-bank liaisons regarding media releases and that, in any case, the events were yesterday’s news. Kell also claimed that ASIC has ensured that Macquarie Bank is now well and truly accounting for past sins.

    The Chair let the parries from Kell go through to the keeper. ASIC’s sole problem, according to Kell, was the lack of additional definitive powers. For example, ASIC needs a "product intervention power" to head off products that are poorly or corruptly designed or are pushed onto the wrong people.

    Certainly, such an extension of powers for ASIC is desirable, but the Committee members allowed the ASIC representatives to set the character of the exchange. That exchange ended with hearty acceptance from Committee members that ASIC is on the move and consumer protection is now looking rosy.
    The Financial Ombudsman Service (FOS)

    FOS Chief Ombudsman Shane Tregillas opened his segment with these claims (also published on the FOS website):

    In order to fairly and impartially resolve the disputes that come to FOS, we are independent of the parties to that dispute and of the government and of regulators. …

    [Our principles introducing FOS’ Terms of Reference] emphasise that what we do is resolve disputes fairly, informally and in a timely manner. They also stress the importance of seeking to resolve disputes cooperatively and transparently. These principles mean that, in resolving disputes, we seek to understand all aspects of the dispute without taking sides and then we make a decision based on the specific facts and circumstances of each dispute.…

    Tregillas has made such claims many times in similar circumstances. But the perennial experience of bank victims who go to the FOS seeking help is otherwise. They experience an institution incompetent and inefficient, at best — in bed with the banks, at worst.

    For bank victims, dealing with FOS is an immensely frustrating and depressing experience. They expect commitment, proper procedures and integrity, and they generally get none of these. Time limits for the alleged victims are arbitrarily determined, whereas the financial service providers – the accused parties – determine their own time periods for responses.

    Several examples highlight the FOS’ modus operandi. Tasmanian Suzi Burge’s complaint about the CBA was detailed in her submission’s chronology. The FOS stuffed Burge around for several years, during which period her position deteriorated. The FOS contented itself with partial documentation provided by the bank. The FOS found in Burge’s favour on multiple counts but got the story wrong on several key accounts (as misled by the bank). Because of the (avoidable) inaccuracies, the FOS’ resolution regarding compensation was trivial, incommensurate with the substance of its determination adverse to the bank. When Burge asked the FOS to get it right, the FOS, in the person of Justi Tonti-Fillipini, replied to the effect that, we got it wrong, that bothers me, but we’re worn out with your case, we’re understaffed, that’s it, we’re not changing anything, go away.

    Ms Tonti-Fillipini figures significantly in another case — that of the Goldsworthys and their company, Goldie Marketing, against the ANZ. Tonti-Fillipini informed the Goldsworthys’ consultant, Bruce Ford, over the phone (Ford recorded the exchange on 22 October 2014) that the FOS could not take on their complaint because of staff shortages. The Goldsworthys then took the FOS to court, claiming that denial of assistance on this basis was contrary to the FOS’ charter.

    Tonti-Fillipini then penned a reconstructed file note, claiming a range of reasons why denial of assistance was appropriate — the note submitted to the court proceedings. Ford and the Goldsworthys were appropriately outraged. So was Senator Nick Xenophon, who opined that the FOS should be disbanded and replaced by a statutory body. This matter has been admirably covered by ABC reporter Stephen Long, both on the 7.30 Report, 16 March 2016, and The Drum, 1 April 2016.

    Bizarrely, the court found for the the FOS (Goldie Marketing v FOS, VSC 282, 19 June 2015).

    Judge Cameron determined that:

    109 I find that the reasons given and decision made by Dr Tonti-Filippini in the November Jurisdictional Decision are "compelling" within the terms of the Operational Guidelines. They are convincing, rational, logical, reasoned and comprehensive. It has already been noted that those reasons (apart, of course, from the issue of staff resourcing) are not sought to be impugned or attacked by the plaintiffs.

    This is all just so much palaver. It may be that it was ill-advised to take the FOS to court in the first place. Red lights would be flashing everywhere regarding this "attack" on the regulatory apparatus and its implied undermining of the "legitimacy" of the entire apparatus. The FOS is transparently doing the bidding of ANZ in its refusal to handle the Goldworthys’ complaints. More, this impertinence of the judge complements the deep underlying bias of the courts against bank victims. That judicial bias can be read between the lines in the succeeding paragraph, where the substance of the bank customer’s complaints has been obliterated by the imperative of the bank cleaning up its books:

    Finally, the parties differed in relation to the impact of further delay in the resolution of their dispute. Whilst the plaintiffs stated that there is no urgency given the longevity of the dispute, ANZ submitted that it has effectively been prevented from exercising its enforcement rights for several years. By way of observation, it is highly desirable that commercial disputes are determined in an efficient and timely manner which invariably reduces the costs burden on all parties.

    For further exposure of the FOS’s dirty linen, we turn to more submissions to the current consumer protection Inquiry.

    Let us begin with a submission (Name Withheld, #64) regarding a "trivial matter" concerning an ATM’s disbursement of a withdrawal. I have always been ready to concede that FOS handles small-scale complaints reasonably well. No. In this case, the FOS refused to accept the complaint regarding the offending bank Westpac’s refusal to deal with the complainant’s concern.

    David Bibo’s submission #61 is salutary. Bibo doesn’t explain the nature of his complaint, but goes straight for the jugular. He notes that the FOS rightly invalidated a "settlement" (apparently by a FOC "conciliator") that was forced on him through bullying ('How can one agree to be assaulted?', he notes) but then the FOS overturned its own invalidation.

    In my own submission (#87) I claim simply that the "FOS is simply corrupt”.

    Bibo lays it on:

    The apparent poor institutional culture and low ethical standards of the FOS and its members raise the question as to whether the FOS has any genuine intent or ability to identify, address and help prevent unconscionable, illegal and unethical behaviour of the type constantly and consistently indulged in by its members. The FOS is clearly biased towards its own members and a sham operation that regards itself and its members to be unaccountable to anyone. …

    Its members [Financial Service Providers] know they can continue to operate in a corrupt manner with immunity perpetually granted to them by the FOS in the secure knowledge that their days of getting away with misconduct, whether it is a breach of law or not, are protected by the FOS, the organisation that is meant to help protect consumers from them. …

    The FOS has become a corrupt organisation that now serves only it's equally corrupt members. When confronted with that corruption it chose to enforce and entrench it. The FOS, its conciliator and senior management representatives of the FSP lied to me in calculated, coordinated, premeditated manner.

    And so on.

    It is also instructive to examine a number of submissions for which the Secretariat has invited a FOS response — notably Harris (#74), Matheson (#75), Slattery (#76), Thomson (#78) and Nielen (#79). In addition to documenting the malpractice of the particular financial services provider/s (FSPs), the victim submission documents the maltreatment by the FOS — long delays, transparently ludicrous decisions, occasional right evaluations that are backtracked on, or not reflected in the final determination.

    In each case, the FOS has responded to the submissions with the same form letter. We have considered all material, it says. Well, no, it hasn’t. That’s a lie. We are independent, it says. By way of “proof”, it cites ASIC support (which merely indicts ASIC as well) then proceeds to claim that because we are formally independent, therefore, we are in practice independent! That’s a lie as well.

    Presumably, there is the delicate matter of not pursuing public disclosure of private details of a victim complaint. But the point of standard parliamentary inquiry procedure in seeking a response from a financial services provider or external dispute resolution organisation (as is FOS) is to seek correction or reinterpretation of the victim’s submission from that body. In all cases here, FOS merely responds with a vacuous standard form letter, without addressing the substance of the victims’ complaints.

    In the case of Suzi Burge (#69, as above) FOS’ standard letter response adds, without elaboration, a list of the court cases in which Burge has appeared (and lost). This peccadillo represents a de facto comment and involvement outside FOS’ charter (“independence”) and is reprehensible. It is a clear indication of FOS’ complicity with its bank funders. Ironically, FOS’ evaluation of the Burge complaint was that the CBA had indeed engaged in malpractice against her. FOS should be asking itself, "How did the courts come to a conclusion contrary to ours?" FOS’ charter, remember, is to provide a dispute resolution mechanism that avoids dependence on the court system.

    One of the FOS trio of senior managers appearing at the Inquiry hearing was Philip Field. Field himself is implicated in the FOS’ dodgy practices. He apparently condoned the FOS’ rejection of the Goldsworthys’ complaint. In another case involving the NAB, which attempted to corruptly manufacture security from a person not involved in some dodgy loans by the bank, Field sided with the bank though the evidence was naturally lacking. Field also oversaw the determination in late 2014 legitimising the rejection by the CBA of the Sunshine Coast-based Caulfield family’s claims for financial hardship consideration and for inclusion in Queensland’s Farm Debt Mediation process.

    The Caulfields have incidentally raised a new complaint with the FOS on the grounds of CBA’s "maladministration" (the FOS’ label for alleged bank malpractice) of their loan. The FOS initially rejected this complaint on four grounds, all of which were transparently erroneous. FOS subsequently admitted that their grounds for rejection were wrong. But the FOS has since moved to demanding comprehensive financial information from the Caulfields so as to assess their claims for compensation.

    The manifest unreliability of the FOS means that this demand is possibly a fishing expedition to facilitate the CBA cleaning up its self-incriminating documentation that points to a corrupt manipulation of the entire loan process. It has come to the situation where bank victims can’t trust to hand information to the FOS given the reasonable presumption that the FOS, in collaboration with the bank offender, will use such information to crucify permanently a victim’s redress against bank malpractice.

    The FOS’ slip is showing and it doesn’t seem to care who notices. Which highlights that the FOS, like the corrupt financial system it protects, sees itself as immune from redress. This racket leaves the victims both desperate and enraged.

    Tregillas did raise the issue that

    ‘ … current claim limits and compensation caps for consumers and small businesses under our jurisdiction are outdated and do need to be increased.’

    Certainly, both the current cutoff limit for accepting complaints and the limit of monetary compensation for small business complainants are arbitrary. More, they have been used cynically by FOS to stuff around SME complainants. However, it’s not clear that it would be a good thing to raise these limits for SMEs. If FOS has demonstrated that it is part of the problem rather than part of the solution in resolving malpractice against SMEs, raising the limits will merely compound the present bottomless pit of misery for SME victims. Either FOS should be disbanded or responsibility for external dispute resolution for SMEs should be taken from it.

    Dr Evan Jones is a retired political economist. Read Dr Jones' submission (#87) to the Senate Inquiry here. This is the first of a two-part investigation; read Part 2 here.

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    Evan JonesSenate inquiryconsumer protection inquirySenate Inquiry into consumer protection in the banking insurance and finance sector#banksRCbanking royal commissionFOCASICCBAIan Narev
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    Read More...
    2 weeks ago
  • Charles Ponzi created a new topic ' Victorian Ombudsman File c2015-12800' in the forum.
    Sgargetta's complaint file 1 Aug 2015 with Helen Glass' confirms plans divulged by Legal Board whistleblwers to spy on what the FBI knew about crime syndicates and lawyers whose collusion caused a $5.75 billon antitrust trainwreck for Amex, Keith Hunter's Visa, Mastercard, Michael Harte's Barclays Bank, Herb Sandler's Wells Fargo, Jamie Dimon's JP Morgan Chase, Weersighe's Citgroup, and many more. www.law.com/sites/almstaff/2017/09/06/la...ses-tell-all-memoir/. Is acting on plans to engage in Misconduct in Public Offic and Economic and Poitical Espionage and Tampering ethical in Australia if crims get an ethics board to find out what the FBI and SEC and IRS know from customers at the ethics board who report the board's staff as whistleblowing on criminal owners of phoney litigation support services that get US corporate secrets for cases?

    Read More...
    2 weeks ago
  • Charles Ponzi created a new topic ' FBI Sting on CBA IT Division' in the forum.
    Should Maurice Blackburn Class Action by Shareholders subpoena what inide info, political info and economic info for US corporatios in Australia that the Victorian Legal Services Board passed onto very shady characters duriing undercover Sting operations on the CBA?

    www.msn.com/en-au/video/topvideos/bank-e...ikGn1?refvid=BBijWqk

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    3 weeks ago
  • All the dates are a year before Austrac and the Charges on the CBA's I.T Executives confirmed criminals, moneylaundering, terror financing, and foresseable stock market losses. Shares in CBA fell 12% or $10 from $84 according to Maurice Blackburn.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. www.abc.net.au/news/2016-04-08/bill-shor...g-misconduct/7311006. 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) www.theaustralian.com.au/business/financ...bda6d84f877c296f6d89

    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 Theyfly.com, 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 of other lawyers and their mate judges so in 2003 the Victorian Bar decided to do their part in ridding their ranks of this danger by also charging Perkins with misconduct under their code and further the process by placing it before the LPT to hammer the final nail in the coffin.
    Thursday, April 14, 2016 4:06:00 AM
    Anonymous said...

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

    we're shocked at Australia's cover ups.

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

    Good luck with the Election Campaign.

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

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

    Best Wishes



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




    Subject: US & 17 States v Amex, Mastercard, Visa;
    Thursday, April 14, 2016 2:57:00 PM
    Fushin' trip said...

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

    The Royal Commissioners might to rent a very big fishing boat :)
    Wednesday, April 20, 2016 12:42:00 AM
    Anonymous said...

    Ian Narev's lawyer "confessed" they knew about the bribes that affected Computer Science Corp! Some Forces of Light arranged Parliamentary Inquiries to quiz him! What's a Prelate Act for RICO?
    Tuesday, May 03, 2016 10:13:00 PM
    Anonymous said...

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

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

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

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

    Who is Brendan French?

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

    Looks like high profile federal prosecutor Eileen Decker has a Commonwealth Bank executive Keith Hunter up on a sentencing hearing for international wire frauds against shareholders. The newspaper says Hunter might go away until he's 100 years old.
    Friday, October 28, 2016 4:06:00 AM

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    Stop Guardianship / Conservatorship Abuse © 2006 NASGA

    NASGA (National Association to STOP Guardian Abuse, Inc.) is a 501(c)(3) public-interest, civil rights organization formed by victims of unlawful and abusive guardianships and conservatorships. We seek legislative reform of existing law and upgrading of criminal penalties for court-appointed fiduciaries misusing protective proceedings for unjust enrichment and engaging in elder and family abuse.

    Our mission is to promote the safety and well being of vulnerable persons subject to injury and damage in their person and property through unlawful and abusive guardianship and/or conservatorship proceedings; to end the growing violations of due process, civil and human rights; to work towards ultimate legislative reform of guardianship as presently practiced; upgrading of criminal penalties for court-appointed fiduciaries misusing protective proceedings for unjust enrichment; and to be a support organization for victims and their families. We carry out our mission through research, outreach, education and advocacy; and going forward, by alliance with community interest, law reform, civil rights and other advocacy organizations.

    Any copyrighted material included herein is distributed in accordance with the Fair Use section of 17 U.S.C. 107, in the interest of public research and education, without profit.

    NASGA claims no credit for any images posted on this site. If there is an image appearing on this blog that belongs to you and you do not wish for it to appear here, please E-mail at This email address is being protected from spambots. You need JavaScript enabled to view it. with a link to the image and we will promptly remove it.

    Comments and opinions posted to our Blog are our readers - not NASGA. We do not censor comments, and we welcome opposing views. We do reserve the right, however, to delete any submitted comment which contains foul or obscene language.

    Please visit our website by clicking the link below for more information on how you can help stop guardianship / conservatorship abuse.

    National Association to Stop Guardian Abuse

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    3 weeks ago
  • Maurice Blackburn Lawyers in Melbourne is on the CBA Moneylaundering and Terrorism Case that springs from the Bank's I.T Department.

    J Pearce at the Law Institute of Victoria had a complaint about Howard Bowles dated Xmas Eve 2014 which is the same time the IRS Criminal Division arrested the criminals that funnelled Reserve Bank and Amex and Visa evidence to Ravelo, and 3 months before the FBI Sting arrested the Clinton's and CBA's IT Department executives. Michael Harte says he didn't know anything was up until he was tipped off at Barclays Bank. David Cohen says he knew nothing, and he was the CBA's Company Secretary, Lawyer and Risk Assessment Committee adviser. Elliot Sgargetta (a customer of the CBA and Auckland Savings Bank - into which bribery funds were paid to Jon Waldron appparently) says Bowles threatened him in a cover up because the payoff was to the wrong Waldron family.

    From: J Pearce, ED, LIV

    Message:



    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


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    3 weeks ago
  • Charles Ponzi created a new topic ' Commonwealth Bank fines range' in the forum.
    Commonwealth Bank's inability to comply with anti-money laundering regulations will see the bank face penalties ranging from a stern reprimand to more than double the bank's full-year cash profits.

    As the bank seeks to frame the majority of the breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act of 2006 as a single breach of the act - and therefore liable for only one penalty unit of $18 million - one analyst said a fine could be as high as $22 billion.

    CLSA analyst Brian Johnson sought to quantify the potential fine in a note to clients on Sunday where he said the fines could range from massive to inconsequential. Mr Johnson noted that there was a propensity for Australian regulators to avoid penalising institutions heavily.

    At the other end of the scale would be a strict interpretation of the maximum penalty - which would see the bank receive an eye watering $960 billion fine - an outcome most people have ruled out. The middle ground lies in precedents set by the landmark Tabcorp settlement from March of this year.

    Tabcorp paid a $45 million fine in March for 108 breaches of the same act. Based on this example, each breach attracted a fine of $417,000 which could see the bank exposed to a $22 billion penalty. Mr Johnson, however, said that may not be the end of the matter.
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    "The problem is that many of these transactions identified by AUSTRAC saw funds remitted outside of Australia which could leave CBA vulnerable to fines in those domiciles where penalties for bank misbehaviour have been much bigger than in Australia," Mr Johnson said.

    Over the last five years a number of international banks have been handed multibillion-dollar fines for anti-money laundering breaches including an $US8.9 billion fine paid by BNP Paribas in 2014, a $US2 billion fine paid by JP Morgan Chase and a $US1.9 billion fine paid by HSBC in 2012.

    Morgan Stanley analyst Richard Wiles also noted the size of penalties paid by banks in foreign jurisdictions, saying since 2009 European banks covered by the firm had received $US17 billion in fines for breaching US sanctions and anti-money laundering efforts.

    Morgan Stanley's Mr Wiles said the range of any potential penalties given were difficult to predict but nevertheless narrower than some others. By his calculations a fine anywhere between $50 million and $2.5 billion was possible.

    His lower figure of $72 million is arrived at by multiplying the number of times the bank breached section 41 of the Anti-Money Laundering and Counter-Terrorism Financing Act. A fine of this size would correspond with the fine handed to Tabcorp which breached the same section 72 times.

    The fine, however, would be much larger if the regulator sought to impose a penalty of similar magnitude to the one worn by Tabcorp. Tabcorp's $45 million fine was equivalent to 18 per cent of its forecast full-year profit – a similar fine imposed against Commonwealth Bank would be $2.5 billion.

    "The top end of this range equates to 1.7 per cent of market cap, 18 per cent of FY18 earnings or 55 basis points of CET1 capital on a pre-tax basis" he said in a note to clients.

    Read more: www.afr.com/business/banking-and-finance...gxqnsb#ixzz4rexOHfPq
    Follow us: @FinancialReview on Twitter | financialreview on Facebook


    www.afr.com/business/banking-and-finance...ions-20170807-gxqnsb

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    3 weeks ago
  • Charles Ponzi created a new topic ' US Feds and CBA Terror Finance Probes' in the forum.

    September 4 2017 - 5:39AM
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    CBA's alleged transaction monitoring problems spark American probes

    Nathan Lynch, Ajay Shamdasani

    92 reading now

    The Commonwealth Bank of Australia's apparent failure to properly monitor transactions for money laundering and possible terrorism funding makes action from American regulators inevitable say financial crime experts.

    American lawyers have told Thomson Reuters that CBA was already responding to information requests from a number of US agencies with differing mandates and enforcement agendas and the announcement of a formal investigation, a precursor to enforcement action, is now only a matter of time.
    APRA's probe 'quite serious' for CBA

    The fallout from the Commonwealth Bank of Australia's money-laundering scandal has widened, with the banking regulator launching an inquiry into the lender's culture and governance.

    Edward Wilson jnr, partner at Venable in Washington, DC, said American financial intelligence unit FinCEN would already be involved in the case through various agreements with Australia's anti-money laundering (AML) regulator Austrac.

    "FinCEN is already interested in this case. CBA has US branches and deals in US dollars. For both reasons, CBA will be required to comply with American AML laws," Mr Wilson said.
    Related Articles

    CBA investors warned over foreign fine risk

    The bank's New York branch holds a US banking licence and is regulated by the Office of the Comptroller of Currency (OCC), and Mr Wilson said its lawyers would be urging it to inform the US Federal Reserve System of its problems in Australia.

    The alleged transaction monitoring problems come on top of the Austrac prosecution CBA faces over its smart ATMs.

    A bank spokesman said CBA was communicating with overseas regulators but was not aware of any formal investigations or legal action.


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    3 weeks ago
  • Charles Ponzi created a new topic ' Anti-ped lawyer fired by Ebsworths Law' in the forum.
    September 1 2017
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    Crusading lawyer sacked after pleading for sex abuse justice
    Noel Towell

    Noel Towell
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    The lawyer who led the first major review into widespread sexual and physical abuse in the Australian military says he was sacked after publicly pleading for justice for victims.

    Gary Rumble says he lost his job after his bosses at government-linked legal giant HWL Ebsworth spent several years trying to stop him advocating on behalf of abuse victims, fearing their outspoken employee might hurt their lucrative relationships with government departments.

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    Gary Rumble, Lawyer sacked over his advocacy for sex abuse victims. Photo by?Mel Davis
    Gary Rumble, Lawyer sacked over his advocacy for sex abuse victims. Photo by?Mel Davis Photo: Mel Davis

    He says the final straw was an article he wrote for Fairfax in December 2016, highlighting the plight of veterans who had suffered appalling and degrading physical and sexual abuse and branding their continued mistreatment at the hands of the Commonwealth a "disgrace".

    Dr Rumble's unfair dismissal action, filed in the Federal Court in Canberra by his lawyers Maurice Blackburn, invokes the ACT law against discrimination on the grounds of political opinion.

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    Dr Gary Rumble appearing before a Senate committee examining the Defence Abuse Response Taskforce 2014. Photo: Andrew Meares
    Dr Gary Rumble appearing before a Senate committee examining the Defence Abuse Response Taskforce 2014. Photo: Andrew Meares Photo: Andrew Meares

    But Ebsworth denies their former employee's claim, saying Dr Rumble was sacked because there was not enough work for him.

    The firm also says the dismissal took place when he was at home in NSW, where it is not illegal to discriminate against a worker on the basis of political beliefs.

    The firm intends to fight the case and has filed a detailed defence with the court.
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    But Dr Rumble's lawyers Maurice Blackburn are adamant their client is on firm legal ground.

    "The law is very clear that employees in the Australian Capital Territory are protected from being sacked for expressing their political opinion," senior associate Alana Heffernan said.

    Dr Rumble says he had no particular interest in the issue of abuse in the Australian Defence Force before 2011 when he took on the job, under the Gillard government, of leading the review of the government's response to decades of abuse in the nation's armed forces.

    But the horrors he and his colleagues uncovered turned him into a passionate advocate for men and women who Dr Rumble says have endured decades of mental torment caused by the abuse they suffered.

    He told Fairfax that he was determined not to turn his back on men who had suffered degrading sexual, physical and psychological abuse when they were boys as young as 13 in the Army, Navy and Air Force from the 1940s until at least the 1980s.

    In the years since the major review was published, he has written to ministers, spoken repeatedly in the media and testified to Parliamentary committees in his quest for better treatment of victims, despite his legal bosses' repeated attempts to shut him up.

    Documents filed to the Federal Court allege that Ebsworths believed Dr Rumble's strident advocacy risked offending ministers as well as senior figures at their clients, the departments of Defence and of Veterans' Affairs, potentially jeopardising tens of millions of dollars in taxpayer-funded legal fees.

    Mr Rumble said he spent months of "uncertainty and isolation" in late 2016 and early 2017, waiting to see if his bosses at Ebsworth would carry out their threat to sack him, before he received a curt email on February 20, telling him he was fired but providing no reason.

    Dr Rumble said the manner of the sacking, which came three days after he was recognised as Canberra's "Public Law Lawyer of the Year", was a humiliating experience.

    "The manner in which it was done, on Sunday evening with a short email, terminating me immediately and requiring me to surrender all property of the firm immediately as if I was some sort of wrongdoer, was fairly humiliating, disrespectful treatment," Dr Rumble told Fairfax.

    But he remains unrepentant about about his advocacy for victims.

    "I'm having enough trouble sleeping having done it, but I'd be having a lot more trouble sleeping if I hadn't done it," he said.

    HWL Ebsworth declined to comment.

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    3 weeks ago
  • Charles Ponzi created a new topic ' Commonwealth Bank trainwreck' in the forum.
    The Commonwealth Bank’s internal review of its compliance with Australian and global anti-money laundering and counter terrorism laws showed large-scale failures in transaction monitoring across a multitude of businesses around the world.

    Sky News Business has obtained a confidential review of CBA’s institutional banking and markets, which was presented to senior bank executives in February.

    It showed non-existent or minimal transaction monitoring across almost two-thirds of the CBA’s Institutional Banking & Markets division.

    Furthermore, the report found that “product financial crime risk assessments” across the group “have not been updated since 2013”.

    Institutional Banking and Markets manages global corporate, government and institutional clients, and according to CBA’s 2017 annual report was worth $1.63 billion to the bank.

    The CBA has been reeling since revelations anti-money laundering and counter terrorism regulator AUSTRAC took federal court action against the bank, alleging over 53,000 breaches of anti-money laundering and counter terrorism legislation.

    CBA is already in talks with financial regulators around the globe, including in the US and Hong Kong, and the prospect of the CBA’s institutional banking arm being non-compliant with transaction monitoring laws in America, Europe and Asia could threaten billions in business for the bank.

    The Australian Securities and Investment Commission is understood to be aware of the report as part of its investigation into CBA following the AUSTRAC claims.

    CBA businesses found to have no transaction monitoring include debt capital markets, leasing, institutional lending in Australia as well as international locations including Singapore, Hong Kong, Shanghai, Tokyo, London and New York.

    Only two of the 10 businesses – foreign exchange and money markets – were found to have fully automated and compliant transaction monitoring standards, while several others were either manually monitored or non- applicable.

    In statement today CBA said the bank “routinely engages with AUSTRAC and all relevant offshore regulators responsible for anti-money laundering and counter-terrorism financing compliance.

    “We are not aware of any enforcement action or formal investigation by any overseas regulator, and we have been keeping relevant offshore regulators informed of our work in this area,” the bank said.

    The report says it would cost the bank $6 million to make the businesses fully compliant with global transaction monitoring standards. Implementation was due to begin in July this year, but Sky News Business understands the plan to has been delayed because of concerns over costs.

    The report – entitled “IB&M transaction monitoring: Solution Options”- obtained by Sky News Business was authored by three of the bank’s most senior general managers of financial crime monitoring and found “there is no end to end view of products across IB&M international “in relation to transaction monitoring across its global businesses”.

    The report was commissioned by the bank’s institutional arm under the direction of Kelly Bayer Rosmarin, head of IB&M on the CBA’s executive committee, after it became aware of problems with the transaction monitoring of the IDMs.

    ASIC Chairman Greg Medcraft is conducting an investigation into CBA’s level of compliance with transaction monitoring and what its management knew about the failures at the bank.

    This week the Australian Prudential Regulation Authority took the unusual step of announcing that it too would conduct an investigation into CBA culture and governance.

    AUSTRAC allegations centre on the failure of CBA’s retail division to report $624 million worth of cash deposits through their IDMs between November 2012 and September 2015.

    The confidential report also shows that risk assessors at the IB&M arm engaged auditors KPMG as far back as early 2014 to “conduct a full gap analysis of its transaction monitoring model” to bring the bank up to industry standard.

    According to the CBA’s own confidential review it “highlighted weaknesses in current state” which were yet to be rectified by this year.

    Five of the CBA businesses, including debt capital markets, leading and institutional lending were found to have no transaction monitoring in Australia and around the globe, which includes the bank’s offices in New York, Singapore, Hong Kong and London.


    www.theaustralian.com.au/business/compan...a0bbeaa9863a3488d480

    The report was presented by Philippa Watson, the CBA’s executive general manager in charge of security and advisory, Matt Keaney, the general manager of financial crime services, and Matt Kind, group manager of security.

    It is understood that Ms Bayern Rosmarin was briefed on the contents of the report, as were the managers of businesses involved in the audit including George Confos, CBA’s executive general manager of business and corporate finance, and charge of debt capital markets, leasing and institutional lending.


    Read More...
    3 weeks ago

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