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
Why isn't this ****** Christine Frankham in jail? I don't get it.
ReplyDeleteCharlie, 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)..!!.
ReplyDeleteBut 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. .!!
Wow, Australia really is a penal colony,
ReplyDeletecomplete 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.
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.
ReplyDeleteThis is clear undue influence in my book. Bendigo Bank must have alot of influence?
ReplyDeleteI 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!
ReplyDeleteWhat 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..??
ReplyDeleteFar too much time has passed, this woman should be in jail! No justice for the people only for the bankers!
ReplyDeleteThis woman should be in Jail, no justice for the people only the bankers!
ReplyDeletePraying for this family and praying that the bank is held accountable.
ReplyDeleteThe 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.
ReplyDeleteI'm taking my money out of the Bendigo Bank, absolutely socking behavior.
ReplyDeleteI 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....
ReplyDeleteWorld 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
ReplyDeleteAustralia is a sick joke.
ReplyDeleteDid 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.
I read the company might consider contemplating the possibility of chasing the top brass banks. Phew, that'll scare them.
ReplyDeleteExcellent expose, Nasga!!! keep the pressure on.
ReplyDeleteThis 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.
ReplyDeleteThe facts of this case are so blatant for example:
ReplyDeleteAllegedly 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.
The bendigo bank destroyed my parents lives, may they all burn in hell.
ReplyDeleteNo wonder their mascot is a PIG, they employe them and I will never do business with them again either...
ReplyDeleteThe 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.
ReplyDeleteIt 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.
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.
ReplyDeleteDoesn'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.
ReplyDeleteWell 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.
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.
ReplyDeleteIsn't this a country of law anymore and why is the Goverment not doing anything about it..?
The Bendigo Adelaide Bank must be hurting from this exposure. Have you seen the youtube clips from their top national news stories? Shocking!
ReplyDeleteFix this scandal now I say.
ReplyDeleteWe 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.
ReplyDeleteThe 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.
John
All we can hope for is Karma.
I was reading the Age this morning and ASIC are looking at putting the Bank Executives in Goal, the sooner the better I think !
ReplyDeleteFantastic even more Human Rights Violations, Tony Abbott and his Government couldn't do a worse job even if they tried, its a National Disgrace.
ReplyDeleteWhat 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...!!
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.
ReplyDeleteIts 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.
ReplyDeleteGREED, GEED AND MORE GREED, IS THERE ANYTHING THESE BANKS WON'T DO FOR A BUCK..!!!!!!!!!!!!!!!
ReplyDeleteThe ozzie bank regulators are as useless as tits on a hefferbull.
ReplyDeleteIf 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!!
Rugby great Senator Glen Lazarus can tackle elder abuse with a thud.
ReplyDeleteWhat 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.
ReplyDeleteASIC 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..!!
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.
ReplyDeleteWhat 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.
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.
ReplyDeleteThanks 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.
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...!!!!!!!!!!!!!!!!!!
ReplyDeleteYou 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.
ReplyDeleteMy 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.. !!
ReplyDeleteWhen 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.
ReplyDeleteBeautiful between Parasitical Guardians and Corrupted Bank Management, what chance do old people have..??
ReplyDeleteThe saying "Live Hard, Die Young and Leave a Good Looking Corpse" looks darn good after reading this story... !!
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.. !
ReplyDeleteSoulless 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
ReplyDeleteI 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.
ReplyDeleteWith 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..!!
Talk About Abusing A Position Of Trust...!!!!!
ReplyDeleteThe abuse in Australia is swept under the carpet too often.
ReplyDeleteThe 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.
http://www.australianageingagenda.com.au/2014/11/28/expert-calls-legal-reform-elder-abuse/
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.
http://www.smh.com.au/business/comment-and-analysis/engineered-defaults-in-the-spotlight-20150604-ghgrji.html
Bendigo Bank won't be on the Bankers Association Xmas Card List the way this is going down. :)
Never forgive, never forget!
Whoa!!! Saw this on Bankreformnow and bendigobanker and bankvictims.
ReplyDeleteReopen the Aussie Alcatraz in Port Arthur!
Hi
ReplyDeleteBig 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? :)
http://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/customer_loans/Terms_of_Reference
Good Lord,
ReplyDeletePlease help the Bendigo Bank warm the cockles of their heart (if they have one)with a few truckloads of brimstone.
The Bendigo Bank can't let this go on, surely.
ReplyDelete
ReplyDeleteThanks 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 :- http://tinyurl.com/Bendigo-Bank-Ponzi
Outrageous!!!!!!! An international embarrassment! Are they deliberately trying to be achieve true Banana Republic status at the UN?
ReplyDeleteBank 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 - https://www.pm.gov.au/contact-your-pm
Mike Hirst - https://www.bendigoadelaide.com.au/pub…/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 -
http://www.stopguardianabuse.org/yolanda_linda_hutton.htm
NASGA wants you to contact them with anymore information about Frankham or of other Aussie Bankers abusing elderly clients - Info@StopGuardianAbuse.org
Other Recent Stories of Elder Abuse -
>> Crooked Accountant - http://www.abc.net.au/…/accountant-sentenced-over-…/6500810…
>> Crooked Solicitor - http://www.aca.ninemsn.com.au/…/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.
What happened to the lucky country?
ReplyDeleteOnce 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.
ReplyDeleteListening 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...!!
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..!!
ReplyDeleteGuess "Which Bank" has no ethics, morals or principles, it's the Bendigo Bank.. !!
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.
ReplyDeleteDon'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,.!!!!!!!!!!!!!!!!!!!!!!
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".
ReplyDeletehttp://www.smh.com.au/business/bendigo-bank-subsidiary-rural-bank-and-three-of-its-senior-executives-have-been-accused-of-complicity-in-an-elaborate-fraud-20140722-3cdmv.html
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.
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.
ReplyDeleteAny body got a problem lending them a Seal Team or Two :)
They don't deserve to hold a banking license.!
ReplyDeleteThis is totally appalling and completely unacceptable, why hasn't the government done something about this long before now.. ?
ReplyDeleteElder 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.
ReplyDeleteHow 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.
Come on Abbott, for the love of God, do something about these banks.
ReplyDeleteWe 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 - https://www.facebook.com/bankreformnow/photos/pb.366324383476216.-2207520000.1433717592./695891700519481/?type=1&theater
ReplyDeleteThe 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.
ReplyDeleteThey 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.
I'd rather put my money under my mattress, than trust this bank.
ReplyDeleteHi,
ReplyDeleteYou should see what's on www.bankvictims.com.au.
The banks can't be accused of discrimination because they do this to everyone down there.
In the race to the bottom, the Bedigo Bank has won by a Kentucky Mile.
ReplyDeleteWhat kind of scumbags do such a thing, the bank will never live this down.
ReplyDeleteThey must be atheists at the bendigo bank, not believing they will one day meet their maker and judgment day.
ReplyDeleteWe 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.
ReplyDeleteWe 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.
ReplyDeleteHasn't this bank done their level best, to destroy their own reputation.
ReplyDeleteWhen you think about it, who would trust any bank these days ?
Grrrrrrr.
ReplyDeleteIts 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.
ReplyDeleteWe 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.
Good now with the internet, there seems nowhere to run and nowhere to hide anymore.
ReplyDeleteHoly Moly!
ReplyDeleteTheir 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.
Shame Shame Shame on them!
ReplyDeleteThey're bad down there.
ReplyDeleteThey 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.
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.
ReplyDeleteThe internet blames that Finance Ombudsman Scheme Ltd because its a rigged Arbitration game, as Robert Reich's Alliance for Justice says.
http://www.afr.com/business/banking-and-finance/amex-rewards-threatened-by-murray-inquiry-proposal-on-fees-20151022-gkggn0
Holy Raviolli! An Australian LIBOR trader is off on Conair One too. The Collins Street Bankers must be worried.
Crikey!
ReplyDeleteThat 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
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
To J Pearce
ReplyDeleteI 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.
Toni at Economics.sen@aph.gov.au 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.
ReplyDeleteI think they're toast.
ReplyDeleteWhat 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?
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!
ReplyDeleteThanks 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!
ReplyDeleteWith 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!
Simply as an update, will the Auditors at computer science corp (CSC) sue the Guardians of Unethical Bank Ethics?
ReplyDelete1. 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. http://www.abc.net.au/news/2016-04-08/bill-shorten-calls-for-royal-commission-into-baking-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) http://www.theaustralian.com.au/business/financial-services/whistleblower-told-cba-of-concerns-over-it-contract/news-story/4d4b2f6b04c1bda6d84f877c296f6d89
Thanks BankReformNow and NASGA for exposing this horrific example of bad banking.
ReplyDeleteAccording to Theyfly.com, the run a shady operation:
ReplyDeleteIn 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.
The SEC fellow called his Senior Counsel in on a call about the Legal Board of Vctoria and they fell off their chairs.
ReplyDeletePresident
Australian Anti-Paedophile Party
antipaedophile9@gmail.com 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"
http://www.theage.com.au/news/national/evil-and-dumb-attack-on-victorias-lawyers/2005/12/17/1134703644883.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;
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??)
ReplyDeleteThe Royal Commissioners might to rent a very big fishing boat :)
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?
ReplyDeleteCardinel Pell's pal Michael McGarvie should be referred to the Anti-corruption watchdog "IBAC" says his own lass Jenny Pakula.
ReplyDeleteIs 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?
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.
ReplyDeleteThe SEC IRS FBI & DoJ have the Commonwealth Bank of Australia's I.T Expert Jon Waldron on an arrest warrant. His co-accused faces Disgorgement of about $30m too. BankReformNow.com.au were onto this during the elections of the politician in Queensland who helped the Huttons with Bendigo Bank too. Great to see the US Cavalry arresting bankers in Sydney. http://www.ccenterdispatch.com/news/state/article_45879088-8800-5543-a967-a4d79ce1ed85.html
ReplyDeleteWow, The Commonwealth Bank's two Chairman David Turner & Catherine Livingstone, Secretary-Lawyer David Cohen, CEO and "all" the non executive directors were served with a class action today for concealing moneylaundering and counter terrorism violations. Meanwhile the Julia Gillard Scandals continue. Radio Host Michael Smith asked the Federal Court to remove Gillard's former business partner Judge Bernard Murphy from the Bench. Smith's complaint says:
ReplyDeleteMonday, 09 October 2017
The Honourable JLB Allsop AO Chief Justice
Federal Court of Australia Dear Chief Justice,
MURPHY, Bernard Michael - apparent misconduct as a solicitor - fitness to sit as a Judge; From 1986 to August 1995 MURPHY was a partner in the law firm Slater and Gordon.
Slater and Gordon acted for the Australian Workers' Union Victoria branch from 1988/89 until MURPHY's departure from the firm in August 1995.
In 1995 MURPHY was the firm's senior partner and head of its industrial relations practice. He was a fiduciary to the Australian Workers' Union.
The server of the bank lawyers' friend, Howard Bowles, has words on it like 501c3, PAC, SEC, FBI IC Unit and racketeering. Richard Dennis' lawyers also reckon there's a racket, no matter what Michael McGarvie advised his Victorian Minister for Counterterrorism Robert Clark in response to complaints by accountants that Bowles' foreign government board passes information to very shady characters while Austrac investigated breaches of anti moneylaundering and counter terrorism laws by the I.T Department in the Commonwealth Bank of Australia. Great to see the Bob Katter's "cross bench" want Turnbull to be sacked so a Royal Commission can investigate things like cartel laws. See http://www.huffingtonpost.com.au/2017/11/12/bob-katter-says-the-crossbench-will-vote-for-a-royal-commission-on-banks_a_23274424/?utm_hp_ref=au-homepage. Also good to see that I.T Vice Presidents in the CBA will be extradited. Foreign Boards shouldn't use their Act to cover up for crims and moneylaunderers, should they?
ReplyDeleteThe State of California is one of the largest stockholders in that Australian bank, "Commonwealth Bank", that's at the center of 53,000 breaches of international counterterrorism and moneylaundering laws for years. Newspapers say that the whole Board at the bank could be sacked by institutional shareholders like First Superannuation because the bank concealed the violations for years and hoped that Australian regulators, like Fiona Bennett's ethics board ans "APRA", could stop US Federal agents. But the anti-terrorism agency AUSTRAC wasn't going to cover it up. Do you think the bank's VP David Cohen should surrender his passports (plural), or should he be grabbed at departure lounges and whisked away on Airconn1 to Guam for questioning?
ReplyDeleteThe DEA and IRS got the lawyer for Mastercard, Keila Ravelo, to admit her role with criminals that doctored Australian Reserve Bank documents which affected US cases like US & 17 States v American Express, Mastercard and Visa. Let's hope that Ravelo hands over all the lawyers and bankers involved now that the giant scam on retailers and consumers was exposed.
ReplyDeleteThe Royal Commissioner Judge Kenneth Hayne - Finally - says he WILL hear from bank victims. The webpage of the Australian Council of Trade Unions also wants to hear from victims. Do you think its ethical and legal for foreign boards to lean on customers of the Victorian Government legal ethics board during covert undercover work on criminal transporters of narcotics and Reserve Bank Amex Mastercard and Visa information that was doctored in Antitrust Cases in order to scam US stores to settle for pennies on the dollar? Or do you think that foreign officials shoul be extradited for running a protection racket to keep criminals and their lawyers, like Keila Ravelo, safe from US justice?
ReplyDeleteHe has Yolinda's story on his staffers' desk.
ReplyDeleteRoyal Commissioner Hayne quized NAB Bankers about toxic fraudulent loans being packaged up and sold to investors as rock solid deals. The NAB Board knew, say news reports. Iirc, Hillary Clinton complained before the GFC in 2008 about US investors being conned by foreign banks. What do you think should be done with foreign bank executives? CBA Bank's Jon Waldron and Keith Hunter face extradition so is that a fate that awaits boards of banks down under?
ReplyDeleteDr Peter Brandson's BankreformNow facebook pages cover the revelations made by the Queens Counsel to her Royal Commissioner Kenneth Haynes QC. Heads should roll. Bank directors knew all about it say the press coverage.
ReplyDeleteWhistleblower of the legal servics board's whistleblown inner secrets, Elliot Sgargetta, may be on Australia's tv show "The Project".
ReplyDeleteVictorian Judge Randall sacked the lawyers Hibbert & Hodges' Glenn Hodges and Barrister Mathew Stirling from running a case at huge cost for a 90 year old widow, her daughter in law (a relative of Dan Tehan, Minister for Cybersecurity) and a son who retained "the biggest con artist that I (Kelvin Thompson from the Parliament's International Treaties Committee) ever saw, McTaggart. Good Heavens. For years the legal ethics board backed McTaggart and let him run a boiler room of people who posed as lawyers to scam $30,000,000 from the unsuspecting public. Australian legal ethics boards backed the wrong side this time. Word is the legal board passed inside information to Mctaggart about US antitrust cases where Reserve Bank documents were found smuggled by trans-US cocaine transporters to Mastercard's lawyer Keila Ravelo. The DEA and DoJ's Andrew Kogan have a Sentencing Hearing on her fairly soon. She was cenrral to what the National Retail Federation said was conduct so unethical that Judges cancelled Settlements between 3,400,000 Amex Card Merchants and 12,000,000 Mastercard and Visa's merchant stores.
ReplyDeleteThis is how the CBA operates..
ReplyDeletePush it as far as they can under their Corporation Rug.
Hoping their muscle power, chosen position will let it pass over if they just say “SORRY”
There is many systemic and cultures issues that have been condoned by many and allowing this to happen without accountability or consequences.
Just look at the CBA $76 million plus Ponzi Scheme...
This involves the CBA Head Office Branch Box Hill.
I unknowingly, alerted the Top Senior Sales Manager, Box Hill, on the 19/02/2007.
I attended a meeting I arranged and informed Mr Brendan Epps, that we were really concerned and very distressed because it would appear we are Victims of some sort of scam..
We need help urgently...
Mr Brendan Epps, persona changed , he went all white and sweaty but he denied us any help...
Stated that he had full faith in Mr Bill Jordanou and had approved and facilitated many Loans with him..
And what happened Next was the biggest Cover Up..
We became CBA Bank Enemy No 1
All relevant documentation was denied us.
But most of all No Investigation..!!!!!!!
The Big Cover Up was put into ACTION.
I approached the CBA many many times and all doors slammed in my FACE...
I was abused, bullied and desrespected
The CBA was ruthless, without empathy or compassion and the CBA only aim was to destroy, discredit and eliminate....
And the performance of the CBA Representative yesterday, just validated and vindicated all the allegations being made by all the Victims of the CBA..
The CBA will not help..
The CBA put into action their plan to deceive and mislead and the CBA do this by creating that web of deceit and confusion by producing all these scenarios and producing all these plans “in the future”
Just to avoid their responsibilities!!!!!!
Great Reporting ....The News Daily,,,
Keep up the good work Commissioner Hayne and his amazing assistants....
CBA waited two years to admit insurance problems to ASIC
The Commonwealth Bank waited two years before admitting to ASIC that it had sold insurance protection on personal loans to 20,000 customers
thenewdaily.com.au. Debbie Barker, Mildura Australia.
Bendigo Boss bails.
ReplyDeleteMar 26 2018 at 10:37 AM
Updated Mar 26 2018 at 5:42 PM
Bendigo and Adelaide Bank managing director Mike Hirst to retire
Mike Hirst says banks need to motivate staff more and incentivise them less.
Mike Hirst says banks need to motivate staff more and incentivise them less. Arsineh Houspian
James Frost AFR Woodcut
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by James Frost
Outgoing Bendigo and Adelaide Bank managing director Mike Hirst has drawn parallels between Australian cricket's ball-tampering scandal and the Hayne royal commission, saying leaders need to step up and take responsibility for the misconduct of team members.
As the veteran banker prepares to step aside after nine years in the top job, he also took a parting shot at the regulators such as the Australian Prudential Regulatory Authority, which curtailed the ability of the smaller banks to take the fight to their bigger rivals.
"It's a bit like having one arm tied behind your back," Mr Hirst said. "You are trying to do the right thing by customers by not pushing volume, and it makes it difficult. Our ability to grow the business would have been hugely helped by an even playing field."
Over the past 10 years, the total share return for shareholders has been 163 per cent. That's about half the total return from sector leader Commonwealth Bank at 308 per cent, but within striking distance of the larger banks' average at 228 per cent.
Do US law enforcement like the SEC rely on these Australian regulators during global investigations? Customers of their bank regulator's Ms Bennett's legal ethics board cheered when the US DoJ Criminal Division's chief Thomas Eicher signe off a plea agreement with Mastercard's lawyer in the Reserve Bank Document Smuggling Scandal that was covered up by foreign officials.
ReplyDeleteWe need an inquiry into ASIC - it's an embarrassment
By Michael Pascoe
27 March 2018 — 10:45am
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If you want to feel heat in Townsville, sledge the Cowboys NRL side or just mention the name “Storm Financial”.
Storm was Emmanuel and Julie Cassimatis’ Townsville-based cowboy (no relation) finance outfit that destroyed the savings of thousands of clients, making the Cassimatis rich while setting poor people up to lose their homes.
ASIC received the penalties it requested for Emmanuel and Julie Cassimatis: fines of $70,000 each and banned for seven years from managing corporations.
ASIC received the penalties it requested for Emmanuel and Julie Cassimatis: fines of $70,000 each and banned for seven years from managing corporations.
Photo: Jim Rice
Partially enabled by three banks that didn’t care where business came from as long as it came, Storm ripped out rich fees for absolutely poisonous financial advice, making outrageous promises to people who didn’t know any better.
The Storm model was to encourage people, however poor, to gear up beyond their eyeballs and punt on Storm products and the stock market never correcting. Pensioners mortgaging humble homes on the promise of getting rich quick? No, it doesn’t end well.
Last week in its most pathetic effort since it waved feathers at the perpetrators of the Firepower fraud, ASIC received the penalties it requested for Emmanuel and Julie Cassimatis: fines of $70,000 each and banned for seven years from managing corporations.
Austrac says child exploitation was part of the racket. !!!!
ReplyDeleteNew AUSTRAC boss Nicole Rose shocked by 'depth and breadth' of money laundering
AM
By senior business correspondent Peter Ryan
Posted yesterday at 10:56am
Thick bundles of 50 and 100 dollar notes sit stuffed inside a duffel bag
Photo: AUSTRAC's job is to make sure cash from illegal activities isn't laundered into the legitimate economy. (Supplied: District Court of WA)
Related Story: CBA rejects bulk of fresh money-laundering allegations
Related Story: CBA warned terrorist his account was about to be closed: AUSTRAC
Related Story: CBA the only bank in AUSTRAC's sights over money-laundering scandal
Australia's financial intelligence czar Nicole Rose says she is shocked at the depth of money laundering in the economy involving organised crime, child exploitation and drug importation.
"I thought coming from the Australian Criminal Intelligence Commission that I had a pretty good handle on serious and organised crime," she told the ABC's AM program.
I can tell my experience in money laundering known to be going on by Perpetual Trustees and the NAB by a criminal mortgage broker ..... Google Dominic Cincotta .... for some 10 years both banks knew of his money laundering which was never reported to AUSTRAC, AFP etc..... they were breaking serious law .... $25m off to Hong Kong for drugs. False mortgage funds he brokered
ReplyDeleteIf Nicole Rose's Australian Criminal Intelligence Commission didn't know about human trafficking, child abuse, narcotics and organised crime and the banks, just as well customers of Fiona Bennett's legal ethics board reported its whistleblown tip offs to US agencies like FinCen.
ReplyDeleteTexan, California and masshole teechers, pensioners and public servant retirement funds are suing that famous Commonwealth Bank of Australia. https://finance.nine.com.au/2018/04/10/13/28/us-pension-funds-join-class-action-against-commonwealth-bank. In other news their I.T expert Jon Waldron was comitted to face trial in Sydney on charges of international bribery, and the Australian fincen chief said she was shocked to see the extent of child exploitation and violations of the antimoneylaundering laws.
ReplyDeletePension fund giants back Commonwealth Bank class action
ReplyDeleteNew Commonwealth Bank CEO Matt Comyn. Picture: James Croucher
New Commonwealth Bank CEO Matt Comyn. Picture: James Croucher
The Australian
1:21AM April 10, 2018
Eric Johnston
Business Review Editor
Sydney
@ejohnno
Some of the world’s biggest pension funds are planning to launch a class action against the Commonwealth Bank, claiming the lender engaged in misleading conduct and committed a string of disclosure breaches relating to a separate legal claim brought last year by anti-money laundering agency Austrac.
The class action, which has not yet been lodged but was announced last night, has backing from some of CBA’s major shareholders, including heavyweight United States public pension funds with a combined net worth of nearly $US500bn.
This includes the $US224bn California State Teachers Retirement System (CalSTRS), the $US150bn Teachers Retirement System of Texas (Texas TRS), the $US71bn Massachusetts Pension Reserves Investment Management Board, and US$44bn Colorado Public Employees Retirement Association, according to Melbourne-based law firm Phi Finney McDonald
Says the Australian Financial Review: "Mr Comyn will be looking to replace members of his 10-person-strong executive team following three resignations including that of group executive Kelly Bayer-Rosmarin just two weeks ago. The remaining group level executives including private banking head Adam Bennett, head of legal Anna Lenhahan, chief financial officer Rob Jesudason and chief risk officer David Cohen."
ReplyDeletehttp://www.afr.com/business/banking-and-finance/financial-services/austrac-steals-comyns-thunder-20180409-h0yj5p
4BC Radio Brisbane just reported that American pension funds with a worth of $500 billion are suing the CBA because the CBA hid things from the stock market. Sydney Radio 2GB said the same.
ReplyDeletehttps://www.4bc.com.au/pension-giants-launch-class-action-against-commonwealth-bank/
The Royal Commission intends to question Australia's corporate lapdog, ASIC. Is it true that Australia's ASIC and APRA allowed sub prime doctored figures to be sold as AAA to Americans and the Bank of International Settlements? Crikey, SIC's chairman Medcraft was on Wall Street's IOSCO and he let these bogus figures be sold to US investors?
ReplyDeleteby James Frost
ReplyDeleteOutgoing Bendigo and Adelaide Bank managing director Mike Hirst has drawn parallels between Australian cricket's ball-tampering scandal and the Hayne royal commission, saying leaders need to step up and take responsibility for the misconduct of team members.
As the veteran banker prepares to step aside after nine years in the top job, he also took a parting shot at the regulators such as the Australian Prudential Regulatory Authority, which curtailed the ability of the smaller banks to take the fight to their bigger rivals.
"It's a bit like having one arm tied behind your back," Mr Hirst said. "You are trying to do the right thing by customers by not pushing volume, and it makes it difficult. Our ability to grow the business would have been hugely helped by an even playing field."
Over the past 10 years, the total share return for shareholders has been 163 per cent. That's about half the total return from sector leader Commonwealth Bank at 308 per cent, but within striking distance of the larger banks' average at 228 per cent.
The ex Prime Minister wants the Australian regulators sacked, that's how bad it is down under. https://www.smh.com.au/politics/federal/banking-regulators-should-be-sacked-tony-abbott-says-20180423-p4zb5y.html. Was your pension fund, like Calstrs, kept in the dark about moneylaundering, child exploitation and narcotics backing banks from down under? Are the bank execs and their complicit 'regulators' running a Racket to protect organised crime, child traffickers, drug syndicates ....and white collared cons who conned US pension funds?
ReplyDeleteMs Fox, chair of the Australian Shareholders Association says its like Madoff's ponzi scheme down there, and she wants them all jailed. Is it true the State of California is a shareholder, along with US pension funds like CalSTRS, in that "Con's Bank" that was caught vioating counterterrorism and mneylaundering laws AND there was Child Exploitation too, says Austrac's antimoneylaundering agency's chief Ms Nicole Rose. Was Fiona Barnett right about the child trafficking and the 'protection racket' by foreign officials? Have foreign officials and these bankers ripped off American pension funds and covered up all the violations of the laws in Executive Orders For Extradition?
ReplyDeleteThe Law Institute's ethics lawyers and Ceo Nerida Wallace quit. Are they tired of the legal services board's executives from APRA and from the CBA's counterror and moneylaunding accountants at Couta Boat Yacht Club covering up for David Cohen's banks the CBA and Auckland Savings Bank? Jennie Pakula knew the IC in the FBi were the International Corruption division. It's on McGarvie' file. Oh and there'll be a Royal Commission in Malaysia under the new Prime Minister Mahathir and New Zealand wants one too. Dr Douglas assessed McGarvie and Bowles' files as malicious cover ups. Melinda Coolidge at Hausfeld wanted them for their class action against American Express Visa and Mastercard too. http://bankvictims.com.au/financial-planners/item/11579-alex-douglas-warns-the-public-not-to-borrow-through-bendigo-bank
ReplyDeleteDavid Cohen goes into the Royal Commission witness box soon.
ReplyDeleteby James Frost
ReplyDeleteBendigo and Adelaide Bank's submission to the royal commission contains previously unheard confessions that are every bit as disturbing as those made by the big four.
While the magnitude of the errors pales in comparison to some of the howlers revealed by the the bigger banks in previous hearings, the admissions by Bendigo reveal that no bank is immune to systems and operational risk.
Counsel assisting the royal commission Rowena Orr, QC, revealed on Monday the smaller lender confessed it had mishandled an episode of fraud, charged incorrect fees on overdrafts and underpaid interest on customer deposits. Read more: https://www.afr.com/business/banking-and-finance/financial-services/banking-royal-commission-puts-the-shame-files-of-smaller-banks-on-show-20180625-h11tpi
Ms Orr said one of the instances reported by Bendigo included a case where a customer had her signature forged and the document was improperly witnessed by a staff member but the bank refused to investigate.
"Her signature had been forged by her husband on documents to increase the limit of their agricultural loan facilities...Rural Bank had advised the customer to report the matter to police but did not investigate the matter itself, relying on the police investigation."
Scotus should soon hand down its decision in Ohio Etc v American Express. This is the case where the Organized Crime task force arrested a racket that smuggled documents for Treasury OFAC companies like Amex and the Australian Reserve Bank to unethical lawyers who acted against their own customers like retail stores. Howard Bowles, Tina Stagliano and other foreign officials' cover ups should be investigated because they're named in the Whistleblower Reports at the SEC before their intended cover up was acted on according to BankReformNow's submission to the SEC and Parliament.
ReplyDeleteAbout the Bendigo Bank, Associated Press say: "Banking inquiry hears receivers drove ‘massive destruction of value’ by failing to sell assets for market value. Photograph: Dan Peled/AAP
ReplyDeleteThe banking royal commission has heard revelations that Bendigo and Adelaide Bank’s Rural Bank failed to investigate episodes of fraud and charged incorrect fees on overdrafts for farming customers.
It has also heard claims receivers have driven a “massive destruction of value” across Australia’s agricultural sector in recent years by repeatedly failing to sell repossessed farm assets for market value.
The controversial takeover by ANZ of Landmark’s farm clients in 2010 was also canvassed, with the matter receiving the largest number of submissions relating to farming finance in the royal commission.
The banking royal commission began its fourth round of hearings on Monday. It has turned its focus to farming finance, natural disaster insurance, and interactions between Aboriginal and Torres Strait Islander people and financial services entities."
In other news, the Commonwealth Bank of terror financing fame promoted its general counsel to deputy ceo.
The CBA Box Hill Casino Laundering Scandal resulted in guilty pleas for associates of mob lawyer Deftros and Frenkel Lawyers and Tracey Rothwell and McKay. Why haven't the CBA driver been charged. What about the CBA's top sales manager and his coleagues. How can the legal board allow payments to a driver that aren't in the trust accounts. Fincen handle money that goes through casinos in Las Vegas and they should look at the CBA. It is already on their radar because of the concealment from the Massachussets Retirement Fund of the shocking child trafficking and the support for organised crime around the world. The law institute's ethics officials are rumured to quit because the support for criminal clients of Peter Tehan;s brother, Pat Tehan QC, was too much.
ReplyDeleteBendigo Bank is up before a ROYAL COMMISSION. Writes Clancy Yeates in the Sydney Morning Herald" By Clancy Yeates
ReplyDelete2 July 2018 — 1:57pm
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Bendigo and Adelaide Bank has admitted to a string of failures in relation to 62 loans from its Rural Bank to Queensland cattle farmers, including mismanagement of credit files, problems with valuations and inadequate checks before lending."
Senior counsel assisting Rowena Orr QC tabled a letter from Mike Hirst, who last month retired as managing director of Bendigo. The letter, sent to the commission by Mr Hirst in May, outlined of a string of problems relating to 62 loans to cattle farmers in Queensland.
ReplyDeleteMs Orr read from the letter, which said the bank had not properly assessed whether the loans were serviceable, it had relied too heavily on security, and the loans were "inadequately managed".
There had also been a lack of follow-up with customers falling behind on repayments, a "failure to conduct timely reviews" and failures in relation to enforcement processes, Ms Orr said.
"There were also failures in relation to valuations. The bank had not ensured valuations were accurate and independent, it had failed to physically visit and inspect livestock and properties, and in some instances the security provided included assets where the value was not indicative of the economic returns achievable," Ms Orr said.
ReplyDeleteMs Gartmann said she had since looked closely at the 62 loans and thought Mr Hirst had been "quite harsh" in his assessment.
A number of the loans had been issued in 2007, when the market was rising dramatically, before cattle farm properties in the state slumped by 30 per cent in 2008, and up to 46 per cent in far north Queensland.
Ms Orr cited Ms Gartman's statement that cattle farmers had faced “almost a perfect storm”, including falling cattle prices, a prolonged drought and the June 2011 ban on live cattle exports.
Ms Gartmann said the bank had first been alerted to the problems in its Queensland farming portfolio by several reports commissioned following Bendigo’s move to full ownership of Rural Bank in 2010. The 62 loans were identified in June this year, in response to a request for detailed information from the royal commission.
this should go acros marty's show - pensioners like teachers, judges and prison guards in Colorado might like to extradite these cabals. Law firm Phi Finney McDonald has filed a shareholder class action against CBA over alleged misconduct and breaches of disclosure.
ReplyDeleteThe claim, filed on June 29, has been brought on behalf of investors that acquired CBA (CBA) shares between 16 June 2014 and 3 August 2017 and has received public backing from institutional investors across Australia, Europe and North America, including heavyweight US pension funds.
The class action follows CBA’s $700m settlement with Austrac over widespread breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act.
Austrac, the Australian counter terrorism and moneylaundering police, are onto the CBA Box Hill Poker Player Scandal that may have sent illegally procured loan money through casinos in places like Hong Kong and Vegas, says their team leader. Can lawyers pay kickback commissions to mobile lenders without recording that in the law firm trust account?
ReplyDeleteBendigo Banksters you were right.
ReplyDeleteRural Bank - various misconduct
02:47 PM
Back with Rural Bank and Ms Orr says it is open to the commissioner to find that Rural Bank engaged in misconduct in numerous ways.
- it breached its obligation to act carefully and diligently;
- by misrepresenting data;
- five managers engaged in a significant number of different types of breaches in loan origination;
- it breached the code of banking practice requiring it to act consistently and ethically in a number of ways, including by advancing credit without undertaking a property serviceability assessment.
She blames the failures on remuneration practices, inadequate internal systems, and a culture that prioritised asset growth.
Banking royal commission: Lenders accused of misconduct over treatment of farmers
ReplyDeleteBy business reporter Stephen Letts
In a damning assessment of the sector, counsel assisting the banking royal commission Rowena Orr, QC, pointed to numerous failings of banks to act fairly, reasonably and ethically.
The banks under the microscope include ANZ, CBA, NAB, Bendigo Bank's Rural Bank and Rabobank.
The assessment come after two weeks of hearings in Brisbane and Darwin involving case studies of agri-business lending to 13 farming families from Tasmania to the Top End.
The common theme across Ms Orr's invitation to Commissioner Kenneth Hayne to find misconduct among the banks was poor culture, lack of empathy and lax lending practices and systems.
CBA claimed to breach code of conduct
The initial focus of the farm-based hearings was ANZ's acquisition of the specialist rural lender Landmark in 2009.
Ms Orr said up until late 2014 ANZ relied on external law firms to deal with customers in financial difficulty.
"It [ANZ] took a less flexible approach in dealing with these customers and demonstrated a lack of empathy and understanding of farmers' emotional connection to the land and the emotional impact that recoveries and enforcement actions can have on agri-business customers," Ms Orr said.
Increasing interest rates, as ANZ did, increased the financial burden, she said.
The CBA faces findings of misconduct over its subsidiary Bankwest and at least five breaches of the banking code of conduct over conflicted advice and remuneration practices.
Ms Orr said a key focus was Bankwest's policy of applying 60 per cent of its key performance indicators for staff to profit, and half of that to sales targets.
"Bankwest staff were able to double base salaries through such bonus payments and this created a culture of prioritising sales to [the] detriment of diligently and prudent conduct in relation to loan approvals," she said.
The findings against Rabobank centre on conflicts of interest through internal appraisals of property values and a sales-driven culture that Ms Orr noted was still in place.
NAB faces findings of misconduct over its use of default interest payments as a "strategic tool to put pressure" on farmers suffering hardship from natural disasters such as drought and flood.
Questions for the banks
Among the questions Ms Orr asked the banks to answer in written submissions were:
What does it mean for a bank to act fairly and reasonably to customers in a consistent and ethical manner? (ANZ)
Does remuneration that rewards bank employees for sales create an unacceptable risk to banks' responsible lending obligations and statutory obligations for efficiency, fairness and honesty and ensure the customer is not disadvantaged? (CBA)
To what extent does default interest reflect the cost of impaired loans and should a moratorium be placed of such payments during natural disasters? (NAB)
Is it appropriate to write internal appraisals as opposed to seeking independent valuation and should the banks have a code of conduct covering valuations? (Rabobank)
Mr Hayne cautioned banks not to argue "things have changed".
"It occurs to me some may say 'times have changed', standards have somehow changed," he said.
"Well, if someone is going to say that, I will be assisted in knowing how and why.
"If we are dealing in concepts like fairness it is not instantly apparent to me what is fair today is not different to what was fair yesterday."
Mr Hayne said the banks also needed to think carefully when answering questions about balancing the interests of the banks and their customers.
"It could be minimising loss to the bank and the loss to the customer may be parallel, rather than competing," he said.
The infamous Commonwealth Bank concealed money laundering from pensioners like the Texas State Teachers Retirement Scheme says their class action law case brought by Mr Baron and Phi Finney McDonald against the CBA Bank of Australia . I'll be seeing the FBI office in the Embassy soon about the use of Gas Lighting that this Doctor Doherty went along with to get inside information on the investigations into the Commonwealth Bank.
ReplyDeleteBank staff at the CBA in Box Hill and accountants (who are finally awaiting Sentencing because it was all true) used titles and fraud to raise money that went to casinos in Las Vegas. Lawyers - possibly in breach of trust accounting rules and ethics - paid bank mobile lenders in cars their "commission" for procuring funds with fraud on people. We think Racketeering laws were violated, and we think the racket includes every one who tried to spy on the investigations by the FBI into the Bank. Dr Doherty may have to answer some questions because, unless landlords in Australia are evicted, it looks like he was in on the use gas lighting to intimidate witnesses and to spy on the customers who were helping the FBI's side of the investigations. BankReformNow told Parliament that the cover ups by the Victorian Government's legal ethics board were extra ordinary.
No one is happy with the legal board's toothless inaction against these systemic crimes. $75 million was defrauded from customers. Were they protecting the criminals?
Everyone hopes that President Trump's Executive Orders to extradite defrauders of the elderly includes pensioners in the Texas State Teachers Retirement Scheme. More extraditions of high ranking bank officials and criminals and more forefeiture of ill gotten gains would be long overdue.
The new CEO of the Commonwealth Bank might find that his Bank is Ordered to pay restitution to all victims of international bank crime, and we hope that Dr Doherty's role in a cover up is fully exposed.
https://associate-professor-dr-peter-doherty-richmond-australia.pissedconsumer.com/my-family-in-texas-are-furious-201807161305437.html
Did the CBA do the same things that the DOJ fined Royal Bank of Scotland for? Page 3 o a $4.9 billion settlement says the RBS' covered action includes RICO. The DOJ press release says the RBS joked that they could make Americans homeless and destroy the housing market. Homes, jobs, marriages and county revenues were affected by these foreign economic terrorists. Victims at Australian Inquiries think the Australian banks and their 'legal services board' were terrified that RICO could result in class actions or extraditions, what do you think drove groups like BankReformNow to complain that these foreign officials wanted inside information about their customers who went to the SEC and wanted names of SEC officials, reporters, politicians and 'Whistleblowers'. BRN wrote at Parliament to say there was an "extraordinary cover up" underway. What's the difference between a cover up and obstruction of US justice? 20 years?
ReplyDeleteI think it's nice to see that the victims in California and Colorado and Chicago are filing complaints at fsrccounsel@royalcommission.gov.au about the international garbage products those Aussie banks sold into the USA. cc your submissions to your pension fund and 3rivers.ak.net
ReplyDeleteThe following information was submitted on the Victorian Ombudsman website:
ReplyDeleteYour Details
Are you making an anonymous
complaint?
No
Can your details be provided to a third party?
Title Mr
First Name Jim & Debbie
Surname Barker
Gender Male
Country AU
State/Territory VIC
Postcode 3500
City Mildura
Address (Line 1) 18 Tower Garden
Address (Line 2)
Address (Line 3)
Phone (Business Hours) 0435423636
Phone (After Hours)
Phone (Mobile)
E-mail Address dariopappalardo31@gmail.com
Other Details
Are you complaining on behalf of someone? No
Title Mr
First Name
Surname
Gender
Country AU
State/Territory
Postcode
City
Address (Line 1)
Address (Line 2)
Address (Line 3)
Phone (Business Hours)
Phone (After Hours)
Phone (Mobile)
E-mail Address
What are you complaining about?
Which agency are you complaining about? Shirley Joseph Legal Services Board
Details of your complaint Your file C 15 12800. My dear brother in Texas is really best of friends with George Bush Jr, the former US President. Our group of "whistleblowers" went to the SEC Office of the Whistleblower to report the legal board's role in assisting a Ms Amanda Tehan and suspected criminals to find out about international investigations into crime rings, like Patrick Tehan QC's clients in the Bill Jordanou Crime Ring. (He's in jail for 12 years because IT WAS ALL TRUE). Shirley Joseph wanted Whistleblower Reports and names of US politicians in 2014 before the FBI swooped on the Commonwealth Bank's computer division and found "IT WAS ALL TRUE". Dennis Sgargetta was right to report her intentions to you before she carried out her intentions.
Have you complained to the agency? Yes
When was your last contact with the
agency?
1/01/2009 12:00:00 AM
Why wasn't your complaint resolved? Shirley Joseph covered up for the criminals
Copy of agency's response
What outcome are you seeking? Compensation for the shareholders in the CBA and all victims of Jordanou's ponzi scheme.
File Upload (File 1)
File Upload (File 2)
File Upload (File 3)
File Upload (File 4)
File Upload (File 5)
Other Information
Will you be sending other relevant
supporting documents by mail?
No
Is english your first language? Yes
If No, what is your first language?
Are you Aboriginal or Torris Strait Islander? Yes
Do you require an interpreter or other form
of assistance?
No
If yes, specify interpreter language
Other assistance you require
Your age range 60+
How did you hear about the Victorian
Ombudsman?
Referral by MP
The seventh round of public hearings will be held in Sydney at the Lionel Bowen Building, 97-99 Goulburn Street, from
ReplyDeleteMonday 19 November to Friday 23 November, and in Melbourne at the Commonwealth Law Courts Building, 305 William Street, from Monday 26 November to Friday 30 November.
The seventh round of public hearings will focus on causes of misconduct and conduct falling below community standards and expectations by financial services entities (including culture, governance, remuneration and risk management practices), and on possible responses, including regulatory reform. The hearings will also consider the role of ASIC and APRA in supervising the actions of financial services entities, deterring misconduct by those entities, and taking action when misconduct may have occurred.
The Commission presently intends to deal with these issues through the entities set out below. Entities are named in alphabetical order and not in the order in which the evidence of those entities will be heard:
AMP Limited
Australia and New Zealand Banking Group Limited
Australian Prudential Regulation Authority
Australian Securities and Investments Commission
Bendigo and Adelaide Bank Limited
Commonwealth Bank of Australia
Macquarie Group Limited
National Australia Bank Limited
Westpac Banking Corporation
Hi Craig & fellow bank warriors,
ReplyDeleteYou are doing a great job with your hounding of Senators, MP's bank executives & the like, keep up the good work, the pressure is getting to these Banking criminals.
On another angle, I have been in contact with the USA’s Securities & Exchange Commission (SEC) and the FBI (and I am officially registered as a FBI whistleblower), and have handed them reports on how the banks have been de-frauding AMERICAN investors by selling SECURITIZED sub-prime loans to American investors & Pension Funds, hence why there are 4 x big American Pension funds suing the CBA.
This has been going on since at least before 2006 / 2007 when APRA did a detailed analysis & report - but then buried that report & covered it up, & refused to publish it as it would be too damaging for these criminal banks.
Stephen Long (investigative reporter) at ABC exposed this report detailing APRA’s deception (which I have copied & pasted below) would be an incredibly great piece of information for us to get hold of.
As we all know, government, APRA, ASIC, FOS & all the others have been covering up this fraud for years. They are part of the protection Racket.
I have been talking to the head of the SEC and the head of the Office of The Whistleblower and I need to get hold of any reports etc that help to prove that this has been going on for a long time & that Bank executives, APRA , ASIC, FOS etc KNEW that this was going on.
If anybody can find any info or reports that may help us to prove this, please forward them to me & I will forward them onto the U.S SEC & FBI.
Wayne Styles, Gold Coast Queensland
Dennis sgargetta says Gaden's Mr Pringle was aware of RICO in Febr 2015. RICO's even used against the Vatican according to the news so why would the Austtralian 'Powers That Be inthe Victorian Legal Board disagree??? "The suit also claims that the bishops and the Vatican violated the Racketeer Influenced and Corrupt Organizations (RICO) Act, aimed at organized crime, because the bishops engaged in federal mail fraud and wire fraud in the cover-up of abuse. The Catholic Church in the U.S. is an “unincorporated association” and therefore qualifies as an organization that can be held to RICO standards, it states.
ReplyDeleteThe plaintiffs are seeking “compensatory damages, economic damages, punitive damages, RICO treble damages, medical monitoring, pre- and post-judgment interest, and attorneys’ fees, litigation expenses, and court costs.”
3 Bruce Highway Bowen QLD 4805
ReplyDelete7/Jan/2019
The Victorian Ombudsman
Daniel.mitchell@ombudsman.vic.gov.au
Dear Mr Mitchell
Claim for compensation from the Legal Services Board and Commission of Victoria for using its public office to obtain information about political campaigns and tv shows in Queensland.
I wish to complain about the LSBC in Victoria and get compensation.
I have had Pauline Hansen and George Christiansen personally come to my property to discuss things like getting a Royal Commission into the banks.
I have been published in mainstream news as far away as the BBC’s International News Service.
I have attended Parliament House where people like Wayne Swan, Bob Katter, and Pauline Hansen walked across the lawn to catch up with bank victims who wanted the Royal Commission to extend into bank law firms, bank receivers, bank estate agents, bank boards and the regulatory authorities like APRA (whose Ms Bennett sits on the Victorian LSBC and might have good reason for trying to find out what her own clientele were assisting US law enforcement’s International Corruption investigators with).
I have had banking officials from around the world stay here, and I was dealing with people including politicians regarding the scandalous ANZ/Landmark affair which featured on 60 Minutes and also ended up at the Royal Commission.
I notice that one of the customers of the LSBC, Mr Elliot Sgargetta, informed Treasury that he was dumbfounded when the 60 Minutes program all came true and had the CEO of the ANZ, Mr Mike Smith, travel all the way to Queensland to apologise to the bank victim Charlie Phillot. Not only did the bank act appallingly as shown on 60 Minutes, but the Royal Commission also questioned the bank’s Mr Steinberg about the same 60 Minutes series on Charlie Phillot . I believe the LSBC was spying on the show by trying to find out about its clientele like Mr Sgargetta noted. As me, and many others, worked hard to get shows up on places like 60 Minutes, I think I should be compensated by the LSBC’s attempts to, I feel, spy on people and shoot the show down.
I would like a thorough investigation of the LSBC and I note that Mr Sgargetta’s complaint says that he objected to the LSBC using its position to investigate what was known to Whistleblowers who went to the SEC and FBI to report things like the LSBC’s attempts to obtain information about politicians and investigative reporters and advocates like myself who wanted tv shows to get up on the air around the world, like the BBC I was on.
I also seek compensation from the LSBC. Apparently in the past your officials directed victims to go to the very same LSBC to seek compensation from it first, but Mr Sgargetta says that the LSBC told him to leave them alone even after “It All Came True” and US law enforcement arrested bank executives. Please ask the LSBC for compensation. I do not want to deal directly with them especially as they probably have a conflict of interest if they use their government office in Victoria to spy on political groups in Queensland and politicians and reporters’ investigations.
I’ve cc’d Pauline Hanson, George Christensen and Fraser Anning and the Sgargettas because I believe that Victorian officials have no business trying to get information about elections in Queensland.
I’ve also cc’d Spencer Murray’s Whistleblowers in Rockhampton and 4 Corner’s Nick McKenzie and 60 Minutes reporters of the ANZ/Landmark and CBA Townsville Stories.
Yours faithfully
Brett Fallon ^1 + 0468316799
New new "FOS" called AFCA might re-open old cases bck to 1/1/2008 if you're interested in seeking redress The new head Ombudsman is said to be emailable at DavidLocke@afca.org.au. There might also be non financial loss like damages for mental trauma that you can ask about.
ReplyDeleteFBI and the criminal division of the DOJ and the Australian ACCC Anti Cartel Unit has signed up to train the 'Australian cartel cops' how to catch cartel criminals, and co-operate with agencies under William Barr's Organized Crime Drug Enforcement Task Force ....with RICO Extraditions too we hope.
ReplyDeleteMilton Wilde says regarding the same Christine Frankham and bankers : Funny how the police will investigate fraud against the #CBA and the other 5 Banks, but they will NEVER investigate fraud committed by the Banks against their customers. 🤔 When fraud has been committed by a bank in WA why did #ASIC in Victoria contact the WA Fraud Squad and instruct them to cease their investigation? 😠 When the AFP in Sydney were handed reams of paperwork last year (I was there) evidencing major fraud committed by the #CBA and #BankWest, why have they chosen to not investigate. 😠 When the Bendigo Bank and Rural Bank have committed numerous counts of fraud over the last 15+ years, why is that not investigated? 😠
ReplyDeleteSearch Christine Frankham Bendigo Bank manager in Dee Why NSW.
https://www.youtube.com/watch?v=ydDoKK7tj_U
Robert Johanson is trying to avoid prosecution by retiring this year. He must be jailed, or Bendigo Bank's new chair Jacqueline Hey will pay the price for his crimes. There is something rotten going on and the Bank's boards and our Judiciary must be held to account.🤔