by mariadib1965  08/09/2005  1263 Page Views
1 Comments  Criminal law, traffic matters, DUI, assault, theft, fraud


I am a victim of a property/financial planning scam - a 'PONZI'.  Little did I know that the culprit in this scam falsified our income and assets on the loan application form we submitted through their company to obtain a loan for $500K.

There is about $10m owing to people like myself, all unsecured creditors, and about another $30m owing to the banks. 

When we were going through all our documents I noticed a vital piece of information that was missing, and that was a copy of the loan application form.  I phone the lender to send a copy to me, they were very concerned as to why I was asking for the form and told them that I needed to verify a few things on it.

So guess what, I receive the form and all the financial details are incorrect.  They increased our income by over 100%, just to start, and lots of other mistakes.  When we applied for this loan with this "financial planner/loan company", we provided all the details verbally and they wrote them down and made us sign plenty of forms that we did not read because it was all under pressure.  We did sign a form, with our correct details on it, but that wasn't submitted another form was with our signatures but not our correct details.

It has since been discovered that every other person who borrowed money from them had the same thing happen, people whose income was $25K for the year pumped up to over $100K. 

We borrowed a lo-doc loan, not a no doc loan.  We told them that we could never get approval for this loan because our income was under $50K, but their response was, "no worries, the people who we lend the money from know our situation and do it all the time." 

The people who we invested with paid our monthly interest into our account and then the mortgage company withdrew an amount (interest only) each month.  Now the scoundrel has skipped the country, his company is in liquidation and we are left with a $500K debt. 

I am at my wits end, I have a young family and a business to run and I suffereing very bad depression all because of this.  I also have to cop the bullsh*t from the media, especially Alan Jones, for saying that "people who get caught up in property scams, really only have themselves to blame for being greedy".  I only wish that we had been promised a huge return because we would have walked out of that office so fast, but it was not like that at all, we were doing this as a form of superannuation, as an alternative to getting the pension when we retire. 

The ASIC is finally investigating the matter and hopefully something might come out of it, but my question is - where do we stand with the mortgage lender, do we have a case to fight to annul these loans because they were obtained fraudulenty? or do I have to sell my home and start again?

I really hope you can help guide me  into any direction because I am getting really down and my family is suffering badly because of it.