Originally posted on Kangaroo Court of Australia
The Commonwealth Bank of Australia’s senior executive Brendan French, who is one of Australia’s biggest fraudsters, recently won a defamation case against a whistleblower. This is quite amazing given that it is French’s role at the Commonwealth Bank to cover-up multi-million-dollar fraud and theft by Commonwealth Bank staff and others and Brendan French should be in jail for his crimes, not winning defamation cases.
The CBA is currently facing multiple fraud scandals involving their senior staff which are currently before the courts and various Australian senate inquiries. There is a standard theme with all of them with 3 key elements:
- Massive fraud and theft involving Commonwealth Bank staff.
- Customers ripped off and the bank refuses to pay compensation or at best minimal compensation well below what the customer has lost because of fraud by CBA staff.
- Senior management at the CBA refuse to report crimes by their staff to the police unless they are forced to. In some cases, they have given staff members who have committed fraud a promotion. The senior management at the CBA who conceal the fraud are in effect committing a crime themselves.
Three recent examples of the CBA fraud and theft being investigated are:
- The Bankwest insurance fraud committed by the CBA worth hundreds of millions of dollars which is still under investigation by the Australian senate. I wrote in 2014: “The Commonwealth Bank bought Bankwest from HBOS in October 2008 for $2.1 Billion and as part of the agreement had a “warranty” provision that if any customers defaulted on their loans the Commonwealth Bank could “clawback” that amount from the purchase price.” “For example if 100 customers defaulted on business loans totalling $200 million the bank would be reimbursed the $200 million from HBOS and the original purchase price would have been reduced from $2.1 billion to $1.9 billion. Management at the Commonwealth Bank then decided to make as many customers as possible default on their loans.” (Click here to read more)
- Thousands of financial planning customers losing millions of dollars because of fraud by CBA staff. Last year I wrote: “the ABC’s Four Corners program had the story Banking Bad which even named at least one corrupt bank employee, Don Nguyen. Mr Nguyen has never been charged and under the leadership of Ian Narev. The CBA has deliberately concealed the evidence from the police.” (Click here to read more)
- The $76 million fraud revealed in the SMH this week involving CBA staff helping fraudsters rip-off CBA customers. The CBA concealed the fraud from police from 2007 until 2011 and forced innocent customers to sell assets that the CBA staff helped defraud. (Click here to read more)
It is some very grubby stuff by the Commonwealth Bank of Australia and one of the key people concealing the corrupt and criminal conduct in Brendan French.
Brendan French covers up the CBA crimes on the clear instructions of the CBA’s CEO Ian Narev and Chairman David Turner as well the other directors. This is obvious given the evidence Ian Narev gave at the Senate Hearing last year in the below video.
The below video is evidence being given regarding the Open Advice Review program. “The program was announced following a senate inquiry into tens of thousands of elderly victims of conflicted financial advice, forgery and fraud at the hands of CBA Financial Advisers. Many lost their entire life savings.” (Click here to read more)
Who did the CBA appoint to head up the Open Advice Review program? Yep, their Number 1 fraudster Brendan French.
At the 2:35 mark of the video Senator Nick Xenophon asks CBA CEO Ian Narev if Brendan French was aware of the fraud committed by former CBA employee Mr Don Nguyen from 2008 and onwards. Mr Narev replies he does not know but says Brendan French was “certainly not complicate” and “we have no evidence that he was complicit in anything”. Senator Xenophon points out he did not ask him that question.
So why did Mr Narev say that Mr French was “certainly not complicate”. For senate hearings it is common for senior managers to be coached before giving evidence. It is even more common for criminals like Mr Narev to be coached and he clearly was. Mr Narev ended up making himself look stupid.