Since starting Wikifrauds in February this year, we have had
numerous requests for assistance in fee recoveries or for performing
due diligence on behalf of many wary clients.
A number of major on-going frauds brought to our attention
have been exposed. But at the front end of many of these are a number
of brokers and mortgage originators who are prepared to take up-front
fees in return for procuring funding. This can be quite legitimate
in most instances, but when a supposed loan originator issues terms
sheets wherein they state that all fees are refundable should a loan
not eventuate, then the loan applicants have a right and reasonable
expectation that these fees will be refunded.
We have no problem with brokers and introducers charging modest
fees for work to be done, but we strongly object to those brokers who
issue terms sheets or other agreements and documents which seduce
investors or borrowers with the line that all fees are refundable. We
especially have problems with brokers who have not done their own due
diligence on funders they recommend, and continue to put applications
up to lenders they have become aware of who are scams, just so they can
collect more up-front fees on the way. There a quite a number of these
sort of people in Australia, and we are well aware of who many of them
are. One of the worst offenders is a serial fee scammer,
Rod Mackay.
Mackay has over the last two years or so taken dozens of client's
up-front brokerage fees and then referrred them to lenders who never
come through with the funding promised.
Despite the fact that
Mackay
has a criminal record for fraud,
he has continued on his merry way in an estimated $150,000 earning
spree, and even sent clients to lenders
he knew were at the least
suspect, or for certain, not able to deliver. In one case, he
was
'tipped-off' about one lender but still persisted in introducing
clients to that lender. Indeed, the scam we are referring to in this
case is
Ali Syed and
WGA. Mackay has also sent clients to
EFSL and to
Ainsworth
Mortgages. In fact he was EFSL's sole agent and responsible for the
introduction of
well over
twenty-five applicants
to them at around $6,600 each to Mackay, all of whom have lost their
money and cannot obtain any refund of the up-front fees charged by
Mackay or EFSL. One particular client is in the hole for close to a
million dollars, but Mackay is laughing all the way to the bank. He got
his 'introduction' fees and that's all that matters. But where it
really stinks is that Mackay had known that not one deal had ever been
settled by EFSL, yet he continued for over twelve months to send more
happless clients to them.
Mackay is now introducing clients to yet another suspect company. We
are withholding the company name pending further investigation, but
this company, an NGO, is touting through Mackay and others, that it can
land loan funds in Australia via the World Bank. Wikifrauds has spoken
to the World Bank's Sydney office. They know nothing about this NGO,
and confirm that Australia is not even a recipient country for World
Bank funding whatsoever. World bank funds are for humanitarian purposes
only, and ony available to third world countries - and certainly not to
private developers in Australia as this outfit is spruiking. The World
Bank's Sydney office requested that we provide details of this scam
for them to investigate. We have done so and their own investigations
unit are looking into the matter as can be seen from the email pasted
below:
"Many thanks again
for your email. The World Bank takes allegations of corruption very
seriously, and I have reported this matter to Management here in
the
Sydney office. There is an official international department for reporting
fraud - please see http://go.worldbank.org/BXI9VCRDQ0 on this matter, for contact
information for the Integrity Vice Presidency, which
investigates fraud and corruption issues for the World Bank, and the
basic information that would be required.
If I can be of any more help, or if you hear of
anything further on this issue, please do let us know.
Kind regards,
Laura.
Laura Keenan
Communications Assistant, the World Bank
Pacific Islands, Papua New Guinea and Timor-Leste
Level 19, 14 Martin Place, Sydney.
Tel: +61 2 9235 6547
Back to Mackay - given his criminal record, one would think that he
should have learnt his lesson. It appears not to be the case. Oh, and
anyone wanting to contact Mackay will be impressed that his letterhead
only contains a Post Office box number and a mobile phone number! His
'office' must be in a
car!
If any readers wish to add to this broker's story, please feel free to contact us in complete
confidence.
