Warning!  This broker takes money, does not perform, and keeps the money.                                           

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.

 

 

On many occasions before we publish, we attempt to have people pay back their contractual obligations. In an effort to secure a refund of $22,000 in fees paid by our contact in Queensland, Wikifrauds twice emailed Ainsworth in the last fortnight and sought the said refund. We have seen no response from Ainsworth, and nor has the client received anything but excuses.

 

We have no alternative than to now produce the "loan application documents" provided by the client. To protect the client's commercial situation and to prevent embarrassment, we publish these documents, but we have crossed out that client's name and company details.

 

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. They will get their names in the limelight on this site as soon as time permits. The industry has no room for bottom-feeders like Ainsworth and others.

 

Meanwhile, any readers who have had similar experiences with Mr Ainsworth, or any other dubious 'brokers' should contact us for further details.
Pasted below are a extracts from documentation issued by Ainsworth, one which clearly shows the committment fee being refundable. Also pasted below is a letter and subsequent emails which show this client's recent requests for his refund on two separate loan applications totalling some $22,000. (We will show only one set of documents for one loan, the other is almost the same, with the committment fee identical at $11,000 each).
We stress that this is from one client alone. Since yesterday, October 5, when we first published this page, we have recieved further information relating to similar problems from another client.! We wonder how many more will come out and expose this leech.

Letter to Ainsworth from "Client":
  
  
Two Emails from the client to Ainsworth:
From: "Client"
Sent: Tuesday, 16 August 2011 11:37 AM
To: 'Tzvi Ainsworth'
Subject: refund
Mr.Ainsworth,

We, the Xxxxx Group,as you know, in early 2010, signed a funding  agreement with you to refinance 2 projects.One at Xxxxx, The Gold Coast, and the other in Yyyy St., South Brisbane.

In your agreement, it states categorically, that should you not be able to produce an offer to us, that you will refund the fee.To date, after 16 months, no offer has ever been presented.

We have already tried to contact you thru mail and phone,with no joy.

Should you not make contact or refund the $22,000 by this Friday, we will instigate whatever means of recovering the money that we see fit.

In fact, we will be in Sydney next week,and if necessary will come and discuss the matter with you personally.

"Client" (04xx xxxxx0)

From: "Client"
Sent: Friday, 9 September 2011 3:30 PM

   

Oops! Second client exposes Ainsworth! 
Oct 13, 2011: As we expected, another client of Ainsworth Mortgages has come forward with a similar story to our first client. Again, a fee of $11,000 including GST (wonder if that GST ever got paid?. Our friends at the ATO might want to look at that). And again, we have blacked out the name of the applicant from the following documents. This client paid his fees back in late 2009, never received any loan offers, and to this date has been unable to secure his "refundable" fee. This kind of behaviour from finance brokers and originators is not tolerable.  Ainsworth Mortgages should never be approached when seeking a loan. It will only cost money and end up nowhere. And by the way, Ainsworth Mortgages does not hold an Australian Financial Services licence.

          

                                          It is abundantly clear that Ainsworth has no intention of honouring his contractual obligations. 
                              Wikifrauds strongly recommends that intending borrowers steer well clear of this bottom feeder.

                                        Wikifrauds Disclaimer: This company is not to be confused with a similarly named company operating in the UK