Warning!  This broker takes money, does not perform, and keeps the money.  
           Steer well clear                                        
Global and  Domestic Funds Advisory
  Rodney James Mackay
Convicted Criminal Fraudster.
See Link

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 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.                   

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