Welcome to Nab Lies

This is an unfolding story that needs to be told so other victims do not fall into the trap of thinking the NAB only tells the truth. They don't, they tell lies. And in actual fact the NAB will tell many lies to protect its interests.

In our case, we have just been through a review that has now lasted some 4 months. The review was carried out by the honourable Mr Jeff Kennett AC. Mr Kennett was supplied briefing information by the NAB. The briefing information was to give Mr Kennett a background of events that saw our companies liquidated in 2008 by the NAB. This information that was supplied to Mr Kennett has now been given to us for our perusal after we demanded the NAB release this information. We have noted many lies in the information that was given to Mr Kennett by the NAB. We are now determined to investigate the source of these lies that came from the NAB.

As this investigation unfolds, we will update findings with the hope of eventually showcasing the whole story so NAB can be shown for what it truly is. We are very confident as we hold all historical documents that prove our case and that the NAB has lied in this review process many times.

Russ Cousins

NAB Victim

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Our investigations with the documents now supplied by the NAB clearly reveal that the NAB supplied incorrect information to Mr. Kennett on some 17 occasions to cover up the fact that the NAB criminally engineered defaults on our Companies.

The facilities were called in by James Wickham, Manager, NAB, (The Demands) on the 29 October 2008 and 6 November 2008. The controllers were then placed into our Companies on the 11 November, 5 days later. ASIC was informed by the controllers and my rights were taken away, and a re-finance was now impossible.

A "Notice of Agreed Changes" dated 10 April 2008 shows that the new expiry date (roll over date) to be the 30 Sept 2008.

The Document states "Unless we tell you otherwise, we will conduct another general review of these facilities in approximately 12 months"  (10 April 2009)

The NAB prior to 30 Sept 2008 did not give us any notice that they would not roll over the facilities on this date 30 Sept 2008. The facilities were not in arrears and all payments were up to date.

The information that was supplied to Mr. Kennett by the NAB from Paul Boghdadi, "Manager, Customer Experience Improvement" was a disgraceful attempt to cover up the real facts.

Mr Kennett and Mr Kennett's Lawyer, James McLaughlin were presented with all documents showing the true information of our demise at our initial meeting. We can see now that this information was discarded and not examined by Mr Kennett, or his Lawyer, and that Mr Kennett only went on the false information supplied by the NAB.

We now have in our possession this information supplied to Mr Kennett and can see that the NAB has supplied false information to cover up the engineered defaults on our Companies.

An arrogant NAB did not comply with it's obligations to our Companies under the 2004 Code of Banking Practices. Had they met these obligations with regards the Code then these criminal engineered defaults would not have been able to eventuate under clause 25.2 of the Code.

Now that we have come full circle with this new information supplied after 10 years by the NAB, it is clear to see that the engineered default on my Companies was an act of fraud.

In an email from Kerry Vasiliadis : Office of the CEO & Executive Leadership Team, on the 22 March 2019 Ms Kerry Vasiliadis stated: 

"As you know Mr Kennett conducted a review of your dispute and issued his determination in a letter to you dated 22 January 2019. Unfortunately Mr Kennett did not find in favour of your position and recommended that no compensation would be payable. We appreciate that this outcome may be disappointing to you, however we now consider the matter to be closed".

In response to Ms Vasiliadis's email I can assure her and the "Executive Leadership Team" of one thing, and that is, that the criminal and fraudulent actions of the NAB will be relentlessly pursued until the Victims of the NAB receive justice.

Over the coming weeks we will be requesting the fraud squad to review the materials and evidence on this matter.

Russ Cousins

NAB Victim

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We have recently discovered a document that clearly shows that our Companies were not in default as stated by the NAB with the true facts being, that the NAB rolled the facilities over to be reviewed again on the 10th April 2009.

For whatever reason at this crucial time the NAB saw an opportunity to engineer a default on my Companies and fraudulently take away from us our Families assets. This was also done to many hundreds of others at this time.

The engineered default was carried out by middle management with the help of their lawyers. The NAB and their Lawyers did not comply at anytime with the "Code of Banking Practice", which the NAB adopted in 2004.

An arrogant and corrupt NAB has lied through this "SHAM REVIEW" instigated by CEO Thorburn and mediated by Jeff Kennett. A disgraceful attempt to withhold justice from the Victims of the NAB.

The Royal Commission has been a whitewash as once again the NAB is telling it's Victims to seek legal action through the court system.

In recent emails to Victims from the Office of the CEO & Executive Leadership Team, the NAB urges Victims to seek legal action through the Courts.  Victims of the NAB will not be wasting anymore of their money on Lawyers to fight this criminal organisation. These new actions against the NAB will be commenced in the criminal courts for "FRAUD" perpetrated by the NAB.

The Bank Victims organisation has now reviewed it's platform here in Australia with www.bankvictims.com.au. Bank Victims will now go global with the Bank Victims .com website which will be produced over the next 10 weeks to showcase to the world the criminal actions of the NAB in Australia and how the Australian Government has allowed for some 10 years the banks to free range on fraudulently steeling the peoples wealth. This MUST stop.

I send this polite message to Ms Kerry Vasiliadis : Office of the CEO & Executive Leadership Team and I would suggest that she pass this message on to the new CEO Mr Chronican.

"Victims of the NAB are determined to pursue the return of their stolen monies however long it takes. The Victims want back what is rightfully theirs, "THEIR MONEY" and the opportunity to again be a productive and a  contributing Australian Citizen."

"There is an opportunity for the new CEO today, to come to terms with what the NAB has done in the past and correct the situation by paying the Victims back their money. This window of opportunity exists today".

"Please consider this carefully and thousands will be able to move on and rebuild their lives, that have been damaged by NAB's actions."


Russell Cousins

NAB Victim

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NAB Victims are outraged by this new attempt to push Victims claims back into the Court system.

With over 1300 interactions on nablies.com Victims want justice and the return of there monies taken from them.

Victims report that the culture of the NAB has not changed with the appointment of the new CEO Mr. Chronican.

The NAB are telling it's Victims to seek justice through the court system again.

The 'SHAM REVIEW' which commenced some 6 months ago under the direction of the former CEO Mr. Thorburn has not achieved a fair or reasonable result to the NAB's many Victims.

The Victims want their monies returned to them and the Victims want Justice now.

The 'SHAM REVIEW' has wasted another 6 months, but this is what the NAB does so well. DENY, DECEIVE AND DELAY.

The Victims have no money left to go back into Court to fight for the return of their monies.

The following videos will give you an insight into how corrupt the NAB really are, and how they operate to extract their customers monies.

Here are some video examples of how the NAB operates by using engineered defaults to facilitate a 'STING' and steal their customers wealth.

'A disgraceful and arrogant NAB will be held accountable for their actions'.





VIDEO 2. Part 1.

60 Minutes Australia: Crook deal, part one (2017)



VIDEO 2. Part 2.

60 Minutes Australia: Crook deal, part two (2017)



Russ Cousins

NAB Victim

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NAB admits to Rip-Offs even as the Royal Commission rages.


Over many years the NAB have stolen from it's loyal customers. The NAB have not just stolen but sent many of it's customers into bankruptcy and poverty.

The NAB have engineered defaults on thousands of small businesses, and with the help of their lawyers and receivers have pocketed what was never rightfully theirs.

It is now with the thanks to a Whistleblower that Australia and the World can truly see that the NAB is just another criminal organization masquerading as a bank.

I have this message for Ms Kerry Vasiliadis, the CEO and the Executive Leadership Team.


"The NAB have acted Fraudulently against the people who trusted your organisation. It is now time to repair the damage the NAB has caused to these VICTIMS".

"Pay the Compensation that these VICTIMS are entitled to Now. As I have stated on many occasions, we will relentlessly pursue the return of our monies and there will be no closure until compensation is paid to these legacy cases.

The following story by Adele Ferguson gives you a true insight as to how the NAB operates.


Russell Cousins

NAB Victim

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Time's up for Henry but also the billion-dollar audit club

The latest National Australia Bank scandal has triggered unanimous bipartisan support for a parliamentary inquiry into the potential conflicts of the big audit firms. It is long overdue.

So too is the departure of NAB’s chairman Ken Henry, who needs to reassess whether he should leave now instead of waiting until later this year. The drums are beating louder.

On Friday, NAB and auditor EY were reeling after a trove of leaked documents handed to The Age and The Sydney Morning Herald  by a whistleblower shone an embarrassing light on the private workings of the bank and the cosy relationship with its auditor of 13 years, EY (formerly Ernst & Young).

Besides triggering a parliamentary inquiry that will start later this year, Finance Minister Mathias Cormann was asking NAB for a more immediate 'please explain'.

The documents make for disturbing reading.

They included confidential minutes of a meeting where Henry privately told EY consultants in the midst of the Hayne royal commission he was "confident" the bank was still selling products that ripped off its customers and would eventually trigger compensation.

Is confident that there are products currently being sold now that they will need to remediate in the future (highlighted an example of SMSF borrowing to invest in managed funds) Quote from EY interview minutes with Ken Henry - NAB chairman.

The bank and Henry remain silent on naming those products, admitting the number of customers who might be affected or saying whether the products are still being sold.

Instead it said: "In 2018 the board considered product problems or potential problems and moving proactively to ensure all NAB products remain fit for purpose. Executive and board customer committees are now examining issues such as complaint handling processes and proactive identification of product hot spots."

Its chief risk officer in a statement said a review of all NAB products has commenced.

As bad as this all is, the leaks go far deeper than NAB and the enormous challenges it faces in its lax systems.

"In the financial services sector it seems an independent report is whatever the client’s money can buy".

They raise questions about the cosy relationship between audit firms and their clients, which is profoundly serious, and which prompted the latest NAB whistleblower to speak up.

It is also big business. In the past decade the big four auditing firms earned more than $1 billion from the big four banks in auditing and non-auditing fees.

EY trousered $286 million from NAB in audit and non-audit fees.

Labor senator Deborah O'Neill, who called for the inquiry, said: "It is fundamental that we look into this if we want to fix the system and restore Indeed, the Australian Securities and Investments Commission’s (ASIC's) latest audit inspection report found a massive 20 per cent of the audits it examined had a deficiency. It is a statistic that should raise the alarm that something is rotten in the industry.

The former corporate regulator Greg Medcraft, who is now head of financial affairs at the Organisation for Economic Co-operation and Development (OECD) in Paris, told The Herald and The Age that the declining quality of auditing in Australia and globally could lead to a black swan event, such as an Enron-style collapse.

Medcraft said one of the issues was the big four auditing firms cut their audit fees and subsidise them with the more profitable consultancy work.

In other words, auditing has become a loss leader, junior people are working in the jobs and the real money is made in consulting including pumping out "independent reports".

EY's 'no surprises' plan for NAB

The trove of documents raise questions about what independence really means. In the financial services sector it seems an independent report is whatever the client’s money can buy.

This is made clear when comparing the blunt internal observations made by EY employees with the more tempered language that is used in the draft report. If that wasn't clear enough, a proposal letter to get the job promised it would be "a no-surprises approach".

The regulator, the Australian Prudential Regulation Authority, is obviously content with that. It seems its definition of independence is as loose as anyone’s.

APRA believes an internal person can fit the independence requirement when it comes to putting together a CPS 220 report into a bank's risk management framework.

The reality surely is that anyone on the payroll isn’t independent. That should include an external auditor which, like EY, has been checking the books for 13 years and earning well over $20 million a year from the client.

It all just casts more doubt over the declarations of openness and accountability from the banks that have followed the royal commission.

In his final report, commissioner Kenneth Hayne voiced concerns about Henry's famous testimony.

"Overall, my fear – that there may be a wide gap between the public face NAB seeks to show and what it does in practice – remains," he wrote.

Hayne was spot on.

Adele Ferguson’s book Banking Bad is out on August 5. Click here for more information.

This article was first published by Adele Ferguson from Sydney Morning Herald
Adele Ferguson is a Gold Walkley Award winning investigative journalist. She reports and comments on companies, markets and the economy.
NAB suffers dramatic 10.6% profit fall in wake of banking royal commission

No short-term bonuses or pay rises for bosses as lender puts aside $1.1bn in damages for customers
NAB’s interim chief executive, Phil Chronican, has announced a sharp fall in profit, in part due to the scandals exposed by the banking royal commission. Photograph: Bianca de Marchi/AAP
NAB has wound up a traumatic 12 months in which it lost its chief executive and chairman by announcing a 10.6% drop in full-year profit and cutting its final dividend.
The bank’s full-year results on Thursday also showed that the lender will have to pay $1.1bn back to customers in compensation resulting from a range of mis-selling and misconduct scandals exposed by the banking royal commission.
The acting chief executive, Phil Chronican, who took over when Andrew Thorburn quit in February after heavy criticism from the commission, said the bank had faced a “very challenging” year that had required “significant actions” to deal with past problems and to regain the trust of customers and the public.
Chronican said the bank was two years into a three-year transformation plan aimed at improving service and compliance. But he said the executive management would not receive any short-term bonuses or pay rises.
“While we have made progress, it is not enough to be recognised in executive short-term variable reward in 2019,” Chronican said.
Shares in NAB lifted 2.6% to $27.80 on Thursday as investors hoped the bank could now draw a line under the fallout from the royal commission.
Analysts at UBS warned that it was still a “soft result” for the bank and said it faced worsening conditions and falling asset quality as mortgage arrears rose in every state.
The lender will pay a fully franked final dividend of 83c – down from 99c a year ago – mirroring the cut to its interim payout in May.
Stripping out the cost of customer remediation and a software overhaul, the bank’s profit fell by 8.6% to $8.2bn as revenue fell by 4.2% to $17.2bn for the 12 months to 30 September.
Although the bank’s cash profit was still $5.097bn despite the 10.6% plunge, NAB – along with the rest of the banking sector – has been hard hit by the steady fall in interest rates over the past year.
NAB’s net interest margin – the difference between the interest it earns from loans and what it pays to fund them – declined seven basis points to 1.78%.
The full-year report blamed the weak operating environment for the “disappointing” result, with earnings declining across its consumer, corporate and business divisions.
Chronican will soon hand over to the incoming chief executive, Ross McEwan, on a permanent basis. He will then move into the chairman’s role vacated by Ken Henry, who also announced in February that he was standing down in the wake of the commission’s criticism of his leadership.
NAB’s poor results were widely expected by the market. Westpac announced this week that it had cut its dividend for the first time since 2009 as its cash profit fell 15%. The bank has also been forced to raise $2.5bn to meet regulatory capital requirements and legal costs related to its near $1bn customer remediation charges.
This article was first published by https://www.theguardian.com/australia
Author: Martin Farrer