Bank of Queensland

CHARGE SHEET

1. The BOQ North Ward failed to supply copies of completed loan applications to its customers. Some people still haven’t got a copy of such. Why? Because most of the details on it were fudged!

2. The BOQ North Ward did not meet with its housing loan customers face to face to verify facts. Rather, it relied on Storm and the information it supplied. In other words, the BOQ North Ward never bothered to verify the information supplied to it by Storm.

3. The BOQ North Ward did not use due prudence when extending house loans to retirees. They relied on figures that Storm provided. There is even some suggestion that persons within the North Ward branch conspired with people in Storm to alter loan application details to comply with lending requirements.

4. The BOQ North Ward did not verify the total liabilities of its Storm customers. In fact, for the most part, liabilities such as the margin loans that customers had taken out were conveniently left out of the equation.

5. The BOQ North Ward did not ensure that assets were as stated. In many cases, unbeknown to customers, assets were actually inflated on the loan application forms. "Sign here and we'll do the rest!" In order to hide their duplicity, the BOQ North Ward never sent completed copies of customers' application forms back to them. 

6. The compliance staff at the BOQ North Ward did not verify that customers’ incomes were as stated, and sufficient to meet the repayments of the loans requested. In fact “income” in real terms was falsified in the majority of cases.

7. Persons within BOQ North Ward/Storm knowingly falsified loan application documentation to ensure loans would be acceptable to BOQ's internal credit department.

8. The BOQ North Ward together with Storm contrived to have housing loans transferred from other banks to their Branch in a period of financial market instability at no benefit to Storm’s customers, solely for the purpose of financial gain to the BOQ North Ward and Storm. Business funnelled (pooled) in this way constitutes an "unregistered managed investment scheme".