R699 car sales scheme court battle

Wyzak said:
Yeah, it has always been sketchy, and I did a lot of research before entering into an agreement with them. What payments? There weren't any monthly payments. There is nothing to redistribute from other members (to make it a ponzi scheme).
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By payments I meant new sales each month. Not a recurring payment from existing members. Also not sure if they get a commission from the bank for each successful loan application? Someone told me this could be the case but I haven't read anything about that.
 
Nemesis said:
By payments I meant new sales each month. Not a recurring payment from existing members. Also not sure if they get a commission from the bank for each successful loan application? Someone told me this could be the case but I haven't read anything about that.
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I am not aware of any commission from the banks either.
 
Wyzak said:
I am not aware of any commission from the banks either.
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Seems this was the case according to Special Assignment last night. Give or take R23k profit per car and commission from banks depending on size of successful loan. Also more cases of tampering with clients credit applications, reports of guys receiving "new" vehicles that were later found to have been in accidents. Unpaid promised bonuses, the list goes on.
 
Nemesis said:
Seems this was the case according to Special Assignment last night. Give or take R23k profit per car and commission from banks depending on size of successful loan. Also more cases of tampering with clients credit applications, reports of guys receiving "new" vehicles that were later found to have been in accidents. Unpaid promised bonuses, the list goes on.
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Then the banks are in for a very rough time.
 
Fivel said:
Barclays/Absa have launched an internal investigation to find out if there are any internal shenanigans.
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I know, but i'm thinking they are checking that they followed correct procedures so that they can't be held liable rather than looking for the guilty party. ie they are removing themselves from the suspect list and not looking for the crook.
 
Ike_009 said:
I know, but i'm thinking they are checking that they followed correct procedures so that they can't be held liable rather than looking for the guilty party. ie they are removing themselves from the suspect list and not looking for the crook.
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Nope, looking at it from all angles....trust me :)
 
Ike_009 said:
Jip, we can't blame the poor innocent fraudster who amended the loan applications and contact details
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A simple phone call from the bank could have picked up all of the fraud. I don't think that's an unreasonable expectation and I somehow think that the NCR will agree with me.
 
Wyzak said:
A simple phone call from the bank could have picked up all of the fraud. I don't think that's an unreasonable expectation and I somehow think that the NCR will agree with me.
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Maybe but if Satinsky was submitting the loan applications and falsifying application information is it really that hard to believe that he changed contact details also rendering the phone call ineffective.
 
Ike_009 said:
Maybe but if Satinsky was submitting the loan applications and falsifying application information is it really that hard to believe that he changed contact details also rendering the phone call ineffective.
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The banks would have done a credit cheque anyway, it should have been suspicious to them if all of the customers have the same telephone number and that is not a number that is already on their credit profiles.
 
Wyzak said:
The banks would have done a credit cheque anyway, it should have been suspicious to them if all of the customers have the same telephone number and that is not a number that is already on their credit profiles.
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I would agree with you but Credit checks in SA have become more about box ticking than an evaluation. I don't need to tell the story of how a bcom honours student can't get more than R50 credit on a salary that's above R10k in a career where debt issue can get him fired.
 
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Ike_009 said:
I would agree with you but Credit checks in SA have become more about box ticking than an evaluation. I don't need to tell the story of how a bcom honours student can't get more than R50 credit on a salary that's above R10k in a career where debt issue can get him fired.
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Yep, but I'm arguing from the NCR's view point on what the banks could have done, not just what they did do or what was legally required of them. My opinion remains that it would not have been difficult for the banks to protect themselves from this while blowing the whistle on crime. Instead they stood bank and assisted in a crime. They should be held accountable for that.
 
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