Banks warned over Blue Chip Customers

Eufa warns trading Banks to treat Blue Chip customer accounts with extreme care. The loans advanced by banks to fund Blue Chip investors were given as part of the Blue Chip scheme.

In many cases investor funds advanced to Blue Chip properties have been sourced from finance products that were vigorously promoted to them by bank staff working for bonuses.

Bank workers union Finsec has exposed that its members have been pressured by their employers to hard-sell finance products engineered by the Bank in order to progress their career. In effect Bank workers have hard-sold loans.

Given that the Serious Fraud Office and the Commerce Commission are investigating the legality of Blue Chip use of investor’s funds, we urge Banks involved to refrain from applying any pressure towards recovery.

Gray Eatwell Co-founder of the Bank Customer Action Collective and Finance Spokesman for EUFA said from Southland today “The Banks are implicated by knowingly releasing money to fund Blue Chip properties deals.”

EUFA warns investors to treat promises of Mark Bryer putting up $25 Million with caution particularly given that TV 3 60 minutes exposed that it was his company that has siphoned the cash from the associated 19 companies that are now in receivership.

TV3 60 Minutes exposed that deposit funds advanced for particular property development projects has also been misplaced.’