Kebbel Investment Bank is a warning beacon to investors of how seriously ASIC took its duty of financial consumer protection in the past. Some say Kebbel Investment Bank had a life of five. I have direct proof it existed for three years, and anecdotal evidence of a further twelve months. Over a period of years any amount of Internet references mentioned it, and Kebbel Investment Bank operated openly with flyers, brochures, and stationery. Some of the material was even in Chinese!
According to Jeffrey Lucy, the then ASIC Chairman, ASIC first became aware of Kebbel Investment Bank in April of 2005, when ASIC received a formal complaint. ASIC passed the matter on to APRA, which went to Kebbel NSW Offices in July of that year. On not sighting any visible signage, ASIC decided the matter was trivial and told Kebbel not to do it again.
Although the only reason a business entity would call itself a bank without the necessary licences is to gain advantage by deception, neither regulator took punitive action against the perpetrators pf the scam. This sorry episode is a stark reminder of the failure of the regulators to monitor the marketplace in real time, and initiate action when required.
The above inaction of ASIC and APRA is even more amazing when it is known Kebbel Investment Bank was not even a registered business name!
At the time of writing (late September 2007) Neal Burnard is to stand trial over the matter. However, no charges have been brought against Richard Beck, a senior architect of the scheme. Beck, who often presented himself as a Director of Kebbel Investment Bank (see Mumbai A.I.O.F.P Agenda) has not yet been charged in the matter.
The credibility gained by the ruse of Kebbel Investment Bank cannot be overestimated. It was a major factor in inducing investors to part with their money.
Note: On 06-05-2008 a jury found Neil Burnard guilty of knowingly making false oral and and written material in order to gain financial advantage. I attended the eleven days of the trial , and took notes. Dee below.
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Terry Stone business card Note Burnard's name on it
Burnard & Robbins business card Not only Burnard had a Kebbel Bank card
Kebbel Bank brochure A very public document
York _Street_ sale_confirmation Even stationery with Kebbel Bank headers
Kebbel Power Point Presentation You will need to have Power Point installed to view this.
Neil Burnard Trial Summary Burnard found guilty on all counts.