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The Commonwealth Bank of Australia has wronged many people and yet get away with it at every turn. Don Nguyen was one of CBA top financial advisers and had “up to 1300 clients - most of them retired, seriously ill or unemployed - and $300 million in client funds could be torched by Nguyen”.
Don Nguyen was known to be bad news by the bank considering that “he had been suspended over allegations of charging improper fees and paying cash backhanders to branch staff to divert client referrals.” And yet he was still promoted a month later. His clients were not compensated for their unjust loses because their depleted funds were blamed “on the global financial crisis, which was now imperiling the international economy.”
This scandal as many of you may know, went on for a long time eventually involving ASIC ,the government regulator, but even they were extremely slow and unwilling to do anything to help the thousands of Australians who lost their money.
The worst problem with all of this is that Don Nguyen was not an isolated case, many of the CBA financial advisors have been pulling similar stunts, forging signatures, falsifying bank records, and lying to their clients.
If you wish to learn more information on this issue or have been in trouble with banks doing similar irresponsible and illegal dealings with you visit the financial resolutions website.
The article I was quoting was from the Sydney morning herald and can be found at the Sydney morning herald.

Hi so I have a CBA bank account and I've been hearing about all of these scandals to do with the CBA like the post above that I found on a another website. Does this mean I should change banks or just don't go to the financial planning division of CBA?
 

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welcome to the world of greed its called Capitalism - change banks? who are you going to go too? they all do it. Which bank is the worst?
 
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