Lorraine M. Morris

🔹I am deeply honoured to have received an award today from the Transparency Task Force at the House of Commons, Westminster, during the summit

“Why We Must Protect the Wellbeing of Whistleblowers,”

- held in memory of Simon Andriesz & organised by the All-Party Parliamentary Group on Investment Fraud and Fairer Financial Services.

🔹My sincere thanks to the Transparency Task Force for this recognition and for its tireless commitment to exposing financial wrongdoing, championing whistleblowers & supporting victims.

🔹I wish to dedicate this award to all victims of banking misconduct and financial fraud, whether through the hidden credit line scandal or mortgage overcharging & abuse - to all those who have lost their homes, businesses, livelihoods, health &, tragically, their lives.

🔹To the families left behind, to those still fighting for justice & to the courageous internal bank whistleblowers who have risked everything to expose wrongdoing: this recognition also belongs to you.

🔹Behind every financial scandal are human beings whose suffering is too often overlooked, while those responsible too frequently escape meaningful accountability.

🔹The protection of powerful financial institutions must never take precedence over the protection of innocent people.

🔹It was particularly poignant to receive this recognition at a gathering honouring Simon Andriesz, whose courage & tragic loss remind us why this work matters so profoundly.

🔹May his memory strengthen our collective determination to expose wrongdoing, protect whistleblowers, support victims and secure justice.

🔹For those we have lost. For those still suffering. And for those who refuse to be silenced.

🔹Thank you to all who have supported me through this difficult journey.

🔹Work together; share evidence; harness the power of AI & ensure those who are exposing fraud & misconduct are not facing the repercussions alone.

🔹 Rest in peace Simon.

@TransparencyTF @johnmcdonnellMP @Wftproof @stevemiddi1 @WinkSabee @BlowersIreland @kenoflynnTD @JMcGuinnessTD @SamanthaLaDuc @CarshaltonArt @efgbricklayer @JulieCo64621732 @alomohan @premnsikka @celticjulie @AnybodyButBerti @NoelMcgree

🔹There are documented cases where the exact same loans (or the underlying collateral) were simultaneously allocated to more than one funding pool or lender, and the double-pledging was uncovered as fraud.

🔹These are not normal master-trust or sequential re-securitisation practices.

🔹They are cases of the same asset being pledged or reported as collateral to multiple independent parties at the same time, creating an overstated collateral position that later collapsed.

Clear examples

‼️Taylor, Bean & Whitaker (TBW) — United States, 2002–2009
TBW, once a major US mortgage originator and Ginnie Mae issuer, systematically double- and triple-sold or pledged the same mortgage loans.

🔹Prosecutors and court filings described the “triple-selling” of hundreds of millions of dollars of loans to Colonial Bank, Ocala Funding, and Freddie Mac (and others) at the same time.

🔹Loans already sold to one party continued to be shown as owned or pledged by another.

🔹Fictitious or recycled loans were also used to plug cash shortfalls.

🔹The scheme contributed to the collapse of both TBW and Colonial Bank.

🔹Lee Farkas (TBW’s chairman) was convicted and sentenced to 30 years.

🔹FDIC and other settlements later resolved disputed ownership of large pools of the same loans.

‼️ Market Financial Solutions (MFS) — United Kingdom, collapsed February 2026

A London bridging and property lender.

🔹Creditors (including vehicles linked to Barclays, Apollo, Santander and others) alleged that the same underlying loans/properties were allocated to more than one funding trust or lender simultaneously.

🔹Administrators and creditor filings pointed to a collateral shortfall of roughly £930 million on about £1.16–1.2 billion of debts (later estimates of total exposure were higher).

🔹Identical collateral appeared to have been pledged to multiple funders, each believing it held valid exclusive or first-priority security.

🔹The company entered administration after the double-pledging was identified.

Related non-mortgage but same mechanism (for context)

‼️Tricolor (US subprime auto, 2025): SEC and prosecutors alleged the same auto loans were double-pledged across multiple ABS deals and warehouse lenders.

🔹First Brands: Allegations of double- and triple-pledging of receivables and other collateral.

🔹In debt recovery proceedings, multiple litigants & practitioners have reported that the repeated substitution of solicitors on the record is frequently used as a means by which practitioners withdraw once it becomes apparent that any effective rebuttal of a debtor’s affidavit cannot be advanced without the commission of perjury.

🔹Such withdrawals prolong the litigation, impose additional delay & materially increase the stress & burden borne by the opposing litigant.

🔹Judges should therefore require that affidavits be answered within strict timeframes & in the absence of a timely & properly grounded response, enter judgment in favour of the party whose averments cannot be rebutted.

@EYnews - thanks to @claudinecassar

🔹 @IrishTimes has managed to report on a State agency @InlandFisherIE trying to buy a whistleblower’s silence, without once mentioning the law that makes the attempt worthless.

🔹God forbid the paper, or perhaps @KPMG the reviewers, state the obvious.

🔹Section 23 of the Protected Disclosures Act 2014 states:

“Any provision in an agreement is void in so far as it purports

(a) to prohibit or restrict the making of protected disclosures

(b) to exclude or limit the operation of any provision of this Act,

(c) to preclude a person from bringing any proceedings under or by virtue of this Act, or

(d) to preclude a person from bringing proceedings for breach of contract in respect of anything done in consequence of the making of a protected disclosure.”

🔹It is not a grey area.

🔹It is not a matter for “guidance”.

🔹The clause foisted on the former fishing agency head has no legal effect.

🔹This is the same KPMG whose @kpmgaustralia has just been independently condemned for systematically failing a whistleblower.

🔹A senior staffer raised concerns in 2024 about partners prioritising revenue growth at all costs, misusing confidential client information to chase audit tenders, and operating a culture of fear & retaliation.

🔹The firm treated it primarily as an employment matter, initially declared the claims unsubstantiated & only properly engaged after the allegations were aired in parliament nearly two years later.

🔹Independent reviews found the response of @KPMG was misguided, fragmented, overly legalistic & that the firm ultimately failed to protect the whistleblower.

🔹The financial impact for @KPMG has been severe: a prolonged ban on bidding for new federal government work, significant slump in consulting revenue, nearly 400 job cuts & the loss of major blue-chip clients.

🔹@kpmgaustralia accepted the findings & apologised.

🔹Yet here we are today with @KPMG being asked to examine a State agency attempting to buy a whistleblower’s silence in Ireland & its report appears to stop at recommending “guidance” on provisions that “may restrict or discourage” protected disclosures.

🔹If the firm that just suffered this commercial & reputational damage potentially still won’t state clearly that the Irish statute renders such clauses void, what confidence can anyone have that any lessons have actually been learned? However, maybe this is contained in their report and @IrishTimes missed the significance of it? To be determined.

🔹It will be interesting to uncover updates on the criminal allegations resting with @GardaTraffic - or will they quietly disappear into the ether?

@Wftproof @ArturNadol7566 @stevemiddi1 @BlowersIreland @TransparencyTF @DeptCEE @DarraghOBrienTD @timmydooley @InlandFisherIE @MichealMartinTD @claudinecassar @lyon_brendan @SamanthaLaDuc

‼️Former fishing agency head was asked to drop allegations in return for financial package‼️

irishtimes.com/ireland/2026/1…