BFCSA Blog

To: Prime Minister Scott Morrison and Mr James Shipton.   ASIC and the Australian Government are a disgrace and an embarrassment! The Facts. ASIC knowingly allowed Sterling First and predecessor companies to continue ripping people off for over a decade! ASIC failed to do their job correctly with devastating consequences! Victims of the Sterling First fraud are left with NO MONEY and NO HOME! The ASIC, Government members and Government departments DO NOT CARE! The corrupt protect the corrupt!   The Joke. Australian Securities and Investments Commission Independent Australian Government Body   “The Australian Securities and Investments Commission is an independent Australian government body that acts as Australia's corporate regulator. ASIC's role is to enforce and regulate company and financial services laws to protect Australian consumers, investors and creditors”.  When did they do this to save the Sterling first victims? They knew and did NOTHING!    The Government Prime Minister Scott...

Dr Jim Chalmers                                                                                             Shadow Treasurer                                                                                                                                                                                                                      Dear Dr Chalmers We have been writing to ASIC, the Treasurer and the Prime Minister.  No-one is responding. I write his letter to complain about the lack of proper investigation into the Sterling New Life scheme aimed at elderly pensioners. This...

Dear Mr Carey We sold our house back in 2016 and invested in a well- advertised scheme where we moved into a rental property with promise of the interest from our investment would pay our rent .It failed and we now have lost all our investment and we are obliged to pay our rent out of our pension which leaves us little to live on.  My complaint to you is that the company we invested in was Sterling New life and we understand that as far back as 2010 WA Consumer Affairs was not happy with the structure and advised ASIC of the probable problems. It appears that ASIC did nothing to 1. Advise the people of a probable white collar ponzi scheme  2. Investigate the scheme at any length or if at all.  3. Bring the directors to task by asking for their business plan.  In our opinion ASIC has...

 Prime Minister The Hon Scott Morrison Sterling New Life Western Australia   Dear sir We wish to give you more information on the Sterling Life investment program here in WA. 1. It has caused a lot of stress and heartache for people here. 2. On the night of the Election we received an email saying all our money was gone and the company was in administration. We learnt about this from our landlord who is also a victim in the collapse of this company. 3. The directors took all our money and Centrelink deemed us as homeowners so no rent assistance was allowed. Some Centrelink offices did it differently and gave rent assistance and now the investors are being asked to pay it back. 4, We now have no asset to fall back on and we were promised a lifelong lease, 5. We are now paying twice to live, once to...

  Prime Minister of Australia Dear Sir I write his letter to complain about the lack of proper investigation into the Sterling New Life scheme aimed at elderly pensioners. This idea was to invest into the company trust fund which in turn invested our money to pay a long lease in a new home. We looked at this idea and found it appealing and consequently went ahead and signed up in Sept 2017. It was great and we were happy and content. In July 2018 we received a phone call from Michael Darch of ASIC asking were we happy with our situation and did we know what we had entered into. Some 2-3 days later we had an email apologizing to us and hoping he had not upset us with his enquiry. May of 2019 the company was in administration and we along with 120 other older couples lost over $270,000...

Sterling New Life Mr Frydenberg Dear Sir This letter is to complain about the Department of ASIC. You allow them a budget of some $550 million dollars per annum. Do you feel you(we) are getting value for money? In their so-called mission statement, the final words read “to protect Australian investors and creditors”. You may by this time have heard of the slick marketing structure by Sterling New Life Company. with a further 12 other companies to move money around to cover their tracks from the tax Dept. This company was reported to ASIC in 2010 by the WA Consumers Affairs Dept. stating this company was suspect and the CEO and Directors were well known to have previously moved on the public with heavy losses to the investors. I therefore ask 1.Did the Director of ASIC know of the Ponzi scheme back in 2010? 2. What if anything did the Dept...

6th August 2019 Hon Scott Morrison MP   Prime Minister Parliament House, Canberra ACT 2600     STERLING NEW LIFE collapse   Dear Prime Minister I am following up from my previous letter to you concerning the loss of our monies of $110,000 plus and our retirement home due to the Sterling First collapse. We have previously sent mail and I might add had not one response from anyone including Yourself, Mr James Shipton, Mr Josh Frydenberg concerning the compensation we believe we are urgently due. As you are very aware of ASIC inaction in this fiasco and now after paying taxes for the last 55 years and being a loyal subject we have been left with nothing. We are effectively having to pay for accommodation just to have a roof over our heads. Even though these funds was paid in advance to maintain a roof over our heads. This is...

3 August 2019 The Hon Scott Morrison MP Prime Minister Parliament House CANBERRA ACT 2600 Compensation Sterling First Collapse and call for Royal Commission into the Australian Securities and Investment Commission   Dear Prime Minister I follow up my letter of July 13th concerning our loss of $254000 and our retirement accommodation due to the Sterling First collapse. It followed similar correspondence to ASIC chairman, Mr James Shipton, and the Federal Treasurer, the Hon. Josh Frydenberg concerning the compensation we believe we are urgently due. Our only direct response so far has been a letter from Treasury telling us to take our claim to the Australian Financial Complaints Authority (AFCA). However, we are advised that this would be a waste of time as a history of similar complaints reveals that, for the most part, such submissions are investigated, mined for data and then dismissed. The need is urgent as this money represents our carefully planned accommodation security,...

PRIME MINISTER OF AUSTRALIA. Hon.Scott Morrison MP Department of Prime Minister and Cabinet   Dear Mr Morrison. THE STERLING GROUP COLLAPSE and ASIC FIASCO. My challenge I put  to you , Prime Minister is to come to this place  that   is supposed to be my home, after all that is what I paid  my life savings for, to  have a safe dwelling  for  retirement. Come here with a knife and stick it in my back, that is virtually what these thieves and ASIC have done. It will be painful but quick, sounds horrific, but getting accustomed to horrific. At present we are in a slow, painful, stressful decline. Of course be prepared, All of Australia’s media will be here, you will not be able to hide behind smoke and mirrors, as you are now. I doubt you will come, because nobody wants to take responsibility. From the Sterling thieves, to the...

06/8/2019   PRIME MINISTER OF AUSTRALIA Hon. Scott Morrison MP Department of Prime Minister and Cabinet   Dear Mr Morrison, THE STERLING GROUP COLLAPSE and ASIC FIASCO: $28.6 Million Compensation. This is one of many letter sent to you regarding the Sterling group collapse and to my knowledge not one reply has been received. Do you really give a toss about the people you work for? Yes that’s right you work for us but at the moment I am not sure. Mr Prime Minister it looks like you are surrounded by some Ministers and Heads of Departments that could not lay straight in bed. Michael Sukkar told us on radio that an internal review into the Stirling affair was being held. What a blatant lie he only told us what we wanted to hear. Is it a pre requisite that you lie to the tax payers in your Government? I demand...

Dear Mr Prime Minister We are writing to you regarding the collapse of Sterling New Life in a failed Ponzi scheme. The perpetrators of this scheme have stolen $28.6 million from elderly pensioners in WA, Vic and Qld through no fault of their own .   If ASIC “the peoples watchdog’’ were doing the job they get paid to do this wouldn’t have happened .ASIC were well aware as far back as 2015 that there was something amiss with SNL and its dodgy directors .   Nothing was done about it even though cabinet has a monthly meeting with ASIC to discuss these matters. This is a gross misconduct of the elected government especially as our now PM was treasurer at the time to allow this company to continue along on their merry way ripping of people to the tune of millions of dollars for their own gain . There should...

4TH August 2019   PRIME MINISTER OF AUSTRALIA Hon. Scott Morrison MP Department of Prime Minister and Cabinet   Dear Prime Minister, This has been going on for so long, it’s beyond a joke! Something needs to be done NOW. The demand and urgency of the need for compensation, has reached critical status. There are so many elderly people left with NOTHING, including ourselves. The stress of it all is taking a huge impact on our health, and unfortunately most are in the same situation.     We have LOST all of our LIFE SAVINGS, relying on our family to be able to survive. At what point was it ok to let it get to this! If you had to rely on your children to survive, how would it make you feel??? It’s not GOOD ENOUGH that it is taking so long, meanwhile there are elderly people losing the battle of...

PRIME MINISTER OF AUSTRALIA  Hon. Scott Morrison MP Department of Prime Minister and Cabinet   THE STERLING GROUP COLLAPSE:  $28.6 Million Compensation ROYAL COMMISSION INTO THE Australian Securities and Investment Commission (“ASIC”) Dear Mr. Morrison, I wrote you a letter addressed to your self via registered mail on the 15th July 2019 I also wrote one to your right-hand man the treasurer Mr. Frydenberg on the 5th July 2019 Plus, the chairman of ASIC Mr. Shipton on the 25th June 2019 As of today, the 6th august2019 I have received one response a generated email from the treasury on the 26th July 2019 Prime Minister this response was not even worth the paper it was written just a generic piece of useless information But on the upside, I found a use for it It helped start my fire Prime Minister as I have limited funds now and cannot afford fire lighters...

 Mr. James SHIPTON  Chairman of Australian Securities & Investments Commission,  120 Collins St,  Melbourne VIC 3000     Dear Mr. Shipton Re my letter dated 25th June 2019 Sterling First Collapse First of all MR Shipton I would like to acknowledge your generated response to my letter one of the things I found very appalling was you stated in your generated letter this was a state issue am I correct? I would like to ask you this can you tell me what the following are state or federal?   • Centrelink: Landlords inability to seek rental assistance;   • Impact on the national economy re “Lease for Life” scams :  • ASIC negligence; Fake rescue offers from $2 companies;  • Liquidators accepting bogus offers:   • Dangerous Buyer Beware policies;   • ASIC permitting constant streams of companies to rise and fall :  • Corporation breaches by directors ; • Failure...

5th August 2019 PRIME MINISTER OF AUSTRALIA Hon. Scott Morrison MP Department of Prime Minister and Cabinet PO Box 6500 Canberra ACT 2600   THE STERLING GROUP COLLAPSE: $28.6 Million Compensation ROYAL COMMISSION INTO Australian Securities and Investment Commission (“ASIC”)   Dear Prime Minister This is our third letter to you in the hope you will assist us in this situation.   We are Australian citizens who have worked tirelessly for 50 years at creating our own financial independence to arrive at a point in our retirement to feel secure financially and emotionally, however we now find ourselves living below the poverty line, our life savings stolen by the Sterling Group. We were approached by Sterling Group at a time when our family home was in the process of being sold. Now, through the blatant negligence of ASIC failing to live up to the responsibility to protect the Australian Consumer we...

PRIME MINISTER OF AUSTRALIA Hon. Scott Morrison MP Department of Prime Minister and Cabinet      6th  August 2019   THE STERLING GROUP COLLAPSE: $28.6 Million Compensation ROYAL COMMISSION INTO The Australian Securities and Investment Commission (“ASIC”)   Dear Prime Minister, Over the last five weeks I have written to Mr. Shipton, then Mr. Frydenberg, yourself on the  15th July and Mr. Albanese last week. I have lost all faith in our Government’s politicians as so far I have heard nothing. Nothing, not even the courtesy of a note to say letter received will answer as soon as I can, just nothing. I am beginning to think the only time we hear anything from politicians is at election time when you need something, our vote. Well Mr Prime Minister we did our bit now it is time for you to do something for us. We have been robbed of all our...

6/8/19 Senator Mathias Cormann, I am writing to you as a fellow Western Australian and one of the 100 Sterling New Life Victims. Mr Cormann we need you to champion our cause to get back the $28.6 Million that was stolen from us by Sterling and the Jones gang. I, like the other 100, have lost all yes all of my money I invested with Sterling. That money was supposed to be in a TRUST account which Sterling advertised as being ASIC approved. We found out later it was not a trust account but a piggy bank for the Joneses and other Directors to draw money out. While all of this was going on ASIC where investigating or were they? A number of the Sterling tenants where visited by the ASIC investigators and told there was nothing to worry about as they were just checking to make sure things where above...

6/8/19 FEDERAL ATTORNEY GENERAL CHRISTIAN PORTER Senator Porter,   I am writing to you in hope that you will look into the Sterling First Fiasco. As a fellow Western Australian you are the one we look to in Canberra to fight for us and right the wrongs and help us regain our lost money. $28.6 Million has been stolen from us while your Government watch dogs ASIC was watching on doing nothing. If ASIC had jumped on Sterling and there Ponzi scheme back in 2015 when they knew about Stirling we would not have had to go through all of this heart ache. ASIC don’t seem to have any idea when it comes to Ponzi schemes. They run around trying to look like they are doing something when really they have no idea. I hope there is no collusion going on between ASIC and Sterling. Mr Porter I think there is...

Dear prime minster    Re the collapse of Stirling new life   This the fault of the government for allowing asic to fall asleep at the wheel   To allow retired people to be scammed and parting with there life savings    And now face financial ruin I am demanding two things    Demand a royal commission into asic    Demand compensation to be paid immediately to the retired people  ...

Prime Minister of Australia Hon. Scott Morrison MP   THE STERLING GROUP COLLAPSE: 28.6 Million Compensation ROYAL COMMISSION INTO the Australian Securities and Investment Commission (‘ASIC’)     Dear Prime Minister  (My second letter to you) On the 15th July I wrote to you airing my disgust at what’s happened to 101 Sterling life lease holders of the Sterling New Life Investment fund. I haven’t had one reply to letters I have scribed to YOUR Government. That’S NOT the Australian Government that I voted for who I thought stood for integrity. It is insulting not to receive replies to the written letter or don’t your departments think so! If you don’t believe me when I tell you pensioners are sick with worry here’s a few facts. I have said to goodbye to a lovely neighbour who passed and left his wife of 41 years to sort through this Ponzi scheme called...