BFCSA Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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07 August 2019 Hon. Michael Sukkar MP Assistant Treasurer & Minister for Housing House of Representatives, Parliament House CANBERRA  ACT  2600    Dear Mr Sukkar   ASIC’s  "Supposed"  Investigation into Sterling Group Collapse   On a recent interview with Gareth Parker at 6PR radio on 21 June, you assured the public listeners that, and I quote:   1.      “ASIC is ploughing huge resources and I have emphasised the urgency of this – huge resources in their investigation to try and determine:  Firstly, if and what rules and laws have been broken and what action can be taken against those that may have done that… It’s very important from a legal perspective that ASIC dots the ‘i’s and crosses the ‘t’s…. 2.      It became apparent that there wasn’t great communication from ASIC and in their defence they are head down/tail up actually conducting the investigation but I emphasised to them the importance of communicating what they are doing...
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7th August 2019   The Hon Mathias Cormann Dear Senator Cormann My wife and I have been caught up in the Sterling Newlife disaster.    Australia is a very generous nation helping many other countries in their moment of need.  Australia gives $4 billion dollars a year in aid to help other countries.  Mr Cormann I am writing to ask your assistance to help a group of Australian retirees who have lost their entire life savings in a rent for life scheme.  No doubt you have been briefed on the details but have you been briefed on ASIC's role in this debacle? ASIC was warned many times with regard to the perils of this scheme.  One of the early warnings was by the WA Dept of consumer affairs and ASIC did nothing to warn retirees of the perils.  ASIC sat on their hands and watched as hundreds of retirees were fleeced...
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06/8/2019 SENATOR MATHIAS CORMANN PO Box 6100 Senate Parliament House Canberra. ACT 2600 THE STERLING LIFE FIASCO.   I am writing to you in hope you may be the one to bring about a change of fortune to the victims of this fraud, because to date no one has taken the responsibility to help the innocent, and pursue the criminals. There is total neglect   from parliament, ministers and departments. Not to mention ASIC who take the cake ‘hands down ‘for neglect and failure on all fronts, not under achiever’s but non achievers. Assisting the unscrupulous operators to go free range with their scams to fleece people of their money, all the while all those corrupt operators of Sterling New Life playing with our money and ASIC assisting them to do so. To busy rotating in their plush leather chairs. The media, the community. And ‘Blind Freddy ‘can see the corruption and...
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6/8/19 FEDERAL ATTORNEY GENERAL CHRISTIAN PORTER   SENATOR PORTER, To introduce myself briefly, pre this fiasco, I was a happy person. A Ringo Starr fan and his mantra, peace and love, and Lennon with Imagine. I thought I lived in the best state, for landscape, lifestyle and people. From the wrong doing of others, part of me has changed forever, I have lost faith and trust in mankind. What scum of the earth would look you in the face, lie and then steal from you? From the onset,  being swindled out of  my retirement savings, by a corrupt company,  who are still enjoying  the fruits of their labour, by spending my money, and have taken away my opportunity to live in the residence I  was to call home  for the time I am alive. CAN NO ONE IN GOVERNMENT SEE ANYTHING WRONG WITH THIS? No one, not one of you has...
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6 August 2019  PRIME MINISTER OF AUSTRALIA   Hon. Scott Morrison MP Department of Prime Minister & Cabinet   Dear Mr Morrison  THE STERLING GROUP COLLAPSE and ASIC FIASCO    You have received many letters regarding ASIC’s negligence and fallout from the Sterling Group collapse which has destroyed the lives and financial security of many Australian retirees, including myself.  YOU and your Party have chosen to ignore the many desperate pleas for help and compensation, so I will get straight to the point, Mr Morrison!    I hold YOU personally responsible and AS MUCH TO BLAME AS ASIC for the heartbreaking and vulnerable position we are left in. YOU are not fit to be the Prime Minister of Australia because you don’t hold your Federal Departments accountable for their ignorance, failures and NEGLIGENCE. YOU allow white collar crime to run rampant in Australia and YOU don’t give a toss about the the impact...
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To whom ever Federal Politician reads this letter,                                                       I am writing this on behalf of all the retirees and Pensioners who were in the Sterling life Fiasco which went in to  Administration 2 months ago . now these dodgy companies are falling into LIQ because all our savings have been stolen.  ASIC KNEW of the danger in 2015. You will all be aware of this by now.  You will know we have lost our life savings and also our homes due to the moneys we paid has now been stolen by Sterling group of companies. NOW, picture that these people are yourselves and you are now experiencing the feelings off such a terrible life changing, traumatic event, you are suffering cancer, are in a wheelchair, have heart issues, not many years left on this earth. One has already passed away, you don't know what to do or where to go....
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7rd August 2019 Mr. Ian Goodenough MP
 Member for Moore Chairman of Parliamentary Joint Committee on Human Rights House of Representatives - Parliament House Canberra   Dear Mr. Goodenough, Re:        THE STERLING GROUP OF COMPANIES COLLAPSE   There are over 100 victims of the Collapse in the Perth Metropolitan area.   My Landlord has now served me with a Form 17 “Notice to Tenant of Proposed Recover of Premises by Person with Superior Title”. Lodged with the Supreme Court of Western Australia. I have contacted WA Consumer Protection, who are doing all they can to assist me. For an age pensioner this whole situation is overwhelming.   I have also written to Mr. Shipton, the chairman of ASIC, the Prime Minister (twice), and tothe Hon. Josh Frydenburg MP.   I hold ASIC liable for the position I am in and my loss of $285,000, by allowing the Sterling Group of Companies...
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"Andrew Hastie - Fighting for You!"....... is as good as ASIC saying they are the Consumer Protector! Just got off the phone to Hastie’s office. Never in all my life have I listened to so much bullshit in such a short space of time.   Hastie’s office   “so glad you called Mr Hastie has just written to the Minister for Social Services to try and get some answers on the Centrelink issues” Me                         “ good , so can we set a time to meet with Mr Hastie and he can tell us what he has found out?” Office                    “ we can’t do that until we get a reply from the Minister” Me                         “so you are refusing a meeting? Office                    “Not at all , Mr Hastie has received a lot of calls about this and is across the matter and is very concerned” Me                         “how long will it take to get...
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Andrew Hastie MP Federal Member for Canning PO Box 968 Mandurah WA 6210   Dear Mr Hastie   The Sterling Group Collapse and ASIC Fiasco: $28.6 Million Compensation   I am following up on my email and letter dated 14th July 2019. I do not want to be fobbed off with a reply from an assistant. It is time to man up, stand up for us and fight for us. Do you remember this from your first speech in Parliament:   “I have been taught how to identify a problem, create a solution and then work closely with others to get things done. I have not been afraid to ruffle feathers when needed and I am no stranger to accepting responsibility”   We need an immediate solution to the problem of over 100 elderly retirees who have lost their life savings and potentially losing the roof over their heads through no...
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Letter to Porter, Cormann, Di Natale, Katter, Hanson, Lambie  and any one else I think of   THE STERLING GROUP COLLAPSE: $28.6 Million Compensation ROYAL COMMISSION INTO The Australian Securities and Investment Commission Dear Mr Porter MY husband and myself are victims of the Sterling Group collapse along with 100 other tenants, landlords and investors. Most of these are in Western Australia but there are others in Victoria and Queensland too. I am appealing to you for your help in securing $28.6 million in compensation for these people who have lost their life savings and potentially face the prospect of being evicted from their homes. Many are in very poor health and the stress of this situation is unbearable. We did our due diligence before we entered into the Life Lease and nothing seemed amiss. This was where we were going to live peacefully in retirement. Little did we know that...
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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   Firstly, I am requesting $28.6 million in compensation from ASIC or the Treasury for the victims of the Sterling Group. I previously wrote to you on 14th July concerning the dreadful situation that myself and over 100 other Life Leases tenants find themselves in. Decent, hard working individuals who paid their taxes, served their country and had a go at shaping Australia into the great country it is today. Where is the FAIR GO for us?   Landlords, as well as Tenants, in WA, VIC and QLD are suffering in this situation and the intention to deceive can be found in every aspect of Sterling’s operations. Rents were inflated and no risks were explained to anyone; this is a...
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  7 August 2016   Dear Mr Cormann, I am one of the many Retirees caught up in the Sterling New Life debacle which has left us with all our money stolen by the people who set the company up and by using our hard earned funds lost it all with very bad management. This is a very stressful thing to deal with especially when we are of an age that we have done our bit for Australia and invested our hard earned money with the expectancy of a secure future with a 40 year lease.  In my eyes this is criminal and fraudulent behaviour and those involved be dealt with accordingly. We are demanding $28.6 million be paid to us all asap.  Next week would be good Many of the Retirees are battling with ill health and two of us have both lost our Husbands this year.   As if that...
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7th August 2019  The Hon Mathias Cormann MP   Minister for Finance   The Sterling Newlife Debacle   Dear Sir  I have no doubt you have been briefed on the Sterling debacle, so I will not go into details here, however I would like to put forward a number of points    Australians are very generous people, we are very quick to help other countries in time of disasters.  We also give generously to other countries in the form of monetary aid, examples of this is Indonesia $300 million per year, Palestinians $43million a year (despite the fact they want to kill us).   In fact Australia will spend over $4 billion dollars this year on overseas aid.    I do not object to this as we are a wealthy country, however I do object to your helping others to the detriment of our own people   One group of people who need...
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4th August 2019, PRIME MINISTER OF AUSTRALIA THE STERLING GROUP COLLAPSE: $28.6 Million Compensation ROYAL COMMISSION INTO The Australian Securities and Investment Commission (“ASIC”) Dear Prime Minister, As Parliament closes once again, Mr Frydenberg has written an inappropriate response to the victims of Sterling collapse. He is falsely and mischievously claiming the Sterling collapse is a State issue. The long list of Federal issues re-recorded on page 2 and 3 of this letter. Secondly, he is suggesting the Ponzi structure is a civil matter, when clearly, the deception involved is a highly recognisable criminal matter. The Treasurer has been gravely misinformed, to the detriment of the aggrieved consumers. Statements made by the Treasurer in public are inconsistent with active Consumer Protection. It matters not whether the Treasury or ASIC pay the $28.6 million compensation we seek. Yet these payments must be made within weeks, not months. Two hundred elderly people need...
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SENATOR MATHIAS CORMANN  Dear Mr. Cormann,    RE:          URGENT COMPENSATION FOR VICTIMS OF STERLING FIRST GROUP COLLAPSE                 ROYAL COMMISSION into ASIC    I am writing to you in hope that someone in government takes the above case seriously. We are after all Australian citizens and you, as government, work on our behalf and for our good.  I have written letters to ASIC, the Treasurer, the Prime Minister, all posted 6 weeks ago, but no replies! My story in short: In 2016 I invested all I could borrow against my almost fully paid off house in Sterling First , an Australian company that supposed to provide services for Australian people– I did my due diligence and went through all of the provided documents. Their Information Memorandum stated that company was expanding rapidly, was innovative, with promising future, with a great cause of providing so needed affordable accommodation to retirees, and where...
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THE PRIME MINISTER, HON SCOTT MORRISON Parliament House, CANBERRA A.C.T. ROYAL COMMISSION INTO AUSTRALIAN SECURITIES AND INVESTMENT COMMISSION Dear Prime Minister, I am sure you have been briefed by numerous public servants and the ASIC  department about the Sterling New Life collapse and subsequent grand theft, indeed I wrote to you several weeks ago about the need for the urgent recovery of $140,000 that I put into this scheme which has to be returned to me by way of compensation from your government. In all a total of $28.6 million and counting, involving over 800 retirees and pensioners in W.A. Vic and Qld. I hear your second in command Mr Josh Frydenberg is suggesting all sorts of things like it is a State matter not a Federal issue, and how can he when a Ponzi Scheme which is clearly what this is makes it Grand Theft and thus covered by the...
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  I AM VERY VERY ANGRY and DISGUSTED with ASIC and our MP Mr Hastie:  THIS IS CRIMINAL NEGLIGENCE not Civil. Andrew then said its a State Issue - wrong again Andrew - organised Crime is a FEDERAL ISSUE. We are in the Autumn of our lives.   We thought that we had our forever home. We trust people to be honest. We don't think someone would lie And take our life savings. WELL IT HAS HAPPENED.........STERLING FIRST PROMISED EVERYTHING GAVE NOTHING AND STOLE EVERYTHING.   We are not the only ones who have been ripped off.     I will talk about us, but this includes 100's of people.    Pensioners and retirees ;  We have all worked....   Paid taxes.   Had families.     We went into a life lease situation for 40 years.      Sterling First took our money that was supposed to go into a TRUST FUND....... What a Joke...
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Dear Mr L’Estrange   I believe you know my uncle, Graeme through church connections.  He asked me to forward this email to you which I have sent to Liza Harvey.  My father, Graeme’s older brother, is one of the victims of this Sterling First collapse and has lost over $200,000 plus the uncertainty as to the lease arrangements and possibility of being evicted from his residence in Southern River, and I am sure you must be very aware of all affected retirees’ plight from recent media reporting.  I am sending you this same email in hope that you and Liza may be able to flex your muscles and have a strong influence on getting a speedy resolution by way of compensation to all who have lost their life savings and/or investments, or rental income via ASIC, who were clearly negligent in allowing these past criminals to register new businesses.     I...
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Hon. Lisa Harvey MP Leader of State Opposition of Western Australia Dear Mrs Harvey   I am emailing you on behalf of the victims, my father is one of these victims, of this heinous crime known as Sterling First, the perpetrators of whom were past known criminals from previous collapses (Westpoint) where millions of dollars from everyday Australian investors disappeared.  It seems that the government body, ASIC, who are supposed to be monitoring illegal financial practices, are completely incompetent and allowed these criminals to register and set up the subsequent scheme under the guise of ‘looking after retirees’ interests’.     The following is a quote from Sterling First’s Information Memorandum (IM) 2017:  “The Company believes its key strengths include:  • Exposure to secular growth in older Australians’ demand for affordable housing  • Innovative and proven solution to retirement living within the wider community  • Recurring and reliable cash flow from property and...
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13 July 2019     Prime Minister of Australia Hon. Scott Morrison MP Department of Prime Minister and Cabinet P O Box 6500 CANBERRA  ACT  2600   Dear Mr Morrison Re: Sterling New Life’s Disgraceful Collapse and ASIC’s Neglect on Behalf of Australian Consumers “I have always believed in miracles!  How good is Australia and how good are Australians?  This is the best country in the world in which to live and it’s those Australians we have been working for the last 5 ½ years…..  It has been those Australians who have worked hard every day; they have their dreams, they have their aspirations to get a job, to get an apprenticeship, to start a business, to meet someone amazing, to start a family, to buy a home, to work hard and provide the best you can for your kids!  TO SAVE FOR YOUR RETIREMENT AND TO ENSURE THAT WHEN YOU...
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