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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Recent blog posts
THE JONES GANG:  Like Father like Sons.  Aided by cast of characters all WELL KNOWN TO ASIC for up to 20 years Stolen millions and each company collapsed............. The Liquidators' Goldmine   ASIC CHAIRMEN must be charged with CRIMINAL NEGLIGENCE and the Regulator dismantled immediately My wife and I first heard of Stirling New Life through an advert placed in West Australian newspaper .We contacted them and had a meeting in our home with Mark McKeown and from there had a viewing with Laurie Ferris at 4A Wayside Crt Ravenswood.  We were told by Laurie that any monies we paid would go into a trust fund run by Perpetual Trustees which appealed to us very much. I had only just retired and my wife was on Newstart (and still is ). We have since been told Mr Ferris and Mr Bell were well known to ASIC 18 years ago re these...
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The Hon Scott Morrison MP Prime Minister Parliament House CANBERRA ACT 2600 https://www.pm.gov.au/ July 20, 2019 Rank Misrepresentation in Aged People’s Accommodation Promotion: An Appeal for Restitution Dear Mr. Morrison, I am writing out of concern for the hundreds of retired people who have been defrauded by the actions of Sterling New Life and its parent company Sterling First (Aust) Limited of 19 Lyall Street, South Perth, WA 6151, which is now in Administration with over $20 million of investors’ money missing. Founded in 2011, Sterling First combined “the two disciplines of property and funds management … and pioneered a range of both investment and housing opportunities to suit a variety of different lifestyles and financial standings” (from Sterling First website). Sterling First described the product it marketed to the public, Sterling New Life (SNL), as “an alternative to traditional downsizing options which would result in real cash being freed up...
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16th July 2019  PRIME MINISTER OF AUSTRALIA Hon. Scott Morrison Department of Prime Minister and Cabinet PO Box 6500  Canberra ACT 2600   Dear Prime Minister, Mr Morrison   The Sterling Group Collapse and ASIC Fiasco: $36 Million compensation    My husband and I are victims of the Sterling Group Collapse and ASIC Negligence.   In February 2018 we invested $158.000 being all of our savings into Sterling New Life's.40 year lease plan through Silverlink Investments.   We wish to express our absolute disgust at ASIC who as the Federal Regulator failed us dismally. Had they done their job properly and taken appropriate action when they were first made aware of this scam, none of us would be involved in this shameful debacle.  We have been honest, hardworking and law-abiding Australian citizens and this venture was to set us up for our twilight years, to enable us to live safely and independently....
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PRIME MINISTER OF AUSTRALIA Hon. Scott Morrison MP Department of Prime Minister and Cabinet P O Box 6500 Canberra ACT 2600   Dear Mr Morrison, I am a 70 yr old pensioner, who invested the last of my superannuation ($4000) in shares of Sterling Group. 18 months ago, I had to return to part time work to make ends meet. March of this year I was in financial difficulties and contacted Brian Ruzich at Stirling Income Trust told him of my difficulties and said I needed to take my investment out. Mr Ruzich told me I would be better off to wait as the company was going on the share market in May. Regrettably I followed his advice and in May was informed the company had collapsed. I now have trouble sleeping at night due to financial worries, this is affecting my efficiency at work which then causes more concern and...
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Regulators 'not awake' as banks behaved 'appallingly': Costello By business reporter Stephen Letts Updated 29 Aug 2018, 1:23pm Former federal treasurer Peter Costello has issued a scathing critique of Australia's corporate regulators, saying they were "not awake at the wheel" as the big banks behaved appallingly. Key points: Former treasurer Peter Costello says bank regulators were not awake at the wheel Tighter credit, more expensive financial advice and less profitable banks were the likely royal commission outcomes Banks expected to recoup rising offshore funding costs with out-of-cycle rate rises expected   Mr Costello said the bank royal commission would probably mean tougher regulation and lower profitability for the bank sector, but he saved his biggest serve for the likes of the Australian Securities and Investments Commission (ASIC) which reported to him in his days as treasurer. Mr Costello said evidence presented at the banking royal commission made it clear that some of the...
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Dear Mr Morrison   Stirling Group Collapse  This is an SOS from my wife and myself who, along with many others, have had their lives and independence destroyed by the Sterling Group collapse, aided and abetted by ASIC. The regulator callously chose to let the Sterling Group carry on for many years with their fleecing of seniors and other innocent people of their life savings, without doing what they are supposed to as corporate regulators and bring these types of businesses to justice. ASIC failed to warn the public of their findings with regards to Sterling New Life and let these criminals thrive like the plague. So ASIC, coining a phrase, turned  a blind eye, as they just let the same “cast of characters” continue setting up under an umbrella of companies to eat away at more and more unsuspecting buyers. This is criminal at the very least. So, to put...
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Dear Mr Morrison,   Re: The Sterling Group collapse and ASIC Fiasco: $36 Million Compensation   I am writing to you on behalf of my mother who has been one of the pensioners caught up in the collapse of the Sterling Group and lost $244,000 of her life savings due to the total negligence of ASIC in not warning consumers when they knew of the likelihood of company failure and breaches of Corporation Law back in 2015.  ASIC has failed to protect vulnerable consumers like my mother and the 100’s of other pensioners caught up in this fiasco.   Consumer Protection in Australia has been totally neglected and is in utter chaos and vulnerable consumers are the biggest target to the white collar criminals that have stolen my mother’s money that she has worked so hard for all her life.  She now faces a future of hardship and reliance on her...
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The Hon Prime Minister,  Hon Mr Scott Morrison MP,  Parliament House  CANBERRA, ACT 2600.    The Total failure of ASIC to prevent the Robbery of Life Savings from Vulnerable Pensioners and Retirees when the collapse and Receivership of The Sterling New Life Company and Associates occurred.    Sir, first let me congratulate you on your ascension to the Prime Ministership of this wonderful country of ours.  Earlier, when you were Treasurer, you would have had regular meetings with ASIC representatives to check on the actions of that authority, as will the new Treasurer, the Hon Josh Frydenberg or his current representatives.     Both of you seem to have had a breakdown in this communication, as ASIC DOES NOTHING to protect the vulnerable in our society from the depredations of PONZI scheme rip-off merchants who have stolen the life savings of the vulnerable.    ASIC’s only protection appears to be to call out ‘Caveat Emptor" to...
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Dear Prime Minster   I am a victim of Sterling NO Life.  I have lost everything I own I cannot believe that ASIC has allowed this to happen. No Australian deserves a neglectful and criminal regulator like ASIC. We are demanding $36 million in 5 weeks before we are thrown out of our homes. DO NOT MAKE US BEG.  These two people Jones and Son were free to trade in Ponzi businesses and well known to ASIC and had done this some years prior  This has caused major chaos in the live’s of retirees and white-collar criminals have caused many of these poor souls to be hospitalized and Doctor’s visits for stress related issues. We are united and all of us are suffering.   Your Government must act fast to resolve this major problem within the retirees who are stressed to the limit and some have threatened to end it all...
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PRIME MINISTER OF AUSTRALIA  Hon. Scott Morrison MP Department of Prime Minister and Cabinet  P O Box 6500  Canberra ACT 2600 Dear Mr. Morrison,  THE STERLING GROUP COLLAPSE and ASIC FIASCO: $36 Million Compensation Elderly Residents have again been tricked into selling their homes and paying $300,000 up front to Sterling Group for a forty-year rental style lease. Stressed people are currently facing immediate eviction and being threatened by heavily conflicted property managers. The Australian Securities and Investment Commission (“ASIC”) is totally responsible for this unacceptable situation. Does this trigger your memory? Well Prime minister my wife and  I are  two of many affected by this whole thing Back in April 2015 my wife and I were invited to look into this wonderful scheme to be able to live rent free yes RENT FREE not an investment. So after getting other opinions we decided it was for us. We proceeded to sell...
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Dear Mr Morrison , I am writing to you in regards to the letter forwarded to you from Denise Brailey in regards to the collapse of the Sterling First group of companies . My wife and I are Also victims of this unscrupulous group of people who have taken everything we had along with our pride and our well being .This group of people were known to ASIC from previous shady dealings but chose to ignore the fact . ASIC were warned about them and still did nothing , you , Mr.Morrison were Treasurer at this time(2015) and held monthly meetings with ASIC but still nothing came to light which to me shows a great length of inadequacy of all concerned .Another point I would like to make is why haven’t these miscreants been bought to justice , they are probably sitting away somewhere enjoying the good life while we struggle...
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PRIME MINISTER OF AUSTRALIA Hon. Scott Morrison MP Department of Prime Minister and Cabinet P O Box 6500 Canberra ACT 2600 Dear Mr Morrison,: We are victims of Sterling New Life, and we are devastated and trying to come to terms with knowing that we have lost absolutely EVERYTHING we have spent years working for. The outcome of all of this has caused massive chaos in our lives, the stress has been one that we are only just managing, and it doesn’t stop with myself and my wife it has been passed on to my children, who have families of their own too. To say we are worried is an understatement. There are so many retirees that have been affected to the extent of hospitalization, or doctors visiting frequently because of stress related issues. We are talking about neighbors, who are in the same position as us. I’m sure if this...
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13th July 2019 Prime Minister Of Australia   Hon Scott Morrison MP Department of the Prime Minister and Cabinet PO Box 6500     Canberra         ACT    2600     Dear Mr Morrison,  Re:  The Sterling Group Collapse & ASIC Fiasco.   I have already written to you about the above fiasco but since finding out further disgusting  and diabolical things that ASIC have done I felt empowered to write again, this time a lot more angry than my previous letter.   The fact that ASIC were knowingly made aware of the cast of characters involved with the Sterling Group going back to the 90s and were time and time again warned about this scheme and yet they still failed to do their job to protect innocent victims of these fraudulent activities is totally unacceptable   The abhorrent apathy and condescending attitude that ASIC has shown towards us THE AUSTRALIAN PEOPLE left in...
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Dear Prime Minister, I am perplexed why as the Prime Minister you have failed to contact our campaigner and convener of our group Ms Denise Brailey who is championing our cause for the recovery of over $36 million of our retirement funds stolen from us by Ray and Ryan Jones of Stirling New Life. You seem to be an invisible man, not a murmur, from you, your ASIC Chairman, nor your Treasurer. White Collar Crime is a national crisis, peoples lives are at stake, these are dire circumstances sir, you must respond and take immediate action. Our monies that were stolen from us, and we older people in communities across this country will be out on the streets, or even worse, dead, leaving their partner to struggle on by themselves.  ASIC FAILED TO TAKE ACTION. Now the Government have to order ASIC TO PAY UP the $36 million that has been...
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Dear Prime Minister,  Mr Morrison   The Sterling Group Collapse and ASIC Fiasco: $36 Million Compensation   My husband and I find ourselves in a devastating situation with all our money stolen and facing the very real threat of eviction from the home we chose to spend our remaining days in. We paid upfront for a life lease with Sterling New Life after consulting a financial advisor and our accountant. We were told our money was to be held in a trust, was safe and would be paid back if we moved out or died. This was all LIES. The “Trust” was just a word and the money was used within the Sterling group in a Ponzi like scheme. We also purchased units which were apparently going to be listed within weeks on the ASX. This was again LIES, completely untrue in both action and intent. We are both retired and...
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16th July 2019 The Prime Minister Of Australia Hon. Scott Morrison MP Department Of Prime Minister and Cabinet PO Box 8500   Canberra ACT 2600       The collapse of Sterling Life Group – Failure of ASIC to warn potential clients of the likelihood of failure.  Dear Mr Morrison MP   Further to the support and correspondence from Denise Brailey – President of BFCSA (Inc) Banking and Finance Consumers Support Association, and the inaction and no acknowledgement from 1) ASIC – Mr James Shipton and 2) Federal Treasurer – Josh Frydenberg. I wish to explain my situation, I and 100 extra retirees and pensioners face, and the events leading up to my accepting a property with Sterling Life lease.  The pain and struggle is real.  We are not numbers but real people who have lost their life savings, and potentially the roof over our heads, through no fault of our own....
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15.07.2019 The Hon Scott Morrison MP   Prime Minister Parliament House Canberra ACT 2600   THE STERLING GROUP COLLAPSE $36MIL STOLEN FROM ELDERLY PENSIONERS LANDLORDS AND INVESTORS   Dear Mr Morrison PLEASE step up to the plate and help us. We elected your Government to be strong and be there for ALL Australians yes ALL Australians. Pensioners have contributed to this country they have gone without for years to contribute to this wonderful country to call Australia their home. We have worked for 50 years paid our taxes. Bought up children with values and respect for their fellow man/woman. We voted for leadership, someone who will lead this country and protect all.  This said and done what did we get back in return. A business who purported to have ASICs full support in helping retirees. This was absolutely NOT their agenda. I have never understood why a watchdog could know about...
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The Prime Minister of Australia Hon Scott Morrison MP Dept of Prime Minister & Cabinet PO Box 6500 Canberra ACT 2000   Dear Sir The Sterling Newlife debacle has claimed myself and my wife as victims. During our working life we did not have the luxury of superannuation so depended on the value of our home to give us some comfort in our twilight years,  Thanks to ASIC's ineptitude we lost $240,000 and will be paying rent for the rest of our lives out of the pension, so instead of a comfortable life it will now be one of misery.  We urge you Sir to look into ASIC's failure and compensate us for our loss.  Its appears we have all lost approx $36 million and we need to know this will be paid as urgently as possible Yours sincerely  ...
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15th July 2019 The Prime Minister of Australia The Hon Scott Morrison MP Dept of Prime Minister & Cabinet PO Box 6500 Canberra ACT 2000   Dear Mr Morrison my wife & I are victims of the Sterling Life fiasco and lost $145.000.  I will not go into the detail here, as I am sure you will be well briefed on the matter.  What I wish to do is convey to you what a devastating effect it has had on us and many other families, due to the incompetence of ASIC.  It is well documented ASIC was aware of the problem either on or before 2015 and did not make these problems public, if they had done so this problem would not have occurred. Critics say "buyer beware" and "do your homework" what nonsense.  However I did my homework, as I do not part with $145,000 lightly.  I searched all I...
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To Prime Minister Morrison   My Husband and myself invested our money into Sterling New Life for security and assurance and a 40 yr lease.  At the time of signing in October 2017, we signed up with them for an eazy-move contract which assured us that we could move into this house when our previous house was sold. We moved here on 31st January 2018 but in November last year my Husband was diagnosed with Cancer. He passed away in April this year and then on top of that, I got  the bombshell that SNL was going into liquidation.  I was totally shocked and appalled that at 78yrs of age, I was going to lose all my money and not only that, to have to exist on a single pension! Why is it that ASIC has sat back and done stuff all to help, not only me but all the other...
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