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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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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Dear Prime Minister Mr Scott Morrison  Re:    Collapse of the Sterling Group    Mr Prime Minister, I am sure that by now you are aware of the collapse of the Sterling group that has left 101 elderly citizens destitute and devastated with the loss of their life saving and homes following the complete and total neglect of ASIC.   ASIC became aware of the problems with this lease for life scheme in 2015 and apart from making  telephone calls to a few residents and knocking on their doors to ask if they were happy with the arrangement, they (ASIC) did nothing to stop this scheme.  If they had done their job originally when there was approx 6-12 tenants only invested then we the now 101 tenants would not be in the position we are today.   We worked hard for our whole lives to secure our retirement and when this scheme...
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5th July 2019 The Federal Treasurer Hon. Josh Frydenberg MP P O Box 6022      Canberra ACT 2600 House of Representatives: Parliament House   Dear Mr Frydenberg, I write to you with regards to the Sterling New Life debacle and the way it has affected not just myself but many others.  I constantly hear the word transparency banded about with regards to Government dealings yet in the case of Sterling New life that was definitely not the case from the toothless and inept department of ASIC. ASIC knew of the likelihood of failure of The Sterling Group as early as 2015. ASIC databases would have alerted investigators to previous company collapses and breaches of the Corporation Law.   ASIC failed to take appropriate action in 2007 and again in 2015. ASIC failed to protect vulnerable and older consumers by issuing early vital warnings of catastrophic financial loss and by delaying stop orders....
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10th July 2019 The Federal Treasurer Hon. Josh Frydenberg MP Po Box 6022      Canberra ACT 2600. House of Representatives: Parliament House   Dear Mr Frydenberg, Criminal Neglect by the Australian Securities and Investment Commission Substandard Consumer Protection My wife and I are among the 300 retirees who have become victims of the recent collapse of STERLING GROUP. We have suffered the loss of our life savings. With our assets stolen we now face financial ruin as a result of ASIC failing to alert vulnerable retirees by posting on social media and newspapers of potential scam/fraud. This disaster has ripped our world apart. The stress and anxiety of this situation is extremely detrimental to my wife’s health condition Systemic Lupus Erythematosus.  It really concerns me that we do not now have the financial means to ensure her health condition is managed. Her ongoing Specialist Rheumatologist, Doctor appointments and necessary medications required...
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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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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...
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10.7.2019 PRIME MINISTER OF AUSTRALIA Hon. Scott Morrison MP Department of Prime Minister and Cabinet PO Box 6500 Canberra ACT 2600  Ref: Sterling Group Debacle   Dear Prime Minister,   I write to you regarding the disgusting dereliction of duty by ASIC that has resulted in the Sterling New Life debacle.  Once again, the elderly have been targeted yet again by these white collar criminals and ASIC who were well aware of what was happening did nothing.  During your time as Treasurer you would surely have been notified of another scheme to cheat people being uncovered in Australia yet nothing was done to stop it happening.  Many people have lost their life savings and for many of us it feels as if we have lost our lives.  If you were not made aware by ASIC it is another example of them not doing their job.  The department should be grabbed by the...
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dear prime minster   I am a victim of sterling new life I have lost every thing I own I cannot believe that asic has allowed this to happen these two people ryan jones ray jones to trade they where well none to asic and had done this some years prior this has caused major chaos in the lives of retirees this has caused many of these poor souls to be hospitalized and doctors visits for stress related issues the 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 and not carry  with life I am stressed to the limit my self asic should be made accountable for this and do the right thing and compensate all these poor unfortunate souls im sure if it was your parents prime minster you would be up...
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15th 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: The collapse of the Sterling Life Group by inaction of ASIC.  "Treasurer Scott Morrison told Ross Greenwood financial service companies effectively played ASIC because they weren’t fearful of the consequences."   It appears Mr Morrison that STERLING LIFE GROUP WAS ALSO NOT FEARFUL OF THE CONSEQUENCES.  My wife and I are one of the now hundreds of people that have lost their life savings and the security we had having a roof over our heads for the rest of our lives. This is something you Mr Morrison will never have to experience or have any idea of the stress and pain we have to go through, as Pollies Pensions will allow you to live in comfort and securely. Why are we in this position, because...
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  PRIME MINISTER OF AUSTRALIA Hon. Scott Morrison MP Department of Prime Minister & Cabinet PO Box 6500  CANBERRA ACT 2000   Dear Mr Morrison   THE STERLING GROUP COLLAPSE and ASIC FIASCO: $36 Million Compensation   I write to you Mr Morrison to inform you that I am one of the pensioners caught up in the collapse of the Sterling Group.   This is the SECOND TIME ASIC’s NEGLIGENCE  has impacted heavily and devastatingly on my life. The first time was only a few short years ago during a dispute with a major bank over their lending practices which led to the Hayne Royal Commission into Banking and Finance. That dispute lasted several years and caused untold stress and misery to myself along with thousands of other Australian pensioners, some of whom are still fighting for compensation from the banks. It was during those years that I became aware of BFCSA...
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