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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: Angry Letters from Victims of Lazy ASIC re Sterling Collapse # 14

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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Dear Mr Shipton

 

Re: The Sterling Life Group collapse

 

I am writing to you to express my anger, disappointment pain and suffering that has been brought about by the collapse of the Sterling Group and the abysmal failure of ASIC to protect consumers and their hard-earned assets.

 

My husband and I paid for a 40-year Sterling New Life lease in October 2017 expecting to see out our remaining years in a very secure unit in Mandurah. We thought that this money was placed in a trust but now it appears that it was more of a Ponzi scheme. We also invested $75,000 in units in late 2018 which were supposedly going to be listed on the ASX within weeks. This never happened and again Ponzi scheme springs to mind. We have worked hard all our lives and just wanted to enjoy our retirement with a few simple pleasures like holidays, coffees and meals on the foreshore whilst still ensuring that we had something to leave our children.

 

Can you even imagine the amount of stress and anguish that we are going through at the moment? All our money is gone, disappeared, and we face the very real prospect of being homeless in the near future. This is an intolerable situation for us and the many other vulnerable seniors who have been left in this position through no fault of our own.

 

We both have our share of health problems and the worry and stress that we are going through does nothing to alleviate those. Then there is the sleeplessness, because problems always seem worse at night, which in turn leads to bad temperedness and irritability during the day. Where is the enjoyment in life, this is not the way that I wanted to live in retirement!

 

I cannot bear the thought of having to pack our belongings up and move into another rental property only to be at the whim of the landlord at the end of the lease period when he wants to raise the rent or even sell the property and we have to do it all again.

 

ASIC has failed in so many areas of this debacle and I demand that it takes responsibility for its own criminal negligence.

 

ASIC has known for a number of years that there were problems with Sterling’s products and that some of the key players had been involved in other white-collar crime sprees and corporate collapses. There were many breaches under both State and Federal Law but nothing was done to protect consumers. I agree with Denise Brailey who states that your organisation is nothing more than a glorified librarian with a massive budget.

 

I believe ASIC were wilfully negligent by not acting upon this information, which would have had the potential to prevent massive financial loss and ruin, and allowing people like us to be preyed upon by known offenders.

 

My money, security and lifestyle have been stolen from me and at this time in my life I have no opportunity to recoup so I am requesting ASIC, because of its own failures and wilful negligence,

to find a speedy resolution and repay the $26million lost to me and the other most vulnerable people of our community.

 

 

 

Yours sincerely

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Guest Tuesday, 17 September 2019