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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 # 15

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

 

I would like to draw your attention to the debacle named Stirling New Life, (STIRLING NEW NIGHTMARE) comes to mind and would be more appropriate.

 In 2017, a time when I suffered 3 heart attacks, we decided to downsize and find a more secure home where we could spend our remaining years in comfort safe with the knowledge that if I died first my wife would be in a safe place, at ease and comfortable.

 We engaged several real estate agents to help us, however, the model shown to us by Stirling New Life where we were able to choose from a number of homes,  appealed to us because it allowed us to do a long term lease and retain our money in a trust fund which pooled with other lease holders paid all the rent and rates etc;

We didn’t go into this blindly, as we went to sales presentations, spoke to tenants who were already doing this as well as speaking to accountants and a lawyer, who said it looked safe.

 Within months I started to have a gut feeling that perhaps all was not as it seemed, but the agent Andy assured me they were not in the market to rip people off, rather to make them more comfortable in their twilight years.

Later on down the track, Andy visited us several times in Dec 2018, and revealed to us how the company, who along with the money from 2 Singaporean investors, were about to be listed in the stock market, this was to be done within weeks and we were in the right place at the right time. Indeed during in a conference call with Simon Bell we were urged to invest as it would surely change the lives of all our loved ones, their logic seemed very sound, and we bought another $75,000 of shares. Nothing ever came of this as within weeks Stirling New Life called in the Administrator, another ploy to cover their tracks I presume.

 My wife and I now face eviction, as the Liquidator will be forced to sell my home to cover creditors costs. This has put an unbearable strain on our life, sleepless nights, guilt, shame, how could I, at 78 years of age, have been conned by people that I had put my trust in, become friendly with, they should go to jail and the key chucked away. So I am now faced with the quandary of where to live, nightmares of how I am going to support us, instead of improving my wife and my well being and safety, we face living in the gutter.

 So why am I addressing you Mr Shipton? Well I guess it’s because you are the Chairman of the non functional ASIC, and this is where the buck stops.

In 2015 ASIC were alerted to the failure of the Stirling Group, along with previous company collapses that the directors had been involved with, and breaches of corporation Law.

ASIC has failed all consumers, especially older, more at risk consumers of these findings and delayed stop orders allowing, in particular, the elderly to be prayed upon by these known offenders.

 ASIC allows these con artists to register new companies and set up new Ponzi schemes. ASIC have evidence against these monsters of the Stirling Life Group, and still they are allowed to continue ruining lives.

ASIC appear to abstain from the fact they owe us a simple explanation on why they have failed miserably to do the job they were appointed for and why they have no sense of duty of care.

So Mr Shipton, I think you should take the gloves off and own up to ASIC’s criminal negligence and start taking a responsible attitude towards the people who have been ripped off by the said villains: Stirling.

This group of victims wouldn’t be facing any of this trauma if ASIC had acted accordingly instead of sitting on the evidence that would have prevented this latest round of treachery.

 So come down from your throne and show some remorse, reimburse the victims the $26 million they are seeking and take action against the spineless perpetrators and put them in jail.

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Guest Tuesday, 17 September 2019