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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 # 29

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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Dear Mrs James Shipton

 

Re:      Sterling First

 

I am not a victim of the Sterling first collapse and have no relatives or close friends affected by this.  However, I have listened to the stories on the radio and watched news and current affairs programs on television to understand the plight of those affected by this situation.

 

The failure of this company has caused and will continue to cause, significant hardship to hundreds of families.  These people were not in this scheme to make a quick buck – they were simply trying to secure a comfortable residence to live in long term.  The people who “invested” in this scheme were not high income earners living a lavish lifestyle – they were typical Australian battlers. 

 

In hindsight, it is quite easy for us all to see that this scheme was doomed to fail sooner or later.  However, these people didn’t have the benefit of hindsight and relied on accounting and legal advice from these bandit's to make their decision.  It appears the accounting and legal advice was based on there not being any adverse reports with ASIC as late as mid 2018.  It appears that ASIC has again covered up the actions of unscrupulous operators.        

 As Australia’s Corporate Regulator, ASIC has failed the Australian public and more specifically, the people caught up in this scheme. 

In closing, I would like you to consider these families as you leave your plush offices, get in to your luxury (Government sponsored) car and drive to your comfortable residence – all the while knowing your executive salary and generous superannuation scheme are able to provide you with a comfortable life.

Remember Mr Lucy renovated Chairman's office Melbourne suite for $20 million

Many of the victims of ASIC’s failures are today homeless and face a bleak financial future despite working just as hard as you have.

It is time for you and ASIC to stand up for these aggrieved families. Pay up the $26 million by next week.

 

Yours sincerely

 

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Guest Saturday, 21 September 2019