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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 to JOSH FRYDENBERG re Sterling Collapse # 18

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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The Federal Treasurer   3 July 2019

Hon. Josh Frydenberg MP

Po. 8ox  6022. Canberra. ACT 2600.

 

Dear Sir,  

You are undoubtedly aware of Sterling Group FIASCO which has claimed

my wife and I as a victim. We have lost all our savings and are now at the

mercy of our landlord. In 2018 we purchased a new life lifelong tenancy to secure our

housing needs for the rest of our life. WE did our due diligence, searched for press

reports and went into the ASIC website but found nothing untoward. We have since

learned ASIC had been investigating Sterling since 2015 or earlier, they also

investigated them 2010-2018 and did nothing to warn the general public.

ASIC also told retirees who contacted them that their money was safe and they had

nothing to worry about, as it was in a trust account. ASiC iS A SIC JOKE. White collar

crooks laugh at them, because they know they are weak, and they just continue on

their merry way.  No thought to the chaos presented to innocent retirees such as ourselves.

As a result of ASIC's incompetence we do not have a secure roof over our heads

and will have to pay rent out of our pension, which does not leave much to live on.

 

ASIC has let us down badly, If they had warned us of the dangers (which they knew

of) we would not have invested our money. ASIC is there to protect the consumer and

this is unacceptable behaviour from a government department, so we are

demanding compensation for the monies e have lost.

 

 

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