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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: Josh Frydenberg - Citizen calls for compensation $28m for ASIC EPIC Regulatory Failure DODGY LAWYERS criminal negligence STERLING NEW LIFE

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Hon Josh Frydenberg MP

Treasurer

House of Representatives

Parliament House

PO Box 6022 Canberra ACT 2600

 

 

 

Dear Mr. Frydenberg

This is not the “Holocaust” but as far as Australia goes, it doesn`t come any worse! The corporate fraud, regulatory negligence` and victim suffering, is off the scale! By the sheer volume of correspondence, you are aware of the Sterling New Life “40-year Lease for Life Scam”, ASIC`s criminal neglect, and the immense suffering of their sick and elderly victims. So, as a concerned citizen, I`m here adding my voice to their call for compensation! I`m asking you, as Treasurer, to way in to this issue and not look for the coward`s way out as ASIC has! They have looked for, and used, every technicality to dodge their responsibility to protect the most vulnerable from corrupt and illegal practices!

The scam run by SNL was an illegal pyramid scheme made illegal forty years ago. The scheme did not generate any normal income or assets of its own, and relied on drawing in new victims to provide it`s only means of operating funds, and also to line the pockets of the crooked directors. This is the hallmark of all illegal pyramid schemes.  No attempt was ever made to secure the funds in the proper way. The chief architect, Ray Jones, was well known to ASIC for engineering similar money grabbing scams resulting in the victims losing all their money. Despite the many red flags, ASIC failed to act as required on behalf of it`s customers, and to stop this charlatan from ever causing more elderly people to lose their life savings! He is a low life with a long track record of targeting the meagre life savings of the sick, elderly, and most vulnerable. He had absolutely no right to have clearance by ASIC, the regulatory body policing corruption, to start and keep operating another of his dodgy money grabbing scams! In addition, the scammers also seduced investors in to their web of deception with promises of rentals secured for forty years at rates way above what was normal! These unrealistic promises caused further depletion of capital, and accelerated the collapse of the scheme. Additionally, the illegal diversion of funds away from their intended purpose, meant that they were knowingly trading while insolvent! This is, there by itself, a very serious offence!

DIRTY LAWYERS AGAIN

Another matter in this whole sorry saga is the involvement of lawyers in helping the scam to flourish! One I know of, giving his imprimatur to potential customers, operates with a law firm in Fremantle. I can name him if required. I for one, would like to know what his involvement was, what he was getting out of it, and what he was doing giving his professional approval to schemes risking the life savings of elderly people! What also has a stench about it is the involvement of banks in lending money to investors for what is obviously a faulty business model. I don’t have the where with all, at the present time, to pursue this angle further, but I just might further down the track.

I am informed that there is a class action by the two affected groups seeking compensation against ASIC for criminal negligence. The two affected groups being the tenants and the property investors. The preliminary amount for an expedited compensation payment is $26.6 million. At the same time the foundation work is being done for a call for a Royal Commission into ASIC`s criminal negligence. It is hard to imagine a more deserving case for payment of compensation for corporate and regulatory mismanagement. Also, the victims have no other money and are facing the terrifying prospect of being evicted from their homes. So, in the light of that, I am impressing on you to act with courage and pay compensation to these deserving people for the grievous losses inflicted on them by the corporate regulator.

Pray tell me what in heavens name was it going to take to make ASIC step in and protect these people from these charlatans? The writing was on the wall from the scam`s inception, for all to see, to even Blind Freddy, but not ASIC, apparently! To look at an analogy here. If a TRG Officer failed to act to prevent a terrorist attack; “sorry, can`t come today, it`s nearly knock off time, ring back tomorrow”. This is not an over dramatization of events, it is right up there! The TRG Officer`s head would roll and compensation claims would flow!

The upshot is, If ASIC had acted like they were supposed to, the victims would still have their money!

I have separately written to the Prime Minister, and my local member Christian Porter, to have this claim for compensation dealt with appropriately and at the appropriate level of government. This is, and always was, a federal issue, and any attempt to divert responsibility is an evil attempt to delay proceedings and make these suffering people suffer even further!

You, Mr. Frydenberg, as the current Treasurer, are in the hot seat at the present time, and need to deal with this claim for compensation, with speed and compassion. I will watch and listen for your response to this grave matter. You will be judged here, in the here, and in the hereafter, so do your stuff!

 

ERIN JOHNSON

( Concerned Citizen )

03/09/2019

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  • Guest
    Sibere Rodrigues Thursday, 28 November 2019

    File Name: - APRA BFCSA 2019.11.28 Eml My Story LaTrobe Westpac NAB RwRsAndrewHopkinsFrankPaolinoLouRossiMortgages4Women2.docx

    Attention

    BFCSA

    A brief summary of my story ( incomplete)

    I was a victim of Banking Mortgage Loans to


    1. LA Trobe Mortgage Loan $1,000,000.00


    2. WESTPAC Bridg8ng $270,000.00 and


    3. Mortgage Loan NAB $580,000.00.


    These unconscionable acts involved:


    1. A lawyer ( Lou Rossi from Lough Duncan Lawyers) taking on Mortgage over my property using a Low Doc Women's only loan services facilitator ( Mortgages for Women) with La Trobe Financial Services during a time when I was under extreme duress, my partner had just died of cancer , and I was also going tru child custody proceedings with an ex husband John Boys over two children Dan and Sienna Boys , but because solicitor Lou Rossi wanted money paid upfront into her Trust account in order to represent me in ongoing child custody proceedings.


    I was suffering with long standing depression due to Post Natal Depression ongoing and extreme grief due to recent loss of my DeFacto Johnny Warren ( for her Socceroos and Captain of the 1974 the first National team to qualify for the World Cup in Germany and former SBS Sports analist, auther of book 'Sheilas, Wogs and Poofters' to cancer and I was UNEMPLOYED and had no means to enter into any loans or make repayments at that time.


    2. I'd like to be able to present the facts of my case to you as solicitor Lou Rossi took a $1,000,000.00 loan with La Yrobe in my name and I nearly lost everything because the impossibly height fees and punitivite exit fees I had to pay as there was NO way I could keep up repayments.


    3. Lawyer Lou Rossi acted in an unconscionable and unprofessional manner and I have not had an opportunitive to confront her.


    4. A few years (2009) later when I was suffering still with worseni g Mental health issues and u undergoing treatment with several Gps, Psychologists and Psychiatrist due to PTSD and a serious case of Domestic violence and abuse suffered whilst in a new relationship in NSW with Darren Colquhoun ( who turned out to be a serious and dangerous diagnosed malignant narcissist and sociopath with a long recorded criminal history with both police and Child Protection Services in NSW.


    5. I was relocated by the Wollongong Police ( I have all facts established in Publushed Family court Final Order and in Judgment and Findings of Domestic violence and abuse we suffered made by his honour Justice Watts on in his Reasons for judgment findings made between the perpetrator and in matter SYC4959/2009 Colquhoun v Rodrigues by his published in 2012.01.12


    6. I relocated to WA and in stayed in hiding from DV perpetrator Darren Colquhoun with an infant and in fear for safety . I became a witness gor the NSW Police in THEIR own case against ex abuser Blackmailing his ex wife and commiting varoous crim8nal acts offenses against his children.


    7. Again I was under further and more extreme forms of Mental anguish, Duress and fleeing in fear for my own safety.


    8. I met and was 'assisted' helped by new man entering 5he scene who told me he wanted to help us, he coerced me to assist him with his own debts as he had offered us shelter , a place where to live in hiding and away safe from NSW Dv perpetrator, he ( Rodney Wellstead a farmer who only wanted MY WALLET, not a wife as it turned out to be the reality) . Rod told me he had a good friend ( Russell Stewart higg end luxury propert developer in Yallingup, Eagle Bay , Dunsborough and Perth development sites) who could assist.


    9. A few days weeks later he told me to go to NAB Malaga branch and to my confusion I was tod to sign a Mortgage Loan document that tbey had prepared with the info the received grom both Rod and Russell, directing all loan money funds to go to a Oceanside bank account holder, I did not know who they were but had seeing Rod deal8ng with unrelated paperwork bearing 5hat Oceanside title on papers before.


    10. Again I was in a vulverable circunstances and under extreme distress in fear, in hiding from a Dv perpetrator and recruited as a witness for the police in NSW, AGA8N UNEMPLOYED.


    11. NAB Manager Frank Paolino Andrew Hopkins ( Selling blocks of land in Yallingup) who was also an associate of Russell Stewart and Rod Wellstead the farmer and my current DeFacto


    Note: Rod Wellstead my then current 'Protector' and We Facto partner (between late 2009 to Jan 2011, had made me sign a final version of my updated WILL Testament Power of Attorney, be named Executor for my Estate, guardian for my infant daughter, named main beneficiary for my Estate AND demanded that I REMOVE my other two children from beneficiary list.)


    12. NAB took a Mortgage l9an over my unencumbered Sans Souci NSW property, when I DID NOT HAVE A JOB, DID NOT NEED to sell my property as it waz currently leased, hut they did so fabricated my signatures subsequently, name and listed all my asstes whivh I had inherited.


    13. The trio ( Rod Russell and Andrew Hopkins real estate agent ) sold me a block of land in Yallingup which neither Rod or Russel owned and that Frank Paolino ( NAB Bank Manager) had AN INTEREST ON and the financing of all other high end luxury homes property developments by Oceanside Homes ( owned by Russell Stewart)


    14. My Sans Souci NSW property was sold in June 2010 and all proceedings went to clear Mortgage loan, the initial lian funds went to Oceanside and later back to Rod Wellstead Overdraft farming account.


    15. I did not received the full benefits of a supposed compounding INTEREST repayments on 'Investment' which was supposed to be for the purposes of supporting my children and me, paying my legal fees and defend from ONGOING new court proceedings with Dv perpetrator.


    16. My WA DeFacyo Rod Wellstead once in possession of all my assets, inheritance, chattels, soccer memorabilia inherited, managing to get a new farm machinery finamced thru my budiness name and receiving many other financial and business benefits from his assoxiayion with me, DECIDED that je had Power of Attorney along with all the other power given to him when I was under PTSD and psychiatric treatment and hiding away in fear from Dv perpetrator, he DECIDED to kick my toddler daughter and I out in the streets with nothing but an overnight bag, never to allow us back into the farm home I helped to fund its extension and restoration was completed.


    16. Due to these banks fraudulent conduct going unpunished for exposed criminal acts for so long I am now facing bankruptcy proceedings and becoming homeless together with my 11 year old child.


    Please sign me up for updates, wh8ch I tried on website but it did not work.


    I signed up and paid for membership months ago , but have not yet received acknowledgement of it.


    I'd appreciate if you could check that my membership was processed as well as my request to be in your newsletter list


    Thank you


    Sibere Rodrigues

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