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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: Sen. Katy Gallagher - Liberals deny its a Federal problem re Sterling First and ASIC failures

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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Senator Katy Gallagher

Shadow Minister for Finance  

PO Box 6100   The Senate,

Parliament House,  Canberra ACT 2600

 

Dear Senator

 

I am writing this letter in regard to The Collapse of the STERLING LIFE GROUP and  Failure of the

Australian Securities and Investment Commission.


Back in April 2015 my wife and I were invited to look into this wonderful scheme to be able to live rent free yes RENT FREE not an investment.


So after getting other opinions we decided it was for us.


We proceeded to sell Sterling trust our family home for $370k invest the amount $300k with Sterling let

the investment money grow for our children whilst we lived in the house for a period of 20  years

without worrying freeing up some pension for us and my boys would get the money at the end perfect fit

for everyone 


But ASIC knew of the likelihood of failure of The Sterling Group as early as 2015.

 

ASIC databases would have alerted investigators to previous company collapses and breaches of the
Corporation Law.

 

ASIC failed to take appropriate action in 2007 and again in 2015.

 

ASIC failed to protect vulnerable and older consumers by issuing early vital warnings of

catastrophic financial loss and by delaying stop orders and then cancelling one!!


So was ASIC aware of this potential disaster prior to even me signing this lease?  YES


I am 76 does it mean I now have to go back to work?  You can imagine the crippling impact this has had

on my wife's and my life.

 

We are facing eviction from the modest 3 bedroom house that we have called home and I have nothing to

show for the past 50 years of my working life, because it has all been stolen by Ray and Ryan Jones and

Company through Sterling New Life.


The meeting that was conducted by Ms Denise Brailey on 21st June 2019, which my wife and I attended

in Mandurah as well as at least one hundred and fifty others exposed ASIC as an ineffective dishonest,

disgraceful organization that has let over two hundred people down when they did not move to stop

Sterling New Life from operating over 2 years ago.


How wrong those words were? We are hoping that you and Australian Labor can take up this fight for us

 

WE NEED A SENATE INQUIRY INTO STERLING

 

Thus far I have written letters to:_-

James Shipton - just a website one size fits all stupid response

Josh Frydenberg - wrongly stated its a State problem knowing ASIC is  a Federal problem

Prime Minister - Scott Morrison  - same person responds with FLICK Letter:   Its a WA problem 

Mathias Cormann - Said speak to Josh Frydenberg

(No-one in Government, it seems, wants responsibility of ownership)

 

These Letters have just been posted:

Leader of the opposition Anthony Albanese

Senator Louis Pratt 

Stephen Jones MP

With very little or no response a couple of automated responses like it’s a state level well as you can see below

• Centrelink: Landlords inability to seek rental assistance;

  • Impact on the national economy re “Lease for Life” scams

:  • ASIC negligence; Fake rescue offers from $2 companies;

 • Liquidators accepting bogus offers:

  • Dangerous Buyer Beware policies;

  • ASIC permitting constant streams of companies to rise and fall

:  • Corporation breaches by directors

; • Failure to call in the AFP:

 • Failure to protect out international reputation re white collar crime; 

 • Banks approval of the leases in relation to lending;

   • Landlords being groomed in “secure future;”

 • False claims re ASX fundraising. 

 • Information Memo’s used instead of Prospectuses – outlawed in 1999?

These are all federal issues wouldn’t you agree?

 

When this all unfolded back in May Senator Gallagher around 200 of us formed and bonded together and we are getting stronger by the day

 

To date some. $28.6 Million has been stolen from more than 260 people that have come forward

while the Government watchdog ASIC was watching on, and doing nothing to help us.

 

If ASIC had jumped on Sterling and their Ponzi scheme back in 2015 when they knew about Sterling, we would not have had to go through all of this heart ache.

 

 

ASIC don’t seem to have any idea when it comes to Ponzi schemes. They run around trying to look like they are doing something when really, they have no idea. I hope there is no collusion going on between ASIC and Sterling.

 

 

Senator Gallagher I think there is only one way to sort out ASIC and that is a Royal Commission into how they are run and what sort of power they have. Because at the moment if they have power, they are certainly not using them for the best interests of consumer protection.

 

We are vulnerable and left UNPROTECTED by ASIC - on the side of the villains it seems.

 

No one from the Government seems to want to get involved in sorting this mess out. Not even the PM

 

Not only has this been very stressful for myself and affecting my health it is also very stressful for my family as well

 

Senator I am asking you to join us by fighting for us and get on our train and derail these thieves and their mates inside ASIC.

 

Yours sincerely

KG

 

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Guest Tuesday, 15 October 2019