BFCSA Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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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...
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My letter to Josh Frydenberg   I too am a victim of the Sterling debacle,  having put our savings as an investment in the company.  Both my Husband and myself signed up and moved into our house in January 2018 - not knowing that SIT were already in trouble. We were assured that we invested in a forty year lease and would be secure in our retirement. My Husband was diagnosed with Cancer in November 2018 and had since passed away in April this year.  I was then faced with the collapse of SIT and horrified to know that all our investment had gone - disappeared!! I am now existing on a single pension,  not knowing what the future holds for me. So many of us have been hit by this shocking and devastating predicament that we have been forced into. The majority of us are pensioners and have worked hard...
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Dear Mr Frydenberg   Sterling Life Group Collapse and Criminal Negligence by the Australian Securities and investment Commission   I am writing to you to express my anger, disappointment pain and suffering that has been brought about by the collapse of the Sterling Group and the abysmal failure of ASIC to protect consumers and their hard-earned assets.   My husband and I paid for a 40-year Sterling New Life lease in October 2017 expecting to see out our remaining years in a very secure unit in Mandurah. We thought that this money was placed in a trust but now it appears that it was more of a Ponzi scheme. We also invested $75,000 in units in late 2018 which were supposedly going to be listed on the ASX within weeks. This never happened and again Ponzi scheme springs to mind. We have worked hard all our lives and just wanted to...
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 4th July 2019 The Federal Treasurer Hon. Josh Frydenberg MP P O Box 6022 House of Representatives: Parliament House Canberra ACT 2600     Dear Mr Frydenberg,   I am writing to you asking for your help. I am one of the 800 victims suffering loss by the COLLAPSE OF THE STERLING GROUP.   I am a 70 yr old pensioner, who invested the last of my superannuation ($4000) in shares of Sterling Group. 18 months ago, I had to return to part time work to make ends meet. March of this year I was in financial difficulties and contacted Brian Ruzich at Stirling Income Trust told him of my difficulties and said I needed to take my investment out. Mr Ruzich told me I would be better off to wait as the company was going on the share market in May. Regrettably I followed his advice and in May was informed...
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Dear Mr Frydenberg.                                                                                                                                    4/7/2019 I have never done anything criminal, but I am sure if I stole money I would be picked up by the police and face court. This  situation is far beyond that , but how can these criminals from the Sterling Group be free to keep swindling  honest citizens out of their money? Worse still is ASIC, as crooked as the crooks themselves resulting in the elderly being robbed of their  homes ,their savings and  security, just when they need it most. I implore you as Treasurer to instigate immediate relief to all tenants, and bring relief, by ordering ASIC to pay back all monies due to these people. That is only part of it, our wounds are deep and will not heal. That is the legacy we will carry now, from these gutless, greedy, low life operators at Sterling, and also ASIC who literally stood by for...
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The Federal Treasurer Hon. Josh Frydenberg MP PO Box 6022 House of Representatives: Parliament House  Canberra ACT 2600                                      “Stirling Long Life Lease “   Dear Mr Frydenberg, We are writing to you about our devastation of the collapse of Stirling Income Trust and our loss of lifetime savings amounting to $220,000,we are both 80 years old and are reliant on our Pension which are not keeping up with the cost of living so that’s a double whammy. This situation Is absolutely disgusting and could have been avoided If ASIC had stepped In Four years ago when they knew what Stirling were up to, Its criminal that they have swept It under the carpet and let them continue with their Ponzi scheme especially when It not the first time these Directors have been Involved In similar businesses ASIC didn’t see the red flags with the goings on especially after Investigating them for at...
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Dear mr frydenberg    How can this happen I have lost everything my life’s savings working hard all my life   I cannot believe you and your government can let asic create a major problem    Surely you have meetings once a month asic has destroyed so many lives mostly retirees    I hope this will never happen to your parents as the stress would be far to great to comprehend   Be a man  and sort this major problem out created by asic pay us compensation  before some of these retirees  Are hospitalised and possibly die there are two that are terminally sick if not I think you should resign as treasure  There are over 800 people affected by this scam that asic new about if you do not take the bull by the horns and  Sort this problem out the government has created you will always be a weak man...
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ASIC DISGUST - STERLING GROUP COMPENSATION DEMAND Dear Mr. Frydenberg   I am writing this letter in support of my mother whom has been a targeted victim by a gang of white collar devious criminals otherwise known as Sterling Group.  My mother has been an hardworking tax paying citizen for most part of 40+ years and now a retired pensioner.  The collapse of the Sterling Group has caused an enormous amount of stress, heartache and suffering for my mother and our family.  It is devastating as a son to see your mother on the brink of collapse.  I have asking the Australian Government to fully compensate the victims of the Sterling Group Collapse.   No-one would be asking for compensation if ASIC had closed down the PONZI STRUCTURE business model in 2001 and stopped These characters setting up again in 2007 and the STERLING in2015  What the heck happened to the, "BUYER...
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  4th June, 2019   The Federal Treasurer   Hon. Josh Frydenberg MP P.O. Box 6022 House of Representatives,: Parliament House Canberra ACT 2600   Dear Mr Frydenberg   Collapse of Sterling New Life - ASIC CRIMINAL NEGLIGENCE   It is with distress that we right to inform you of how we lost $280,000 in 7 short months ASIC who were supposed to be protecting us from White Collar Criminals has let us down.   In September, 2018 we bought a life lease through Sterling New Life. This was part of our financial plan for retirement. It was supposed to give us a roof over our heads for the next 40 years. ASIC was investigating the company in June, 2018, but they did not warn the older Australian about investing in this company. It was not to be a get rich quick scheme but one  which was supposed to look after...
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4th July 2019    Hon Josh Frydenberg MP P.O. Box 6022House of Representatives Parliament House Canberra ACT 2600   Re: The collapse of the Sterling Life Group by inaction of ASIC.   Dear Mr Frydenberg   My wife and I are one of the now hundreds of people that have lost their life savings and the security we had having a roof over our heads for the rest of our lives. Why because Mr Shipton and his staff at ASIC could not be bothered to send out a warning about Sterling New Life Group.   We joined the Sterling Life Group on the 26th July 2017 this is months and probably years after ASIC knew there were problems with this group. If the Chairman of ASIC had issued warnings about this group, we and others would not be in this situation now. This is gross neglect of his duties by not...
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  IS THE FEDERAL MORRISON GOVERNMENT ON THE TAKE?  Part of the ASIC Corruption? How can the money be "deemed to be there" WHEN $255,000 has been stolen from this frightened TRAUMATISED lady in her sixties?   She needs sensible and compassionate assistance.  I remember sending a short note to Amanda Vanstone in 1998 on the same subject. Vanstone fixed the problem in 24 hours If you have not been properly briefed, on the STERLING COLLAPSE, then I suggest you call me Mr Roberts.  I can easily fill you in. 0401 642 344  ASIC is to blame for this crisis.  We need you to FIX THIS. We need an urgent remedy for 800 retiree victims who have been told ten days ago $36 million has been stolen.  ASIC is condoning the LEASE for LIFE scandal affecting people in three states....   HERE IS THE DUMB CENTRELINK RESPONSE :  In effect Ms XXX has purchased...
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4th July 2019 The Federal Treasurer Hon Josh Frydenberg MP PO Box 6022 House of Representatives Parliament House Canberra ACT 2600 Dear Mr Frydenberg, RE Collapse of the Sterling Group Prior to the last Federal election, you and your colleagues regaled us with the mantra that “if we had a go, we’d get a go”. Now is the chance, Mr Frydenberg, to prove that these were not just empty words. Over one hundred couples have had their life savings stolen (and I use that word deliberately) and will probably lose the roof over their head because of the negligence of ASIC to do anything to avert the losses that they were well aware  were likely to occur due to the malfeasance of the directors of the Sterling Group of companies. The fact that ASIC were alerted to possible corporate mis-governance four years ago and were conducting an investigation into the companies...
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3rd July 2019   Sterling New Life   Hon. Josh Frydenberg PO Box 6022 House of Representatives: Parliament House Canberra ACT 2600   Dear Mr Frydenberg   As you are aware in 10th June 2019 our whole world was tipped upside down sideways etc while ASIC sat on their hands (ass) for 10 years re Sterling and its directors and have done nothing.  February 2017 we signed and gave our life savings and I mean life savings $125,000 plus the $20,000 on upgrades, nothing was withheld and we secured a 40 year lease with a secure roof over our head. Now nothing and no prospect of ever making up this money ever again. My 74 year old husband has had to return to work and due to health issues I am unable to work. Why was this allowed to happen and continue?   It has come to my attention that ASIC reports...
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James Shipton the worst ASIC Commissioenr ever: and there have been some priceless failures Putting psychology experts into boardrooms is also part and parcel of the growing bureaucratisation in Australia. While we follow every move of politicians, we have taken our eye off the bureaucrats who are building empires on the back of increasing regulation. Most of this empire building happens away from parliament. Unlike the private sector, where failing companies work out how to make money or shut down, regulatory bodies that fail at their job — in their case, to properly regulate — have no clear bottom line. They keep arguing if only they were bigger, they would succeed, drawing on taxpayers rather than their own pockets. This is ASIC in a nutshell, a body that failed comprehensively to enforce its own rules and is now creating more rules, like putting a shrink in a boardroom to fix a...
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The Australian Investment and Securities Commission 120 Collins Street MELBOURNE VIC 3000    Att: Mr James Shipton (Chairman)   Subject: The Sterling Group Collapse   Dear Sir   It has recently been brought to my attention that a significant number of retirees have been affected by the collapse of the Sterling Group. It seems to me that the company had developed a scheme that was aimed at lining the pockets of the directors at significant cost to retirees who were doing the right thing in setting themselves up in secure accommodation for what remained of their lives. As a retiree, I am dismayed that such a thing could be allowed to occur to people at this stage of their lives. To me it is the equivalent of elder financial abuse   According to reports I have seen, the company and its directors had been under investigation for some time prior to...
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03 July 2019   Hon. Josh Frydenberg MP Federal Treasurer P O Box 6022 House of Representatives:  Parliament House CANBERRA  ACT  2600     Dear Mr Frydenberg Re: Sterling First Collapse and Neglect of ASIC on Behalf of Australian Consumers I am writing to you on behalf of my father who was duped into the scam investment of the now defunct Sterling Life Group by way of signing up to a 40-year rental lease (which I found out recently is a sub-lease) on the property he currently resides in Southern River, Western Australia.  My father is 83 years of age and lost his wife, my step-mother, just a few months back.  Therefore, not only is he grieving over the loss of his wife of 30+ years, but on top of that, has now been placed in a massively stressful financial situation which is taking its toll on his health, having total uncertainty, financially...
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Dear Ian,   You should be aware of the collapse of Sterling New Life & associated companies.   This impacts quite a few of your constituents in the Craigie, Heathridge, Joondalup, Ashby, Butler & Yanchep areas to name a few.   This has not only affected pensioners but also other vulnerable people who parted with their hard earned money to enable them to have their rent paid “For Life”.    Most are now in dire straits both financial & health wise due to the failure of ASIC to police the industry.   Please find attached the letter from Denise Brailey from BFCSA to your colleague Josh Frydenberg.  It would be wise to start action on this before it is handed to the Opposition,   Kind regards  ...
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Friday, 28 June 2019 Mr. James Shipton Chairman of Australian Securities & Investment commission   Dear Mr. Shipton RE: The collapse of the Sterling New Life Group – A failure of ASIC   I am one of the 101 tenants caught up in the SNL corporate fiasco, which is an act of pure negligence on ASIC’s behalf. I am a disabled pensioner/retiree who bought into this scheme that was sold to me as a secure, 40-year life lease. As I am disabled, moving into this type of arrangement was to be a new lease on life, promoted as a safe and affordable living option. My investment was $165,000, plus I have added $20,000 in improvements to suit my disability, and to make it wheelchair friendly to suit my health requirements. I am now out of pocket over $200,000 in total after relocating into this scheme aimed at retirees as a new...
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3rd July 2019  The Federal Treasurer Hon.   Josh Frydenberg MP P O Box 6022 House of Representatives: Parliament House                Canberra ACT 2600     Dear Mr Frydenberg,   THE COLLAPSE OF THE STERLING GROUP   We are writing to you in great DISSAPOINTMENT of the lack of communication regarding our investment. We were NEVER informed of any collapse. My wife Dawn Barnard and I, Peter Barnard, have been put under a lot of stress due to the position we have been put in because of the collapse of the Stirling Group. The effect of this doesn’t stop with us, it also continue onto our children and their families. We have had to rely on them financially, and emotionally for support, and they have families of their own.  Both Dawn and my health is being affected immensely because of the nightmare we are now...
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3 July 2019 The Federal Treasurer The Honorable Josh Frydenberg PO Box 6022 House of Representatives Parliament House Canberra ACT 2600  STERLING NEW LIFE    Dear Mr Frydenberg My husband and I have lost $254000 in the Sterling New Life collapse. This represents most of his superannuation. We have come to understand that this and many other similar losses experienced by hard working people, many who are now age pensioners who can ill afford it, are due to a failure of ASIC to fulfil its responsibilities in consumer protection. My husband and I have just retired after 45 years of local church ministry. Much of our time was spent helping others navigate the intricacies of our various community, government and welfare systems so that they could live well and with dignity. Little did we realise that on the eve of our remaining years we would be unable to protect ourselves from...
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