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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26 June 2019   ASIC CHAIRMAN     Re  Sterling New Life  Dear Mr Shipton It is with considerable distress that I write to complain about the preventable loss of our retirement investment in a 40 year Sterling New Life lease worth $254,000 – most of my husband’s superannuation. Following a lifetime of employment housing (my husband was a local church pastor) on a single modest income, it seemed the only way to achieve a secure retirement in Perth where we could be near our son who lives with a disability.   The collapse has devastated us, and I understand it was preventable because ASIC has known about this company and its shady directors since 2015. Whey were we not told before signing away our life savings in super? What is ASIC’s duty of care to the consumer?Natural justice would see an urgent full return of money preventable invested in a fraudulent product for...
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26th June 2019 Chairman of ASIC  Dear Mr Shipton,   further to Denise Brailey’s letter to you on behalf of retirees impacted by the collapse of the Sterling group of companies I would like to add my support to her claim for compensation as a result of ASIC’s negligence. In July 2018 I received a letter from Ray Jones chairman of the Sterling group who stated : “Given that we cannot guarantee the future unit price, for your peace of mind we now undertake to make up any capital shortfall, should one arise, when you end your Sterling New Life tenancy and redeem your investment.  For example, if you invested $200,000 in the Sterling Income Trust, and upon redemption are only entitled to $180,000 based on the unit price at the time, Sterling will contribute a further $20,000, bringing the redemption amount back up to $200,000. The amount will be the...
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Mr James SHIPTON Chairman of Australian Securities & Investments Commission,  120 Collins St, Melbourne VIC 3000     Tuesday June 26th 2019   Dear Mr Shipton,   I am writing to tell you of my utter disgust at how my wife and I along with many more people have been treated by your department and on your watch.   My wife and I deposited funds into Sterling New Life on May 25th 2018 as a means of protecting our remaining years. We have recently found out that you and your department had been investigating Sterling New Life for up to three years prior to our depositing money.   Why Mr Shipton did you not set off alarm bells in order to protect the interest of good Australian citizens. Australian citizens Mr Shipton who had paid taxes all their working lives and, in many cases, served in the armed forces ready to defend...
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28th June 2019   Australian Securities & Investment Commission ASIC Chairman - Mr James Shipton Level 7, 120 Collins Street Melbourne VIC 3000   Re: The Collapse of the STERLING FIRST GROUP – A Failure of the Australian Securities and Investment Commission.   Dear Mr Shipton,   I am writing to you because my parents have been caught up in this absolutely SHOCKING debacle that is the Sterling First group Collapse.   My parents are now in their 70’s and have been hardworking, tax paying Australian citizens their whole working life!!! It has been so distressing for them to be caught up in a collapse of this magnitude and to hear that their HARD EARNED money is apparently now just “gone” is unbearable and unacceptable. For them and for me.   After extensive due diligence, they entered into this thinking it was giving them security for their retirement, completely unaware they...
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