BFCSA Blog

3 August 2019 The Hon Scott Morrison MP Prime Minister Parliament House CANBERRA ACT 2600 Compensation Sterling First Collapse and call for Royal Commission into the Australian Securities and Investment Commission   Dear Prime Minister I follow up my letter of July 13th concerning our loss of $254000 and our retirement accommodation due to the Sterling First collapse. It followed similar correspondence to ASIC chairman, Mr James Shipton, and the Federal Treasurer, the Hon. Josh Frydenberg concerning the compensation we believe we are urgently due. Our only direct response so far has been a letter from Treasury telling us to take our claim to the Australian Financial Complaints Authority (AFCA). However, we are advised that this would be a waste of time as a history of similar complaints reveals that, for the most part, such submissions are investigated, mined for data and then dismissed. The need is urgent as this money represents our carefully planned accommodation security,...

PRIME MINISTER OF AUSTRALIA. Hon.Scott Morrison MP Department of Prime Minister and Cabinet   Dear Mr Morrison. THE STERLING GROUP COLLAPSE and ASIC FIASCO. My challenge I put  to you , Prime Minister is to come to this place  that   is supposed to be my home, after all that is what I paid  my life savings for, to  have a safe dwelling  for  retirement. Come here with a knife and stick it in my back, that is virtually what these thieves and ASIC have done. It will be painful but quick, sounds horrific, but getting accustomed to horrific. At present we are in a slow, painful, stressful decline. Of course be prepared, All of Australia’s media will be here, you will not be able to hide behind smoke and mirrors, as you are now. I doubt you will come, because nobody wants to take responsibility. From the Sterling thieves, to the...

06/8/2019   PRIME MINISTER OF AUSTRALIA Hon. Scott Morrison MP Department of Prime Minister and Cabinet   Dear Mr Morrison, THE STERLING GROUP COLLAPSE and ASIC FIASCO: $28.6 Million Compensation. This is one of many letter sent to you regarding the Sterling group collapse and to my knowledge not one reply has been received. Do you really give a toss about the people you work for? Yes that’s right you work for us but at the moment I am not sure. Mr Prime Minister it looks like you are surrounded by some Ministers and Heads of Departments that could not lay straight in bed. Michael Sukkar told us on radio that an internal review into the Stirling affair was being held. What a blatant lie he only told us what we wanted to hear. Is it a pre requisite that you lie to the tax payers in your Government? I demand...

Dear Mr Prime Minister We are writing to you regarding the collapse of Sterling New Life in a failed Ponzi scheme. The perpetrators of this scheme have stolen $28.6 million from elderly pensioners in WA, Vic and Qld through no fault of their own .   If ASIC “the peoples watchdog’’ were doing the job they get paid to do this wouldn’t have happened .ASIC were well aware as far back as 2015 that there was something amiss with SNL and its dodgy directors .   Nothing was done about it even though cabinet has a monthly meeting with ASIC to discuss these matters. This is a gross misconduct of the elected government especially as our now PM was treasurer at the time to allow this company to continue along on their merry way ripping of people to the tune of millions of dollars for their own gain . There should...

4TH August 2019   PRIME MINISTER OF AUSTRALIA Hon. Scott Morrison MP Department of Prime Minister and Cabinet   Dear Prime Minister, This has been going on for so long, it’s beyond a joke! Something needs to be done NOW. The demand and urgency of the need for compensation, has reached critical status. There are so many elderly people left with NOTHING, including ourselves. The stress of it all is taking a huge impact on our health, and unfortunately most are in the same situation.     We have LOST all of our LIFE SAVINGS, relying on our family to be able to survive. At what point was it ok to let it get to this! If you had to rely on your children to survive, how would it make you feel??? It’s not GOOD ENOUGH that it is taking so long, meanwhile there are elderly people losing the battle of...

PRIME MINISTER OF AUSTRALIA  Hon. Scott Morrison MP Department of Prime Minister and Cabinet   THE STERLING GROUP COLLAPSE:  $28.6 Million Compensation ROYAL COMMISSION INTO THE Australian Securities and Investment Commission (“ASIC”) Dear Mr. Morrison, I wrote you a letter addressed to your self via registered mail on the 15th July 2019 I also wrote one to your right-hand man the treasurer Mr. Frydenberg on the 5th July 2019 Plus, the chairman of ASIC Mr. Shipton on the 25th June 2019 As of today, the 6th august2019 I have received one response a generated email from the treasury on the 26th July 2019 Prime Minister this response was not even worth the paper it was written just a generic piece of useless information But on the upside, I found a use for it It helped start my fire Prime Minister as I have limited funds now and cannot afford fire lighters...

 Mr. James SHIPTON  Chairman of Australian Securities & Investments Commission,  120 Collins St,  Melbourne VIC 3000     Dear Mr. Shipton Re my letter dated 25th June 2019 Sterling First Collapse First of all MR Shipton I would like to acknowledge your generated response to my letter one of the things I found very appalling was you stated in your generated letter this was a state issue am I correct? I would like to ask you this can you tell me what the following are state or federal?   • 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...

5th August 2019 PRIME MINISTER OF AUSTRALIA Hon. Scott Morrison MP Department of Prime Minister and Cabinet PO Box 6500 Canberra ACT 2600   THE STERLING GROUP COLLAPSE: $28.6 Million Compensation ROYAL COMMISSION INTO Australian Securities and Investment Commission (“ASIC”)   Dear Prime Minister This is our third letter to you in the hope you will assist us in this situation.   We are Australian citizens who have worked tirelessly for 50 years at creating our own financial independence to arrive at a point in our retirement to feel secure financially and emotionally, however we now find ourselves living below the poverty line, our life savings stolen by the Sterling Group. We were approached by Sterling Group at a time when our family home was in the process of being sold. Now, through the blatant negligence of ASIC failing to live up to the responsibility to protect the Australian Consumer we...

PRIME MINISTER OF AUSTRALIA Hon. Scott Morrison MP Department of Prime Minister and Cabinet      6th  August 2019   THE STERLING GROUP COLLAPSE: $28.6 Million Compensation ROYAL COMMISSION INTO The Australian Securities and Investment Commission (“ASIC”)   Dear Prime Minister, Over the last five weeks I have written to Mr. Shipton, then Mr. Frydenberg, yourself on the  15th July and Mr. Albanese last week. I have lost all faith in our Government’s politicians as so far I have heard nothing. Nothing, not even the courtesy of a note to say letter received will answer as soon as I can, just nothing. I am beginning to think the only time we hear anything from politicians is at election time when you need something, our vote. Well Mr Prime Minister we did our bit now it is time for you to do something for us. We have been robbed of all our...

6/8/19 Senator Mathias Cormann, I am writing to you as a fellow Western Australian and one of the 100 Sterling New Life Victims. Mr Cormann we need you to champion our cause to get back the $28.6 Million that was stolen from us by Sterling and the Jones gang. I, like the other 100, have lost all yes all of my money I invested with Sterling. That money was supposed to be in a TRUST account which Sterling advertised as being ASIC approved. We found out later it was not a trust account but a piggy bank for the Joneses and other Directors to draw money out. While all of this was going on ASIC where investigating or were they? A number of the Sterling tenants where visited by the ASIC investigators and told there was nothing to worry about as they were just checking to make sure things where above...

6/8/19 FEDERAL ATTORNEY GENERAL CHRISTIAN PORTER Senator Porter,   I am writing to you in hope that you will look into the Sterling First Fiasco. As a fellow Western Australian you are the one we look to in Canberra to fight for us and right the wrongs and help us regain our lost money. $28.6 Million has been stolen from us while your Government watch dogs ASIC was watching on doing nothing. If ASIC had jumped on Sterling and there Ponzi scheme back in 2015 when they knew about Stirling 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. Mr Porter I think there is...

Dear prime minster    Re the collapse of Stirling new life   This the fault of the government for allowing asic to fall asleep at the wheel   To allow retired people to be scammed and parting with there life savings    And now face financial ruin I am demanding two things    Demand a royal commission into asic    Demand compensation to be paid immediately to the retired people  ...

Prime Minister of Australia Hon. Scott Morrison MP   THE STERLING GROUP COLLAPSE: 28.6 Million Compensation ROYAL COMMISSION INTO the Australian Securities and Investment Commission (‘ASIC’)     Dear Prime Minister  (My second letter to you) On the 15th July I wrote to you airing my disgust at what’s happened to 101 Sterling life lease holders of the Sterling New Life Investment fund. I haven’t had one reply to letters I have scribed to YOUR Government. That’S NOT the Australian Government that I voted for who I thought stood for integrity. It is insulting not to receive replies to the written letter or don’t your departments think so! If you don’t believe me when I tell you pensioners are sick with worry here’s a few facts. I have said to goodbye to a lovely neighbour who passed and left his wife of 41 years to sort through this Ponzi scheme called...

07 August 2019 Hon. Michael Sukkar MP Assistant Treasurer & Minister for Housing House of Representatives, Parliament House CANBERRA  ACT  2600    Dear Mr Sukkar   ASIC’s  "Supposed"  Investigation into Sterling Group Collapse   On a recent interview with Gareth Parker at 6PR radio on 21 June, you assured the public listeners that, and I quote:   1.      “ASIC is ploughing huge resources and I have emphasised the urgency of this – huge resources in their investigation to try and determine:  Firstly, if and what rules and laws have been broken and what action can be taken against those that may have done that… It’s very important from a legal perspective that ASIC dots the ‘i’s and crosses the ‘t’s…. 2.      It became apparent that there wasn’t great communication from ASIC and in their defence they are head down/tail up actually conducting the investigation but I emphasised to them the importance of communicating what they are doing...

7th August 2019   The Hon Mathias Cormann Dear Senator Cormann My wife and I have been caught up in the Sterling Newlife disaster.    Australia is a very generous nation helping many other countries in their moment of need.  Australia gives $4 billion dollars a year in aid to help other countries.  Mr Cormann I am writing to ask your assistance to help a group of Australian retirees who have lost their entire life savings in a rent for life scheme.  No doubt you have been briefed on the details but have you been briefed on ASIC's role in this debacle? ASIC was warned many times with regard to the perils of this scheme.  One of the early warnings was by the WA Dept of consumer affairs and ASIC did nothing to warn retirees of the perils.  ASIC sat on their hands and watched as hundreds of retirees were fleeced...

06/8/2019 SENATOR MATHIAS CORMANN PO Box 6100 Senate Parliament House Canberra. ACT 2600 THE STERLING LIFE FIASCO.   I am writing to you in hope you may be the one to bring about a change of fortune to the victims of this fraud, because to date no one has taken the responsibility to help the innocent, and pursue the criminals. There is total neglect   from parliament, ministers and departments. Not to mention ASIC who take the cake ‘hands down ‘for neglect and failure on all fronts, not under achiever’s but non achievers. Assisting the unscrupulous operators to go free range with their scams to fleece people of their money, all the while all those corrupt operators of Sterling New Life playing with our money and ASIC assisting them to do so. To busy rotating in their plush leather chairs. The media, the community. And ‘Blind Freddy ‘can see the corruption and...

6/8/19 FEDERAL ATTORNEY GENERAL CHRISTIAN PORTER   SENATOR PORTER, To introduce myself briefly, pre this fiasco, I was a happy person. A Ringo Starr fan and his mantra, peace and love, and Lennon with Imagine. I thought I lived in the best state, for landscape, lifestyle and people. From the wrong doing of others, part of me has changed forever, I have lost faith and trust in mankind. What scum of the earth would look you in the face, lie and then steal from you? From the onset,  being swindled out of  my retirement savings, by a corrupt company,  who are still enjoying  the fruits of their labour, by spending my money, and have taken away my opportunity to live in the residence I  was to call home  for the time I am alive. CAN NO ONE IN GOVERNMENT SEE ANYTHING WRONG WITH THIS? No one, not one of you has...

6 August 2019  PRIME MINISTER OF AUSTRALIA   Hon. Scott Morrison MP Department of Prime Minister & Cabinet   Dear Mr Morrison  THE STERLING GROUP COLLAPSE and ASIC FIASCO    You have received many letters regarding ASIC’s negligence and fallout from the Sterling Group collapse which has destroyed the lives and financial security of many Australian retirees, including myself.  YOU and your Party have chosen to ignore the many desperate pleas for help and compensation, so I will get straight to the point, Mr Morrison!    I hold YOU personally responsible and AS MUCH TO BLAME AS ASIC for the heartbreaking and vulnerable position we are left in. YOU are not fit to be the Prime Minister of Australia because you don’t hold your Federal Departments accountable for their ignorance, failures and NEGLIGENCE. YOU allow white collar crime to run rampant in Australia and YOU don’t give a toss about the the impact...

To whom ever Federal Politician reads this letter,                                                       I am writing this on behalf of all the retirees and Pensioners who were in the Sterling life Fiasco which went in to  Administration 2 months ago . now these dodgy companies are falling into LIQ because all our savings have been stolen.  ASIC KNEW of the danger in 2015. You will all be aware of this by now.  You will know we have lost our life savings and also our homes due to the moneys we paid has now been stolen by Sterling group of companies. NOW, picture that these people are yourselves and you are now experiencing the feelings off such a terrible life changing, traumatic event, you are suffering cancer, are in a wheelchair, have heart issues, not many years left on this earth. One has already passed away, you don't know what to do or where to go....

7rd August 2019 Mr. Ian Goodenough MP
 Member for Moore Chairman of Parliamentary Joint Committee on Human Rights House of Representatives - Parliament House Canberra   Dear Mr. Goodenough, Re:        THE STERLING GROUP OF COMPANIES COLLAPSE   There are over 100 victims of the Collapse in the Perth Metropolitan area.   My Landlord has now served me with a Form 17 “Notice to Tenant of Proposed Recover of Premises by Person with Superior Title”. Lodged with the Supreme Court of Western Australia. I have contacted WA Consumer Protection, who are doing all they can to assist me. For an age pensioner this whole situation is overwhelming.   I have also written to Mr. Shipton, the chairman of ASIC, the Prime Minister (twice), and tothe Hon. Josh Frydenburg MP.   I hold ASIC liable for the position I am in and my loss of $285,000, by allowing the Sterling Group of Companies...