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.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form
Recent blog posts
30th June 2019   I  am, one of the Tenants who has been financially ruined by Sterling New Life collapsing.   I am 76 years old and have struggled most of my life with finances. and in 2016 when l was introduced into SLN or should l say taken in and lied to. I thought at last my worries were over, my rent is going to be paid for the next 40 years yippee, l could now sit back and enjoy my life with no more concerns and would be able to manage on my pension.   But I was so wrong and now find myself in a worse position, because all my money went to SNL, and now l  found out that ASIC knew of SNL and that it would most likely fail back in 2015 but did nothing about it no warning nothing you just let SNL carry on....
Last modified on
Hits: 113 0 Comments
Rate this blog entry:
0
Continue reading
3rd July 2019 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) and has 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 monthly to the Federal Treasurer and raises matters that it is investigating. Were the...
Last modified on
Hits: 125 0 Comments
Rate this blog entry:
0
Continue reading
2nd July 2019 Dear Mr Shipton Re: The collapse of the Sterling Life Group I am writing on behalf of my mother, Ann Shepherd, who is one of the pensioners caught up in the collapse of Sterling Life Group. My mother has lost $244,000 of her life savings through the irresponsible and deceitful actions of this company. My mother is a 79 year old self-funded retiree who immigrated with my father to Australia 15 years ago to join their children and call it their home for the rest of their life.  Through no fault of their own, they had already lost a large amount of their self-funded superannuation money in the 2008 GFC. After the death of my father in 2015, and due to her ageing years, my mother had to make the decision to downsize, releasing capital from her family home which she then invested with Sterling New Life in...
Last modified on
Hits: 141 0 Comments
Rate this blog entry:
0
Continue reading
1st July 2019 Dear Mr Shipton,      CHAIRMAN of ASIC                                                                                                        I am writing this letter to you with a mixture of emotions, my 79 year old mother has become one of the victims of the collapse of the ‘Sterling Life Group’ here in WA. From what has come to light recently and from what we now understand, this should never have been allowed to get to this dire position and we believe that ASIC are liable for this disgusting mess that has been allowed to carry on under your leadership. I would much prefer to be dealing with this...
Last modified on
Hits: 108 0 Comments
Rate this blog entry:
0
Continue reading
30th June 2019   Dear Mr Shipton  CHAIRMAN OF ASIC   Re: The collapse of the Sterling Life Group   As a victim of the collapse of Sterling Life Group, I am writing to express my feelings of anger and disgust with ASIC for failing to alert warnings to the public about this rogue group of cheats and liars who have been in trouble before, as far back as 2001.  Had you done so, it would have spared the anguish & heartbreak of pensioners losing their life savings, peace of mind and security in the latter part of their lives, SHAME on you, this should never have been allowed to happen.    I am a self-funded 79 year old retiree on a very modest English pension, I have been on the waiting list for permanent residence in Australia for 10 years and receive no financial support from the Australian government.  ...
Last modified on
Hits: 107 0 Comments
Rate this blog entry:
0
Continue reading
29th June 2019 Dear Mr James Shipton,  CHAIRMAN of ASIC   Re: The collapse of the Sterling Life Group I am writing on behalf of my mother who is one of the pensioners caught up in the collapse of Sterling Life Group and lost $244,000 of her life savings through deceit, lies and total crooks of this company. My mother is a 79 year old self-funded retiree who immigrated with my father to Australia 15 years ago to join their children and call it their home for the rest of their life.  They lost a lot of their self-funded superannuation money in the 2008 GFC and after the death of my father in 2015, and her ageing years, last year my mother had to make the decision to downsize and she invested her money with Sterling New Life in October 2018.  We were not naive in looking at this company as...
Last modified on
Hits: 125 0 Comments
Rate this blog entry:
0
Continue reading
Dear Mr FRYDENBERG THE FEDERAL TREASURER "I am writing to you regarding the $272,000 that was criminally taken from me by the STERLING GROUP, along with 200 other Australians pensioners and retirees, to a total of $36 million.  I am advised that you give a budget to ASIC OF $450 million a year to ASIC who is supposed to be the consumer protection regulator.   We have written to Mr Shipton with disgust over his handling of the regulating of Sterling Group.  Shipton knew from "past performance" these people were not to be trusted but he still gave them the "green light" to come back with this latest scam and take money from all of our life savings.  You had meeting with this man Mr Shipton, so did he lie to you like he did us?   My wife and I, both in our eighties. I am 83 and my wife...
Last modified on
Hits: 110 0 Comments
Rate this blog entry:
0
Continue reading
Carli Idziak Sales & Marketing Executive at Sterling First Limited Location: 19 Lyall St., South Perth, WA 6151, Secret Harbour, Western Australia, Australia Company: Sterling First Limited HQ Phone: +61 8 6102 7265 ...
Last modified on
Hits: 212 0 Comments
Rate this blog entry:
0
Continue reading
Cricketer entertains crowd   Emily AceSouth Western Times Thursday, 11 October 2018 2:13PM Legendary former Australian cricketer Mitchell Johnson visited Bunbury for the first time recently, to attend Rental Management Australia’s sundowner event at Vat 2. Johnson is an ambassador for RMA, as his investment property is managed by the company. “I don’t like to promote things just for the sake of it, it’s more because I have an interest and I believe in something,” he said. “These events are really good because they can be smaller crowds but it is very personal as well. “I can get around and speak to everyone and it gives a bit more of an insight into what I am about and what I do. “I feel like I am just a normal guy, I have just had a different career path to a lot of other people.” Johnson said Bunbury had reminded him...
Last modified on
Hits: 127 0 Comments
Rate this blog entry:
0
Continue reading
Dear Mr. Frydenberg,  I am going to fight this injustice until the end and will not be going away at all.  I am writing this letter in regard to The Collapse of the STERLING LIFE GROUP as “ A 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 $250k with Stirling 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...
Last modified on
Hits: 123 0 Comments
Rate this blog entry:
0
Continue reading
Mr. James Shipton Chairman of Australian Securities and Investment Commission Level 7/ 120 Collins Street,   Melbourne VIC 3000.   Dear Mr. Shipton,   RE:- Collapse of Sterling First Group of companies. My wife and I are one of the several investors nationally who have put our trust and hard earned cash from our Superannuation fund as an investment into the Sterling First group. We have worked very hard over the last 47 years and paid our taxes. We have never put out our hands for any Government assistance while transitioning jobs. There has been many sacrifices and hardship along the way as we worked very hard to put away sufficient funds into our Superannuation for retirement.  Our true belief was not to be dependent on the Government resources which should rightfully be allocated to people in hardship and real need. Our intentions have been good and honourable, but others saw us...
Last modified on
Hits: 126 0 Comments
Rate this blog entry:
0
Continue reading
5th July 2019   Att. Mr. Frydenberg.   Subject   Sterling Collapse   Dear Mr. Frydenberg   You don’t know me and I don’t know you, but I am hoping I am writing to an honest man. As treasurer of this country you are charged with caring for the financial wellbeing of its citizens.   As a citizen of 38yrs, and a retired businesswoman I would expect you to do the right thing by the people who have worked all their lives, paid their taxes, and tried to do the right thing by their fellow Australians.   I am feeling used and abused by people who were charged with looking after its citizen’s financial security.    I am very angry at the way myself and my fellow citizens have been brushed aside because a very well-paid government body re. ASIC have been negligent in their duties.   I won’t bore you with...
Last modified on
Hits: 114 0 Comments
Rate this blog entry:
0
Continue reading
Dear Mr Frydenberg   We invested all of our savings through SilverLink investments to secure our retirement with a Stirling New Life Lease. $135.000 plus $11.000 in fees and $13.000 on home improvements: TOTAL $ 158,000   Due to the collapse of Stirling  and its allied companies,  we as pensioners aged 77 and 69 years of age are now left with nothing and are facing eviction or paying rent for the property that we have invested everything in.   This has happened to us as a direct result of total incompetence by ASIC who had been  aware some years prior and I believe as recently as 2015 and failed to act.    We invested our savings in 2018 !!!   How Mr Frydenberg can this negligence be allowed to happen within a Government department that we should be able to rely on to execute their job and protect the public in...
Last modified on
Hits: 105 0 Comments
Rate this blog entry:
0
Continue reading
Hon. Josh Frydenberg MP Federal Treasurer P O Box 6022 House of Representatives:  Parliament House CANBERRA  ACT  2600   Collapse of Sterling New Life - ASIC CRIMINAL NEGLIGENCE - $36 million losses.   Dear Mr Frydenberg    By now you are no doubt aware of the mess that is the collapse of Sterling First (and all related entities) and the uncovering of the criminal negligence of ASIC, which has put hundreds of Australian retirees on the streets, stolen from investors, and left investment property owners with broke, elderly tenants.   The damages from all known victims that have come forward so far is at $36 million and counting. ASIC was well and truly aware of the problem with Sterling First no later than 2015 (evidence suggests earlier) and still did nothing to stop the company from preying on this country’s elderly. This goes way beyond negligence. At best this is criminal. ASIC are as good as complicit...
Last modified on
Hits: 109 0 Comments
Rate this blog entry:
0
Continue reading
The Federal Treasurer The Hon. Josh Frydenberg MP. PO Box 6022 Canberra A.C.T. 2600     Dear Sir,                Because of the incompetence of ASIC my wife and I have lost $240000.00. We entered into a life long lease with Sterling New Life to secure a roof over our heads for the remainder of our life. We did our due diligence, and received advice that our money was secure and in a trust account. We have found out since, that ASIC had been investigating Sterling since 2015 and maybe earlier, and all the assurances given by Sterling were lies. Why was ASIC silent on this matter, as they were given plenty of warnings that something was wrong? Mr Treasurer ASIC is a Joke, and we demand compensation for their incompetence. If ASIC had done their job and shut down Sterling when they knew there was a problem, none of this would...
Last modified on
Hits: 101 0 Comments
Rate this blog entry:
0
Continue reading
Dear Mr Shipton, Australian Securities and Investment Commission  I’m sure you’ve received the letters from Denise Brailey, Re - The Collapse of the STERLING LIFE GROUP – A Failure of the Australian Securities and Investment Commission. It is important for us individuals that were highly affected by this, to also share with you the dramatic and life changing effects that this has had on each of us, who entered into these Financial Companies in good faith and believing it was a sound and growing investment.  The catastrohic effects on me and my family have been unbearable.  Firstly, this investment I made came from money borrowed from my family and their retirement fund. So the guilt, shame and embarrassment I have experienced with this long duration fiasco has been too stressful for words.  The loss of my retirement fund of over $100,000 has created scarring emotional pain and fears for my future...
Last modified on
Hits: 135 0 Comments
Rate this blog entry:
0
Continue reading
Hon Josh Frydenberg MP House of Representatives, Parliament House, Canberra, ACT, 2600    Re: Sterling New Life FIASCO     Dear Mr Frydenberg I’m writing to you in reference to the misleading and unlawful processes of the Directors of Sterling New Life.   As a retiree, I invested my life savings totalling $360,000 with this group under the premise of obtaining a lifetime lease on residential property in WA.  I commenced my lease arrangement in February 2017 with the intention to remain in the property for my remaining years, thereby achieving the level of financial security that allowed me to enjoy these years with my family and grandchildren.  This goal has now been ruined by the activities of this group and the ignorance of the Federal Government. Following the collapse of Sterling New Life and now left in financial ruin with nowhere to live, I am aware that ASIC were monitoring...
Last modified on
Hits: 119 0 Comments
Rate this blog entry:
0
Continue reading
Dear Mr.Frydenberg, In March 2017 my wife and I entered into a 40 year “lease for life’’ with Sterling New Life .Today we are broke , our money having been stripped from us ($135.000)by the directors of this company . We now endure extreme hardship of emotional turmoil everyday and worry about our financial future .I am on the Pension and my wife ,who is 65 only qualifies for the New start Allowance . To say we struggle is an understatement and without the support financially and emotionally from our children we wouldn’t survive . Well may you say ‘buyer beware ‘’ but if it wasn’t for the criminal neglect of ASIC in relation to their appalling record of Consumer Protection this would not have happened . We received a phone call from ASIC around the middle of last year asking us questions about how we were pursued by SNL and...
Last modified on
Hits: 117 0 Comments
Rate this blog entry:
0
Continue reading
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...
Last modified on
Hits: 115 0 Comments
Rate this blog entry:
Continue reading
Letter to the Treasurer Frydenberg  Dear Sir, This letter is written in the believe that we still have enough intelligent leaders, who will accept that we have the right to form an opinion and the freedom to express couch an opinion. I understand that those are our rights, given to us in the United Nations Basic human rights declaration and The Constitution of this country.  The information that this Country is a on top of the list in White collar crime is very sad and is the best explanation why we the retired people are losing our rights,  our property,  our money and our chances to spend the rest of our life in safe and peaceful environment that we in our Working lives provided for our parents and grandparents.  Sadly Mr Frydenberg I must inform you that coming from other countries gave me the base of comparison and this in combination with this...
Last modified on
Hits: 98 0 Comments
Rate this blog entry:
0
Continue reading