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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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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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Denise

Denise

Denise Brailey has dedicated the past 20 years of her life to being a Consumer Advocate - a voice for the people and former President of RECA (Real Estate Consumer Association. She has helped thousands of investors and is currently President of the BFCSA (Banking & Finance Consumers Support Association). Denise was also awarded and presented with the Rona Oakley Award for Consumer Protection in 2010.
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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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 We thought we might just scrape through a reasonably safe and secure retirement with a Sterling New Life housing package, having never owned a home and been on a single modest income for most of our 45 years in the workforce. Alas, it all disappeared in a puff of smoke on June 10th. On 16th April 2018, after due diligence, my wife and I signed a 40 year lease worth $254,000 through a Silverlink Investment Plan with Sterling New Life which last month went into receivership.  Little did we know that SNL operations had been under ASIC investigation for some time. Had we known this we would not have proceeded. It has also come to my attention that ASIC reports monthly to the...
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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,   Criminal Neglect by the Australian Securities and Investment Commission   Substandard Consumer Protection.   Demand for $36 million in Compensation by Australian Consumers.     THE COLLAPSE OF THE STERLING GROUP a further 300 victims suffering loss.     Over the past 20 years, retirees with cash assets, and pensioners with homes as their only asset, have been the target of an unfettered gang of white-collar criminals in Australia. These cast of characters and their offspring are well known to ASIC and first surfaced more than 25 years ago. Devious entrepreneurs use a specific way of starting a company using a Ponzi structure, creating “information memorandums” instead of prospectuses. The so called “financial products” are exposed when investors attempt to...
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ASIC CHAIRMAN     Mr James SHIPTON Australian Securities & Investments Commission, 120 Collins St, Melbourne VIC 3000   To Mr Shipton,   The Collapse of the STERLING LIFE GROUP - A Failure of the Australian Securities and Investment Commission   This is an urgent demand for compensation from ASIC of $26 million within 8 weeks due to what can at minimum be described as ‘criminal negligence’ which resulted in around 100 retirees losing their life savings to a company which ASIC was fully aware had red flags all over it. I don’t have a lot of money. I had some equity in my home and thought that Sterling First seemed like a genuine company with a good plan in an to help Australian retirees. I did not just flippantly throw my money at this company. When I invested in Sterling First there was absolutely nothing on the internet or in...
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ASIC CHAIRMAN     Mr James SHIPTON Australian Securities & Investments Commission, 120 Collins St, Melbourne VIC 3000   Dear Mr Shipton    I am writing to you concerning an investment my financial adviser recommended in the Sterling First property group. I was told by my adviser an investment in Sterling first would give me access to a safe as houses investment and I would also receive a shareholding in RMIT with these entities to be listed on the ASX in the short term. Approx 18 months after my initial investment I contacted Sterling demanding a repayment of funds as I had been misled by not being provided what was initially offered. I took this up with Sterling management who shuffled the blame to another party. The person I was in contact with at Sterling was Mr Simon Bell, I am now told Simon was at the helm of Westpoint collapse...
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1st July 2019 ASIC Chairman Mr James Shipton Australian Securities & Investment Commission   Re – Sterling First Group Collapse and ASIC’s Accountability   Dear Mr Shipton, My parents are victims of the Sterling First Group collapse. On behalf of my parents and the wider group of victims, I am writing in support of the campaign being fronted by Denise Brailey calling for efficient and effective action, compensation, and retribution for all tenants and landlords involved.   After listening to victims stories and learning more about what has unfolded with this ignominy I am genuinely surprised that this has been allowed progress to a state of failure, particularly when ASIC was aware of the individuals directing the Sterling First group of companies, their history, and further, had been actively investigating this Australian registered business for a considerable length of time before my parents invested their hard earned life savings. As the...
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  Mr James Shipton, Chair, Australian Securities and Investments Commission     Dear Mr. Shipton, Sterling New Life I am writing to supplement the submissions appealing to ASIC for compensatory redress for being defrauded in the now collapsed Sterling New Life (SNL). The pertinent issues in this appeal are based on a raft of misrepresentations by parent company Sterling First (https://sterlingfirst.com.au/) concerning the legal and financial status of SNL and its Tenancy Contract. They also rely on ASIC acting in its consumer protection role. The complainants were given to believe that the funds they contributed were secured. In good faith they paid in advance the rent for 40 years of tenancy in exchange for the company’s Lease for Life. But the Sterling Group provided no warranty on the product they were selling to these senior couples in the retirement phase of life. Furthermore, purchasers were not informed that SNL was one...
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26th June 2019   ASIC CHAIRMAN     Mr James SHIPTON Australian Securities & Investments Commission, 120 Collins St, Melbourne VIC 3000   Dear Mr Shipton   Re: The collapse of the Sterling Life Group.   My wife and I are one of the one hundred 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 Mr Shipton? Because you and your 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 you knew there were problems with this group. If you as Chairman had issued warnings about this group we and others would not be in this situation now. This is gross neglect of your duties by not stopping this group....
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26/06/2019    Mr James SHIPTON Chairman of Australian Securities & Investments Commission, 120 Collins St, Melbourne VIC 3000     Dear Mr Shipton,     The Collapse of the STERLING LIFE GROUP   I write in the capacity as a 30-year commercial banker and now a self-employed finance broker. I also write with a direct connection with my parents in law directly impacted by investing their hard-earnt life savings into securing a long-term rental arrangement with Sterling Life for a roof over their heads – their home!   I understand there is an action where retirees like my parents in law are looking for a reasonable outcome in the form of compensation from ASIC in a specified timeframe.   From my understanding and research ASIC clearly knew about the related issues and the likelihood of failure of The Sterling Group as early as 2015 or 2016. The (Ponzi like) structures we...
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26th June 2019 Mr James SHIPTON Chairman of Australian Securities & Investments Commission WHY DOES ASIC EXIST?????   Dear Mr Shipton The collapse of the STERLING LIFE GROUP-a failure of the Australian Securities and Investment Commission. We are victims of the collapse of the STIRLING LIFE GROUP. Since the collapse of the Stirling Life Group we find ourselves in a dire situation with our entire life savings plundered, and now face being homeless in the near future. It is too frightening to contemplate!  My wife has a medical condition known as Systemic Lupus Erythematosus (SLE). It requires that she undergo regular visits to a Rheumatologist, Cardiologist, Neurologist and Ophthalmologist, and the need for continuous use of medications to balance her condition. Since the collapse of Stirling Life she has endured frequent ‘flare-up’ of her condition, and blood pressure elevation due to stress and worry. Now with our life savings gone we...
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