Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook

facebook3           facebook2 


What BFCSA Does...

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.


Articles View Hits

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

Denise Brailey

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

BFCSA: Angry Letters from Victims of Lazy ASIC re Sterling Collapse # 11

  • Font size: Larger Smaller
  • Hits: 425
  • Print

Mr James Shipton

Chairman of ASIC

Melbourne VIC



Dear Sir,

Myself and my wife have been caught up in the Sterling New Life collapse. We purchased a lease to secure our housing needs for the remainder of our life. We did not enter into this arrangement lightly and we did our due diligence. The first thing I did was to go into the ASIC web site to see if there were any red flags. There was only one reference to Sterling which according to ASIC was only a minor breach. Also in Sterling’s disclosure document the following was stipulated.

1. All monies will be invested in low risk securities ( capital preservation is the first priority)


2. All investments will be monitored by a trustee

3. 20% of all monies will kept aside as liquid cash

None of this happened.


ASIC investigated Sterling In 2015 as concerns were raised by the WA Consumer affairs, and ASIC did very little to stop them soliciting monies from unsuspecting elderly people up until 2019.


We believe ASIC  were derelict in their duty of care, and cost elderly people their life savings and a secure roof over their heads, and should be held accountable.

My wife and I have lost $145000 and a life time lease as a result of ASIC’s failure, we will now have to pay rent out of our pension as a result of this failure, which is now going to make life very difficult.


If ASIC had performed their duty in the first place none of this would have happened, so ASIC should pay us compensation for their failure. Just because they are a Government Agency should  not mean they are exempt from their responsibilities.



Last modified on
Rate this blog entry:


  • No comments made yet. Be the first to submit a comment

Leave your comment

Guest Wednesday, 20 January 2021