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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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BFCSA: Angry Letters from Victims of Lazy ASIC re Sterling Collapse # 12

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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Dear Mr Shipton

The Collapse of the STERLING LIFE GROUP - A Failure of the

Australian Securities and Investment Commission.

We are requesting to be compensated for the loss of our $210.000 paid into the

Sterling Investment Trust in 2016. Since this debacle started we have found out from

THETA (the trust managers) that this was never set up as a trust rather an investment

fund operating very near to a PONZI scheme.

There are over 100 retirees who have been left penniless and liable to be issued with

eviction notices. Where can we go?

We have worked all our lives and brought up children to believe in fair play and

respect to others. Sterling have not given us this. So we are demanding that $26

million within 8 weeks as compensation, occurring.

My faith in this Government has been destroyed. The words Australian Securities

and Investment Commission does not do what it is supposed to do. Protect people

like us from low life swindlers who prey on the elderly.

We are in a very stressful state. Cannot sleep and wondering when we will get the

eviction notice. We used to own our own home, and Mr Jones with his silver tongue

enticed us into a better retirement with no money worries.

This should have been prevented as ASIC knew of this scheme and did nothing to

stop it. Are they afraid of confrontation. Well Confrontation with us is going to

happen!

Yours sincerely

 

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Guest Monday, 16 September 2019