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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 # 3

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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26th June 2019

Chairman of ASIC

 Dear Mr Shipton,

 

further to Denise Brailey’s letter to you on behalf of retirees impacted by the collapse of the Sterling group of companies I would like to add my support to her claim for compensation as a result of ASIC’s negligence.

In July 2018 I received a letter from Ray Jones chairman of the Sterling group who stated :

“Given that we cannot guarantee the future unit price, for your peace of mind we now undertake to make up any capital shortfall, should one arise, when you end your Sterling New Life tenancy and redeem your investment.  For example, if you invested $200,000 in the Sterling Income Trust, and upon redemption are only entitled to $180,000 based on the unit price at the time, Sterling will contribute a further $20,000, bringing the redemption amount back up to $200,000. The amount will be the original Sterling Income Trust investment amount, excluding initial fees. As you may be aware, Sterling is working towards a listing on the ASX which will further enhance Sterling’s financial position.”

I passed this information on to the local ASIC investigators who responded along the lines of “good luck with that”. Obviously they were aware then of the precarious position of the Sterling group yet did nothing to warn of the danger to existing or potential contributors to the Sterling Income Trust. How could your officers let such a situation fester when the life savings of so many people were at stake?

I am 71 years of age and, due to the failure of your organisation to fulfil its charter, am now faced with the prospect of living out my remaining years in a state of financial uncertainty .

Please give Denise’s request for compensation your urgent consideration and see justice delivered for the people affected.

 

Yours faithfully

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