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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 # 33

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

Chairman of Australian Securities & Investments Commission,

 

Dear Mr Shipton,

 

Re:  The Collapse of the STERLING NEW LIFE GROUP

                                                                                                                               

 We are writing to you today to voice our dismay and disapproval of the diabolical

way in which ASIC have failed to protect us from the collapse of the above.

 

ASIC were made aware in 2015 of the problems with this scheme and did nothing to

protect vulnerable and older consumers by issuing early vital warnings of the

catastrophic financial loss and failing to stop it. 

 

How was this allowed to happen.?  You have to be held responsible for this collapse as

you were aware of the problems but you did nothing to warn people not to enter into

this arrangement.  If you had we would not be in the situation we are today.

 

We worked hard to make sure that we had financial security in our retirement and all

that has been robbed from us because if you had done your job properly we would not

have signed up. 

 

We had a beautiful home that was too big for us and decided to downsize in 2017.  We

saw this scheme in the paper and thought it was the perfect way to downsize for us as

we did not want to go into an over 55s retirement village.  We contacted our financial

advisor who did a thorough checkout of this housing and he even met with the directors

of Sterling to ask questions directly.  Obviously they are fantastic liars and conmen as he

came away from the meeting satisfied that our investment and security were safe.

Having THETA there as trustees helped ease our apprehension of investing as we were told

our $230,000.00 was secure and could not be used and would be available if we ever wanted

to leave the home.

 

This again was another LIE as these thieves were able to use our money for their own gain.

How did THETA allow them to use OUR money? ?

 

 

We are now in the position of losing our home, our investment and our hopes for a secure

and happy retirement, and you and your careless irresponsible department are the ones

who have caused all this by not doing the job that the Australian people trust you to do.

 

 You were aware of the problems and chose to do nothing to protect everyone when

that is the role of ASIC. 

Knocking on a few doors and asking people if they were ok and happy with things is not

enough.

 

 

 

ASIC have a budget of $450 million awarded to them to investigate and thoroughly checkout

Companies and make sure these crooks do not get away with defrauding people of their

hard earned money but you allowed these men, who have been involved in previous companies

that have collapsed to do it again and again.  

 

So the buck stops with you and your department.   YOU are to blame for this.  YOU and your

Department ASIC FAILED US.

 

 

 

Please give this matter your utmost attention and we await your urgent reply,

 

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Guest Monday, 16 September 2019