GLOBAL SUB-PRIME CRISIS

BANKILEAKS

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 

BFCSA
MORTGAGE
DISTRESS SOS

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.

Visitors

Articles View Hits
630715

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 # 51

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
  • Font size: Larger Smaller
  • Hits: 156
  • 0 Comments
  • Print

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 some years earlier and appeared also to do the same thing at Kebbel Funds management, how ASIC allowed this man to be a director bemuses me.

The person who introduced this investment to my adviser was a Mr Ashley Howard who was subsequently given a lifetime ban by ASIC as a director. This was after stealing IPO funds from an ASX listed company and bankrupted by the wolf of wall street.

 

I don’t understand how ASIC has know about Simon Bell since May 2000 and the total collapse of the group in 2006 for $330 million, ASIC was also aware of Finchley Central Funds Management previously Kebbel Funds Management which was also run by Simon Bell which ASIC was investigating prior to its also liquidation and also prior to my investment, another $ 50 million of funds disappeared here as well. ASIC wound this fund up and a year later the same guys were getting investors money again!!

How could ASIC let this same guy do almost the exact same thing time and time again to investors like myself. You have nearly a half a billion dollar budget, how you could not see this happening is a matter of no less than pure incompetence

You took the other director Neil Burnard to court in 2009 over making false and misleading statements, he was the business partner of Simon Bell.

It seems nearly every person I have seen in this business has either been banned permanently as a director by ASIC, taken to court for false or misleading statements by ASIC or been involved in massive losses to the public and wound up by ASIC.

Sterling continuously was seeking new investors and funding for approx. the last ten years, I was never shown any audited accounts.

How can a business operate without audited accounts and raise money from the general public.

I demand ASIC be held accountable and seek a full return of my funds invested.

Regards

Last modified on
Rate this blog entry:
0

Comments

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

Leave your comment

Guest Monday, 16 September 2019