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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 # 6

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

I write to you as a leaseholder caught up in this Sterling New Life grand theft, larceny call it what you will.  It is the theft of monies amounting to $26 million from retirees and pensioners by thieves and con men namely Ray and Ryan Jones and Company, amongst those millions $140,000 of my money which amounted to my entire life savings. I have nothing left out of all my savings over the last 50 working years of my working life.

At 68 and still working you can imagine the crippling impact this has had on my wifes and mine life. We are facing eviction from the modest 2 bedroom apartment that we have called home for over a year and I have nothing to show for the past 50 years of my working life, because it has all been stolen by Ray and Ryan Jones and Company through Sterling New Life.

The meeting that was conducted by Ms Denise Brailey on 21st June 2019, which my wife and I attended in Mandurah as well as at least hundred others exposed ASIC as an effete, disgraceful organisation that has let over one hundred people down when they did not move to stop Stirling New Life from operating over 2 years ago.

You have presided over an organisation not fit to carry out policing of the corporate act of Australia. For an organisation that gets paid over $400 million a year you and your department as Ms Denise Brailey has told us have done nothing more than acted as a glorified librarian or records office.

I met Michael Darch, one of your Perth office employees's early May 2019 about the SIT matter he was indifferent to my plight, when he entered the cubicle arrangement, it was more like a back door entrance than a proper administrative office to discuss this serious matter and it appeared he was going to walk right past me. He had a look of contempt about him toward me but I also think he was trying to hide his guilt about how he and Michael Bertram had not proceeded to take action against Sterling New Life earlier, 2 years earlier. He gave me the impression that he was thinking to himself, why do I have to sully my manicured hands dealing with this peasant Murphy. When I asked about Michael Bertram he said words to the effect "Michael is not involved in this issue".

He was more interested in directing me to the "wonderful" ASIC website rather than doing something concrete, the whole interview was a perfunctory exercise on his part. He knew the horse had bolted years ago and he and ASIC had sat idly by and done nothing that could have averted this grand larcency of my funds and those of one hundred other victims totaling $26 million.

I hold ASIC directly responsible for this $26 million loss, your organisation has done nothing to protect the people involved in this SNL scheme nor for that matter the people of Australia from what Denise Brailey has told us when she recovered $600 million of funds from a previous similar scheme years ago. Thats only one of a number of horrendous financial disasters that quite frankly ASIC should have prevented, you have the statutary power given you by the Australian Federal government, WHERE WERE YOU ??, in fact what in God's name do you people actually do ??

Right now, you and your ASIC Department have to make things right for over 100 persons who have had their money STOLEN,  there is no other word for it "STOLEN" from these Sterling New Life thieves and bastards. You have to give us full compensation of $26 million for the monies stolen from us, because you and your staff are spineless, effete bureaucratic fools with all the power at your disposal you have not acted when it was your legal duty to do so. You and your department have fiddled, and twiddled your thumbs whilst this financial disaster has gone on unabated, the financial equivalent of ancient Rome being raped, looted and burnt to the ground.

We, the people are the true sovereign of this nation, Australia, you were sworn to protect the sovereign and the sovereign's interests, you and your glorified spineless accounts clerks masquerading as intelligent, informed, public officials resolute and determined to do your duty did nothing to stop this financial disaster, which I am sure not only I but legal counsel would consider criminally negligent. Your organisation is a complete disgrace. 

We all want our money back, we are pensioners at the end of our lives, indeed I think this disaster will shorten some of the lives of the people involved. We want our money back and you and your incompetant, negligent ASIC Department have to seek the monies from the Prime Minister and Treasurer of Australia and we want this $26 million returned to us NOW. 

yours sincerely

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Guest Monday, 16 September 2019