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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: Dear PM ASIC ENDORSED company of cheats, and criminals, guilty of previous theft and wrong doing going back many years. # 10

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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14th July 2019

PRIME MINISTER OF AUSTRALIA

Hon. Scott Morrison MP.    

Department of Prime Minister and Cabinet

P.O Box 6500 Canberra.ACT.2600

 

 Dear Mr Morrison

THE STERLING GROUP COLLAPSE AND ASIC FIASCO. $36 million compensation.

I hope you will care to read this light reading on this subject.

Once upon a time there were some ‘old people’ who wanted a home to live happily ever after. They found a company, Sterling New Life, who would give them their wish, if they handed over their life savings, they had worked their lives for.

Many spent thousands more on extras like security to be safe in their remaining years with their 30 or 40 year lease. To add to that a lot of tenants invested many more thousands of dollars in the company in what turned out to be fake shares.  The SNL people said the monies were invested in a trust fund, so completely safe and watertight, and that if you ever left your property you would be able to be refunded with your monies.

So the happy people, signed the appropriate paper work, and all was good. Little did they know, they had signed with ‘Sterling No Life ‘and nothing was good. They were a company of cheats, and criminals, guilty of previous theft and wrong doing going back many years.

Corrupted ASIC who were supposed to protect the ‘happy people’ were in fact protecting the criminals and were criminally negligent themselves. They kept secrets, and because they took no action, it sent the ‘happy people’ into a state of financial ruin, homelessness, and stress, through no fault of their own.

It is now your responsibility as Prime Minister of Australia to right these wrongs. Reinstate the ‘Happy People’ with all monies they invested. Arrange that SNL and ASIC and all that contributed to the demise of innocent pensioners and tenants, be investigated now.

This corruption has to be dealt with, and the honest and innocent must win, the buck stops with you. Don’t let us down Prime Minister. All of Australia is watching. This is a benchmark for us now, and to protect others in the future.

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Guest Monday, 14 October 2019