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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: John Carey - 130 elderly couples finish up with no money, no security and possibly no home to live in.

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Dear Mr Carey

We sold our house back in 2016 and invested in a well- advertised scheme where we moved into a rental property with promise of the interest from our investment would pay our rent .It failed and we now have lost all our investment and we are obliged to pay our rent out of our pension which leaves us little to live on.

 My complaint to you is that the company we invested in was Sterling New life and we understand that as far back as 2010 WA Consumer Affairs was not happy with the structure and advised ASIC of the probable problems. It appears that ASIC did nothing to

1. Advise the people of a probable white collar ponzi scheme

 2. Investigate the scheme at any length or if at all.

 3. Bring the directors to task by asking for their business plan.

 In our opinion ASIC has failed in their charter to investigate and to maintain proper control over this particular company and as such should be held responsible and accountable for this mess. Some 130 elderly couples finish up with no money, no security and possibly no home to live in. Add to that the stress and concern we have had to endure over the last 6 weeks it is taking its toll.

As our state member we would appreciate your involvement in this debacle and some follow up to the above questions would be appreciated.

To add to the stress Centrelink are classing us as home owners and refusing to give us rent assistance. Can you check on why this is so? We have spent a lot of time at Centrelink waiting for a decision and then get one that is illegal. If we owned a house, we would be out selling it to get out of this mess and we would not be asking for rent assistance.


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Guest Saturday, 16 January 2021