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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: Letter to Mr Michael Sukkar Federal Assistant Treasurer resp. for ASIC Laziness and Lies

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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Mr Sukkar

PO Box6022

House of Representatives Parliament House

Canberra ACT 2600

Sterling New Life Investments

 

Dear Mr Suukar

As the person in charge of ASIC you would be aware of the disaster in Western Australia caused by the Sterling Life collapse. This has caused great stress and anxiety for the older people involved. This has happened at a stage in their life where they should be enjoying themselves.

We are two of those people who have had their money stolen by immoral peopled who have no decency or honesty in their business dealings.

This problem has been caused by ASIC not using due diligence in their investigations into this company.We invested in Sterling Life on the 8th May 2017 when they had already come to the notice of ASIC.

We had phone calls and emails at the beginning of July 2018 from Michael Darch at Asic enquiring how we found out about Sterling NewLife.

ASIC told us not to worry and not to be alarmed.

We invested $230.000 dollars in the lease arrangement and a further $60,000 in their investment structure.

Now we have no nothing and no asset to our name.

All our life we have worked hard , paid our bills and now it is demoralizing to have to tell our family about this and to have to ask for help as we don’t have a house to live in.

When it comes down to knowing that ASIC knew all about this problem back in 2014 it is a bitter pill to swallow that our government and the party we voted for has not protected us.

As the Federal Minister for Security you have the power to fix this and we need you to do expedite it as quickly as possible.

Yours sincerely

 

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Guest Sunday, 15 September 2019