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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: Prime Minister ASIC have arrested no-one for the STERLING fraud perpetrated on the elderly

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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 Prime Minister

The Hon Scott Morrison

Sterling New Life

Western Australia

 

Dear sir

We wish to give you more information on the Sterling Life investment program here in WA.

1. It has caused a lot of stress and heartache for people here.

2. On the night of the Election we received an email saying all our money was gone and the company was in administration. We learnt about this from our landlord who is also a victim in the collapse of this company.

3. The directors took all our money and Centrelink deemed us as homeowners so no rent assistance was allowed. Some Centrelink offices did it differently and gave rent assistance and now the investors are being asked to pay it back.

4, We now have no asset to fall back on and we were promised a lifelong lease,

5. We are now paying twice to live, once to the Sterling Life and now again privately to be able to have a place to live in. We are reliant on the pension and we are having to cancel insurances and probably our private health care to make ends meet.

5.We have no security to be in the new house we were supposed to live in for the rest of our lives. The owner of the house is also a victim as he was promised a high rent for his investment. There is no guarantee that he will keep this house in the future as he has to look after his own interests.

6.The immoral and unethical directors of the company have not been arrested for the fraud they have perpetrated and are still living a good life while smirking at the TV. They have supposedly not broken any laws apart from stealing 36 million dollars but the tax department needs to be involved and find out what they have done with the money. 

As Australians we are a generous nation but there are times when we have to look aft er our own citizens in times of crisis.

The losers in this criminal negligence are the tenants, the landlords, the investor, the tax payers and the economy. This could all have been avoided if ASIC had done

We would like to receive compensation for our losses especially as ASIC did not shut this down when they knew about it in 2001. The lawyers who wrote the contracts were in on the intention to deceive.

 HF

Tennant and investor

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Guest Thursday, 21 November 2019