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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 Royal Commission into ASIC. Mr Sukkars' promise of a Review is a furphy

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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Prime Minister of Australia

Hon Scott Morrison MP

 

 

THE STERLING GROUP COLLAPSE: $28.6 Million Compensation

ROYAL COMMISSION INTO The Australian Securities and Investment Commission (ASIC)

 

Dear Prime Minister

 

Firstly, I am requesting $28.6 million in compensation from ASIC or the Treasury for the victims of the Sterling Group. I previously wrote to you on 14th July concerning the dreadful situation that myself and over 100 other Life Leases tenants find themselves in. Decent, hard working individuals who paid their taxes, served their country and had a go at shaping Australia into the great country it is today. Where is the FAIR GO for us?

 

Landlords, as well as Tenants, in WA, VIC and QLD are suffering in this situation and the intention to deceive can be found in every aspect of Sterling’s operations. Rents were inflated and no risks were explained to anyone; this is a massive white-collar crime scene. Pensioners and retirees have lost their life savings, their homes and their health is deteriorating quickly, 0ne has already died and some only have months left to live.

 

Many of us wrote to the Treasurer, Josh Frydenberg, but is seems, by his reply, that he has been badly misinformed. He claims that the Sterling collapse is a State issue rather than Federal yet you can see from the long list in the letter you would have received from Denise Brailey that this is definitely a problem at Federal level. ASIC were informed that there may be irregularities with some Sterling products in 2015, if not earlier, and made some superficial enquiries with some of the tenants. ASIC would not have done this if it was not within their jurisdiction.

 

Other Members of Parliament do not seem interested in giving us a FAIR GO either. The Attorney General Hon. Christian Porter MP and Mr Andrew Hastie MP, who both have constituents that are involved in this debacle, have both failed in their support and help for these elderly pensioners.

 

Secondly, I am seeking an urgent Royal Commission Into ASIC. ASIC has been warned about Ponzi schemes for over 20 years but they are still allowed to flourish. Some of the characters who set up the Sterling groups were well known to ASIC from previous company collapses yet they were allowed to go on their merry way and do it all again. More unsuspecting victims. ASIC is lazy, corrupt or criminally negligent, maybe all three. They are supposed to be the corporate watchdog but how can consumers be protected if they are not doing the job that is expected of them. This state of affairs cannot be allowed to continue and a Royal Commission is a must for the sake of all Australians.

 

To add insult to injury we have just found out that although Michael Sukkar, Minister for Housing and Assistant Treasurer, announced on a radio talk back show that there was to be an ASIC internal investigation, it now appears that this has not taken place and there was never one ordered. This is unacceptable, ASIC receives a massive budget not to mention huge bonuses for performance but they are simply not performing in their role as consumer watchdog. They are no better than the characters from Sterling.

 

We are united under the leadership of Denise Brailey, a dedicated consumer advocate, we are angry and we will not give up; we will not go away. Please make available an immediate one-off payment to the victims of the Sterling group and announce that there will be a Royal commission into ASIC.

 

 C & D

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Guest Monday, 14 October 2019