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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: The Utterly Heinous ASIC Crime of "Buyer Beware" Dear Mr Frydenberg # 27

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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Mr Frydenberg,

Let me tell you of our situation. I am a 69 year old pensioner and had to retire early and give up my job through ill health. Reason being I had a massive heart attack, plus chronic obstructive pulmonary disease. My wife had to become my carer. During this period of time she had a Brain Tumour. We thought if that’s the worst that can happen so be it.

 We are victims of an utterly odious and heinous crime through ASICs lack of due diligence. We brought our home through Sterling New Life and we had people look at the offering. They said it seemed a good idea. We said to Sterling to reserve our block subject to sale of our home. We sold and took up Sterling’s offer of a 40 year life long lease. We paid $197,000 up front. We never once heard anything about them being under investigation. We also put out another $35,000 to go into a trust which at a later stage would be floated.

They said our money for home and investment was as safe as houses as it was in a trust fund. 

There was no ASX listing (LIE #1 )

There was no trust fund (LIE #2  )

This was a 40 year safe retirement ( LIE # 3 )

ASIC approved registered etc ( LIE #4 )

I know you have been in this portfolio a short while but I am sure you would have heard about the Sterling trust fund collapse. My next question begs, who was the federal treasurer the previous six years. I think we all know the answer to that one. ASIC I believe Sterling first since 2015 but not once a red flag was put up.

ASIC are funded annually to the tune of $450,000,000. My next question is why the federal treasury never questioned on how or why ASIC never disclosed this. Surely the federal treasurer and the chairman of ASIC often get together and discuss what ASIC is doing. It surely would not have been the lack of action in the investigation of Sterling first or Sterling New Life or whatever umbrella they were using on the day. ASIC were aware that the same four players in this were the same people that all went under in past ponzi schemes.

Oh by the way, I forgot to mention, all this goes back to 2001. ASIC should have shut this down then. Along this journey, treasury never questioned ASIC? I am absolutely disgusted by the inaction of all of this. This to me is codswallop.

You will probably say buyer beware, “that is blame the consumer”. Through no fault of our own. We want full compensation for ourselves and our fellow victims. I think you can do the maths on this one but if you can’t I think you will find a few hundred people will come up with the right answer and you will still have change left over from $450 million for the chairman of ASIC,

Mr Shipton and our treasurer the honourable Josh Frydenberg to still have their regular lattes together. I read somewhere Mr Shipton spoke to the Media conference on his appointment and he said and I quote, “I intend to ensure that ASIC will be a strong proactive, efficient, innovative and strategic regulator.” Where is the proof of this?

All I have seen from this lack of regulation, is that we Australians are rewarding criminals. But in actual fact they are robbing the weak and vulnerable in our society. I think there is still one fight left in us all to still get all our money back.

Regards.

Ed:  BTW the caption for the attached photo should be the PM saying: "Blame him..................."

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