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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: We would not have been in this situation if ASIC had done the job they were paid to do.

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Sterling New Life

Mr Frydenberg

Dear Sir

This letter is to complain about the Department of ASIC. You allow them a budget of some $550 million dollars per annum. Do you feel you(we) are getting value for money? In their so-called mission statement, the final words read “to protect Australian investors and creditors”.

You may by this time have heard of the slick marketing structure by Sterling New Life Company. with a further 12 other companies to move money around to cover their tracks from the tax Dept. This company was reported to ASIC in 2010 by the WA Consumers Affairs Dept. stating this company was suspect and the CEO and Directors were well known to have previously moved on the public with heavy losses to the investors.

I therefore ask

1.Did the Director of ASIC know of the Ponzi scheme back in 2010?

2. What if anything did the Dept of ASIC do about it?

3. Was the public ever advised of this doubtful scheme?

4. Why did I receive a phone call from Michael Darch of ASIC in 2017? Did he know something I did not?

5.If the fault lies with ASIC will you put in motion the reimbursement of our money from ASIC’s budget?

6. Will you consult with the PM of Australia to act to find these white-collar criminals found prosecuted and jailed by the Federal Police Fraud Squad?

We have never been in a situation like this before. We have lost all our invested money.

We now have to pay rent twice via our lost investment and now the new arrangement with the property owner.

This has to be done only on the pension. We have like many other Australian citizens worked hard raised children paid our way and voted when required. We are now in a situation where we have tp ditch our hospital cover, sell one car, reduce my physical activity to one day a week, not have small or large trips anymore, have stress tests to explain chest pains and anxieties, buy smaller presents for our grandchildren and family.

It’s a bitter pill to swallow.

I know there are people worse off than us but we would not have been in this situation if ASIC had done the job they were paid to do.

I don’t like writing these letters but will continue to do so until I -we get the satisfaction of having our money returned.

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Guest Saturday, 16 January 2021