BFCSA Banking & Finance Consumers Support Association | Financial service

BFCSA Banking & Finance Consumers Support Association

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25.01.2022 BFCSA: Dr Chalmers Why is the Treasurer suggesting Sterling victims write to the Ombudsman knowing full well that is a devious ASIC TRICK? Why did the assistant Treasure Michael Sukkar announce on 6PR 21st June 2019 he had ordered ASIC conduct an internal investigation into the mishandling of its investigations into the Sterling affair? then why admit 6 weeks later no such internal investigation had taken place Why has the Prime Minister not responded to the 200 letters a...nd not publicly commented on his intentions re the urgent payment demands to cover $28.6 million in losses suffered by elderly people and rescuing them from probable - homelessness ASIC negligence over 2011-2019 devastating consequences to sterling victims. http://www.bfcsa.com.au//bfcsa-dr-chalmers-why-is-the-trea

25.01.2022 TOMORROW - WEDS STERLING Victims gathering outside the PERTH MAGISTRATES COURT (Hay ST entrance) 9:15am COMMCO SUPER Peter Clark vs 12 Tenants. ... Clark is attempting to gain control of 7 properties. He has 7 registered mortgages on 7 titles dated August 2016, signed by Ray Jones. He handed over $ 2 million to Ray Jones in AUG 2016 for a six month loan facility. So far there have been two court appearances: Clayton Utz representing the Tenants. Lawyer: Trina Storm PERTH MAGISTRATES COURT FOR TRIAL Wednesday 12th starts 10:00am Denise Brailey Mob: 0401 642 344

23.01.2022 SOME GOOD NEWS AT LAST Listen to Gareth Parker in half an hour Radio 6PR re breakthrough in STERLING FIASCO 9AM Get your copy of West Australian today. Listen to Gareth Parker on 6PR. Three elderly couples caught in the Sterling First Fiasco have had a major legal win with a a Supreme Court Judge ruling they have a case to argue that they are entitled TO STAY in the properties they thought they had leased for life and staying until the case is heard and decided upon. Doze...ns of retirees are facing financial ruin and homelessness. WA Supreme Court Justice Jennifer Smith has offered hope to these people along with many other victims of the Sterling Fiasco who signed up for 40 year leases. Within 12 months of paying average $250,000 for (8x5yr) 40 year leases, they were sent letters to leave their homes. Sterling collapsed in May this year leaving 180 tenants in 106 homes in the lurch and leaving Landlords without rental income, with mortgages to maintain to the Major Banks. Family Holdings are the Landlords in this case run by the Conway family. The Tenants fought back. The Judge has agreed the case is arguable as to the validity of these leases. Justice Smith stated: "I am of the opinion, that each of the applicants have an arguable case that may have substance being claim they have an interest in a long term sublease that was validly executed and has not by operation of law been terminated nor abandoned, she said. The case would be placed on a "fast-track." to a potentially earlier trial. My personal message to the Sterling Group Victims: Do not give up, stay in your homes. Hold on tight. Its a bumpy ride, but you have more strength than you realise. To all Landlords caught in this debacle, Banks are offering moratoriums. Tenants are paying some doable rent at the moment as this plays out. See you all outside the HAY ST PERTH MAGISTRATES COURT 10am Weds 27th November. for 20 persons caught up with COMMCO SUPER arguments. Denise L Brailey

23.01.2022 BFCSA: Mr Albanese, Money we invested into Sterling to cover our rent for 40 years. We would like to let you know of how we were involved with this scandal. After having investigated the company fully and seeking legal advice and financial advice, we were told that this was on the low side of risk. We entered into a rent for Life scheme in September, 2018 with the Sterling Group. In May, 2019 we were informed that the company had gone into voluntary administration. In June..., 2019 we received a letter saying that the company had gone into liquidation. In 7 short months we had lost $280,00.00 to white collar crime in Australia. We understand that as far back as 2015 WA Consumer Affairs investigated Sterling and found breaches of the Corporations Law. As this is a Federal issue they referred this matter to ASIC. ASIC has failed to protect us and we are both hard working Australians. The purpose raising this issue with you as the Opposition Leader is that we believe that compensation from the Government is the best means of obtaining justice for all victims of the Sterling scandal and ASICs failure to protect consumers from white collar crime. We also believe that an urgent Royal Commission into ASIC is needed in order to prevent these sorts of White collar crimes in Australia. http://www.bfcsa.com.au//bfcsa-mr-albanese-money-we-invest

22.01.2022 STERLING FIRST NOTICE Leonie Yates and Alexander Tufekcic's case vs the Hassells has been CANCELLED for 10th March at Perth Magistrates Court. Laurie and Lou Thomas vs Soussa - case will be heard 12th March but not as a trial. Once again not all documents have been provided by the other party.

21.01.2022 MESSAGE TO DAVID LOCKE David as CEO of AFCA, you really should either send a cheque TODAY to every STERLING VICTIM for 100% compensation, or SHUT UP! You have taken eight stressful and painful months of swishing through documents to make a simple decision to write a cheque to the elderly STERLING VICTIMS. You said you wanted to clean up your tarnished image. Also I suggest you cough up the $29.6 million TODAY.... Four people have passed away already and three are now extremely ill. Now we are being threatened by the virus. Your delays are despicable and deplorable. There is no excuse for pathetic mismanagement. You ought to have flown over to Perth during the Sterling Rallies to meet these people and you could not care less. You flew over to Perth to have brekkie with Kenneth Hayne courtesy of the Banks, then you flew over a second time to chat with the Commissioner. You did not ask to speak with me as Leader of the Group and you did not ask to meet with the Victims. Time to pay the Piper, and stop playing mind games with elderly, vulnerable people's emotions Sounds like another letter has to be sent?

18.01.2022 WOW so powerful and so inspiring. Denise

18.01.2022 BFCSA: Mr Albanese, The Government of the day has let down vulnerable Australians We thought that this money was placed in a trust but now it appears that it was more of a Ponzi scheme. We also invested $75,000 in units in late 2018 which were supposedly going to be listed on the ASX within weeks. This never happened and again Ponzi scheme springs to mind. We have worked hard all our lives and just wanted to enjoy our retirement with a few simple pleasures like holidays, coff...ees and meals out whilst still ensuring that we had something to leave our children. It has come to light that ASIC was warned in 2015 by the Department of Consumer Affairs in WA regarding some of the Sterling Groups products but failed to notify or warn consumers. Some of the key players and directors of these companies have been involved in other white-collar crime sprees and corporate collapses and were well known to ASIC. Again this was never communicated to the victims yet ASIC is supposed to act as Consumer Watchdog. We urgently demand payment $28.6m compensation. http://www.bfcsa.com.au//bfcsa-mr-albanese-the-government-

17.01.2022 ASIC STUFF UPS GO INTERNATIONAL. All the way to the USA Whitehouse. The most useless regulator on the planet. I hope you all watched FOUR CORNERS expose of ASIC last night. And once again well done Barrister James Wheeldon. I have the largest collection of bugger off letters from ASIC from 000s white collar victims across Australia - back to 1999. Notice how the response letter from ASIC was the identically robotic response letter: "NO EVIDENCE TO SUGGEST any wrongdoing."... It is their bog standard response to genuine complainants, no matter how serious the allegations. The same wording sent to STERLING VICTIM re Sept 2016 complaint re money stolen. For 22 year ASIC have been unable to find any evidence of white collar criminal activity and, "we do not investigate individual cases." Every complaint is from an individual. Then the obligatory Dumb Response letter says: you have the right to get a lawyer and now BUZZ OFF................... Taxpayers waste $ 450 million per annum for ASIC TO DO NOTHING. WATCH "THE INSIDE TRADE" Do not invest with these monster criminals: Australia and NZ. https://tvtonight.com.au/2020/02/four-corners-feb-10-2.html

17.01.2022 BFCSA: "Buzz Off" Letter from the Prime Minister of Australia re STERLING NEW LIFE I REGRET that I am unable to provide further assistance to that contained in my letter to you of 2nd August 2019. In relation to your query about the return of Investment Funds, I conform my previous advice to you about contacting liquidators in the first instance. For advice on Tenancy matters, you may also wish to contact the Consumer Protection division of the Western Australian Government Department of Mines, Industry Regulation and Safety. http://www.bfcsa.com.au//bfcsa-buzz-off-letter-from-the-pr

15.01.2022 WHITE COLLAR CRIME CZARS RESIDE AT ASIC Notice how the response letter from ASIC was the identically ROBOTISED response letters: "NO EVIDENCE TO SUGGEST any wrongdoing." It is their bog standard response to genuine complaints, no matter how serious the allegations. The same wording sent to STERLING VICTIM re Sept 2016 complaint re money stolen. For 22 year ASIC have been unable to find any evidence of white collar criminal activity and, "we do not investigate individual cases." Every complaint is from an individual. Then the obligatory Dumb Response letter says: you have the right to get a lawyer and now BUZZ OFF................... Taxpayers waste $ 450 million per annum for ASIC TO DO NOTHING.

15.01.2022 STERLING FIRST IS A MAJOR CRIME SCENE in WA People paid $200,000 - $380,000 for rent in advance. This is no way to treat the elderly: Ages 72 93. They were encouraged to sell their own homes and place those funds into this Rent for Life scheme.............. no doubt it was a Ponzi scam. Landlords, Tenants and Investors have all been dragged into this mess...Continue reading

15.01.2022 For all those who missed last night's episode of CHANNEL SEVEN Today Tonight doco re STERLING, here is the LINK https://7plus.com.au/today-tonight-perth

15.01.2022 BFCSA: Mr Jason Clare MP - PM admitted ASIC "played the system." Sukkar mishandled this Scandal Please give this serious matter your utmost immediate attention as we urgently need our money back in the next few weeks so we can start to get some sanity and security back into our lives. I would like you to bring pressure on the Government to order a Royal Commission into ASIC for the way they have handled the Sterling Group. Mr. Sukkar has stated on Perth radio 6pr that ASIC ha...d mishandled this Group. This is an urgent issue because other old age pensioners should not have to go through what we have and without a Royal Commission they will, as ASIC did not learn anything from the past twenty years about Ponzi schemes. We cannot start over again at our age or afford to pay $400 per week rent on the age pension. We are devastated by this and and need your help to get our money back. http://www.bfcsa.com.au//bfcsa-mr-jason-clare-mp-pm-admitt

13.01.2022 Well yet again ASIC the toothless tiger has let us down.

12.01.2022 BFCSA: Dear Mr Albanese Sterling people need urgent Qs raised to The Treasurer. I am writing to you in desperate need of your help for all the victims of the Sterling Group collapse with my mum being one of them. She has become a victim of a crime, so called PONZI scheme and has lost $244,000 of her life savings and will potentially become homeless if this issue is not resolved quickly. We are appealing to you in the hope that you can raise this matter in the Lower House A...SAP, by way of a Matter of Public Importance and Senate Inquiry. My mother is a 79 year old self-funded retiree who immigrated 15 years ago to join their children and call it their home for the rest of their life. After the death of my father in 2015, and her ageing years, last year my mother had to make the decision to downsize and she invested her money in a Lease for Life sham with Sterling New Life in October 2018. By May 2019 she was told the money had been STOLEN by criminals well known to ASIC since 2005. ASIC is DOING NOTHING............AS USUAL. http://www.bfcsa.com.au//bfcsa-dear-mr-albanese-sterling-p

11.01.2022 STERLING NEW LIFE VICTIMS Latest information: One of the test bunnies rang Industry Ombudsman AFCA to once again ask: Is there insurance? how can we lodge a claim for insurance and, why did it take so long for ASIC to close down Sterling? The Case Manager (after 8 months of nothingness) said that AFCA do not know if there is any insurance via Theta, and would let me know as soon as they knew. I have told her for the third time to CLOSE MY FILE. The Victims View: Quoted:... My view is of AFCA: Use any means possible to keep the Sterling case file open Collecting data and evidence from the victims. This is solely to help ASIC and create reasons to not pay any monies to the complainant. Can not and should not be trusted. By its actions are helping, aiding and consorting with criminals to lie, defraud, and ripoff the very people who pay their wages. Regards

10.01.2022 ASIC is corrupted all the way to the WhiteHouse. No surprise to us. Their links in Asia and the UK are also worthy of a gobsmack moment. Greasing of Palms Brigade

07.01.2022 WE URGENTLY NEED A ROYAL COMMISSION INTO REGULATORS ASIC AND APRA. Please register your concern [email protected]

04.01.2022 CORRUPTED ASIC MISHANDLING OF SECURENCY SCANDAL AND THE RBA in 2013 Nothing has changed: Remember this one? ASIC response to ABC TV's Four Corners questions: 30 September 2013 ASIC clarification - 1 October 2013 WHY HAS ASIC FAILED TO CARRY OUT AN INVESTIGATION IN SUCH AN IMPORTANT CASE?...Continue reading

03.01.2022 BFCSA: Josh Frydenberg - Citizen calls for compensation $28m for ASIC EPIC Regulatory Failure DODGY LAWYERS criminal negligence STERLING NEW LIFE. The scam run by SNL was an ILLEGAL PYRAMID scheme made illegal forty years ago. The scheme did not generate any normal income or assets of its own, and relied on drawing in new victims to provide it`s only means of operating funds, and also to line the pockets of the crooked directors. This is the hallmark of all illegal pyramid sc...hemes. No attempt was ever made to secure the funds in the proper way. The chief architect, Ray Jones, was well known to ASIC for engineering similar money grabbing scams resulting in the victims losing all their money. Despite the many red flags, ASIC failed to act as required on behalf of it`s customers, and to stop this charlatan from ever causing more elderly people to lose their life savings! He is a low life with a long track record of targeting the meagre life savings of the sick, elderly, and most vulnerable. He had absolutely no right to have clearance by ASIC, the regulatory body policing corruption, to start and keep operating another of his dodgy money grabbing scams! In addition, the scammers also seduced investors in to their web of deception with promises of rentals secured for forty years at rates way above what was normal! These unrealistic promises caused further depletion of capital, and accelerated the collapse of the scheme. Additionally, the illegal diversion of funds away from their intended purpose, meant that they were knowingly trading while insolvent! This is, there by itself, a very serious offence! DIRTY LAWYERS AGAIN Another matter in this whole sorry saga is the involvement of lawyers in helping the scam to flourish! One I know of, giving his imprimatur to potential customers, operates with a law firm in Fremantle. I can name him if required. I for one, would like to know what his involvement was, what he was getting out of it, and what he was doing giving his professional approval to schemes risking the life savings of elderly people! What also has a stench about it is the involvement of banks in lending money to investors for what is obviously a faulty business model. http://www.bfcsa.com.au//bfcsa-josh-frydenberg-citizen-cal

02.01.2022 We are entitled to a PENSION and this item explains WHY Liberal Government SICKENING SPIN attacking pensioners is a new low in political bastardry. written by Ian Poole Is this our fucking fault! Only because we are innocent and gullible OLD AGE PENSION QUIETLY CHANGED TO WELFARE PAYMENT... The Old Age Pension cheque is now (or soon will be) referred to as a "Low Income Aged Persons Welfare?" I'll be part of the one percent to forward this. I am forwarding it because it touches a nerve in me, and I hope it will in you. Please keep passing it on until everyone in our country has read it. The 7.5% of our wages deducted before tax for the whole of our working lives has been stolen by both sides of politics in collusion to pay skyrocketing welfare and foreign aid budgets. If you averaged $30K per year over your working life, that's close to $120,000 harvested by the government pension fund. If you calculate the future value of your monthly investment in a pension ($375/month at a meager 1% interest rate compounded monthly), after 40 years of working you'd have more than $1.3+ million dollars saved! This is your personal investment. Upon retirement, if you took out only 3% per year, you'd receive $39,318 per year, or $3,277 per month. That's almost three times more than today's average Old Age Pension benefit of $1,230 per month. Except I have never met any pensioner who actually gets this much! And your retirement fund would last more than 33 years (until you're 98 if you retire at age 65)! I can only imagine how much better most average-income people could live in retirement if our government had just invested our money in low-risk interest-earning accounts. Instead, the thieves in Canberra pulled off a bigger "Ponzi scheme" than Bernie Madoff ever did. They took our money and used it elsewhere. They forgot (oh yes, they knew) that it was OUR money they were taking. They didn't have a referendum to ask us if we wanted to lend the money to them. And they didn't pay interest on the debt they assumed. And recently they've told us that the money won't support us for very much longer. But is it our fault they misused our investments? And now, to add insult to injury, they're calling it "welfare", as if we never worked to earn every penny of it. Just because they borrowed the money doesn't mean that our investments were a charity! Let's take a stand . We have earned our right to our pensions. Demand that our MP's bring some sense into our government. Find a way to keep Old Age Pension going for the sake of that 92% of our population who need it. Then call it what it is: Our Earned Retirement Income. 99% of people won't SHARE this. Will you?