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BFCSA: Angry Letters from Victims of Lazy ASIC re Sterling Collapse # 32

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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Dear Mr Chairman   JAMES SHIPTON

 

The collapse of the STERLING LIFE GROUP-a failure of the Australian Securities and Investment Commission.

We are victims of the collapse of the STIRLING LIFE GROUP.

Since the collapse of the Stirling Life Group we find ourselves in a dire situation with our entire life savings plundered, and now face being homeless in the near future. It is too frightening to contemplate!

 My wife has a medical condition known as Systemic Lupus Erythematosus (SLE). It requires that she undergo regular visits to a Rheumatologist, Cardiologist, Neurologist and Ophthalmologist, and the need for continuous use of medications to balance her condition. Since the collapse of Stirling Life she has endured frequent ‘flare-up’ of her condition, and blood pressure elevation due to stress and worry. Now with our life savings gone we are very worried that we are not able to find the money to assist her condition.   

The general consensus is that Australian Securities & Investments Commission have been willing accomplices in allowing this debacle to unfold when there was already ‘writing on the wall’  that Stirling Life were involved in unsafe practices back as far as 2015.

 ASIC have been continually ‘asleep at the wheel ‘in what can only be described as gross negligence on their part. Australians are fed-up with consumer neglect. ASIC continues to neglect the monitoring of the repeat known offenders being allowed to create a new model/s and make older people their prime target. We now face suffering and financial ruin.

We have questions for ASIC to ponder and respond to:

·         Why did ASIC fail to publicly warn that Retirees were being targeted via advertisements in the local newspapers?

·         How much did Directors invest of their own personal funds?

·         Have Passports been seized? If so, on what date? If not, WHY NOT?

·         On what date did ASIC notify the ACCC of obvious False and Misleading advertising?

·         On which date did ASIC realise the companies being registered by certain directors had ‘RED FLAGS’ in terms of past collapses?

·         What action was taken to ensure the safety of others? And on what date/s?

·         Why did ASIC fail to publicly warn people selling their homes-that they were being targeted by Sterling New Life (SNL). When posing the question to SNL prior to signing a contract- Is the SNL model connected to the Sterling Life/Sterling First models in any form-the response from SNL was a resounding “No”.

·         Vulnerable retirees have been a major target since 1996. ASIC has known the identity of ‘key players’ actively involved in white-collar crime. But appears to ignore, or condone their existence in allowing them to continually reinvent a new model/s. Patterns of neglect. ASIC’s track record of criminal neglect will no longer be tolerated!

·         Has the Prime Minister and/or Treasurer been notified of this Lease for Life scam, and if so, on what date, and what was their response?

·         Findings reveal that Sterling Life were raising concerns in 2015, were the 2016 regulatory concerns re Sterling Life discussed with the Federal Treasurer and/or Treasury staff?

Mr Chairman, your predecessor Greg Medcraft publicly stated in November 2017- Australia is the White Collar Crime capital of the world! Mr Chairman-are you going to allow continued ignorance and gross negligence on such a scale to continue on your watch?

ASIC needs to show ‘just cause’ as to why the Regulatory Officers/Investigators should not be charged with Regulatory negligence in their failed approach to Consumer Protection.

ASIC has a responsibility and duty of care to protect all Consumers. What does ASIC really do?

We were signed up for a 40 year Life-lease with Sterling Life on the 1st of June 2018. On signing we paid an upfront lump sum amount. As the Sterling Life-Lease contract states- we have paid rent in advance for the next 40 years.

 At the meeting of victims held on the 21st June we learned that other victims caught up in this debacle have been as recent as February 2019 when Sterling Life were already aware they were needing to raise more capital to bolster the  ‘sinking ship’. Raising capital from older persons with all the gloss and none of the risks explained is criminal and fraudulent.

We hasten to ad that ASIC were conspicuous by  their absence at the 21st June meeting!

ASIC knew of the dangers of loss within the Sterling Group of companies in 2015 and ASIC permitted these companies to be registered, and understood the potential danger highlighted by State Consumer Protection authority.

ASIC has an arsenal of evidence against the cast of characters involved in Sterling Life Group, dating back to 2001!

ASIC had a duty to take action years ago and has failed every consumer caught in this latest round of collapses!

Clearly ASIC continues its pretence of sham investigations, only to produce incredibly naïve and unsatisfactory outcomes for consumers. Shame on ASIC.

ASIC needs to start taking responsibility for its own criminal negligence, has knowingly been sitting on vital information for years which has the potential to prevent financial loss and ruin. Everyone is asking-Why does ASIC exist? What sort of person/s would allow such a monstrous thing to take place?

In closing we wish to reiterate that we have lost everything that has taken us a lifetime to accumulate.  We are angry towards everyone responsible for mishandling consumer protection. There is evidence of criminal intent here.

We want action NOW, we seek full compensation for the financial loss we have suffered.

We expect ASIC to pay our urgently needed Compensation to be paid in less than 8 weeks as a maximum”.

 

We look forward to your response and more important ACTION.

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Guest Thursday, 14 November 2019