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BFCSA: Angry Letters from Victims of Lazy ASIC re Sterling Collapse # 40

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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Chairman of ASIC - JAMES SHIPTON

Dear Mr Shipton,

I am a 70 yr old pensioner, who invested the last of my superannuation ($4000) in shares of Sterling Group.

18 months ago, I had to return to part time work to make ends meet. March of this year I was in financial difficulties and contacted Brian Ruzich at Stirling Income Trust told him of my difficulties and said I needed to take my investment out. Mr Ruzich told me I would be better off to wait as the company was going on the share market in May. Regrettably I followed his advice and in May was informed the company had collapsed.

I now have trouble sleeping at night due to financial worries, this is affecting my efficiency at work which then causes more concern and worry. I feel I am in a vicious circle of hopelessness.

I believe ASIC knew of the likelihood of failure of The Sterling Group in 2015 and failed to take appropriate action to protect vulnerable and older consumers by issuing early vital warnings of catastrophic financial loss and by delaying stop orders.

It appears no proper investigation ever took place, ASIC allowed older persons to be preyed upon and left them unprotected from known offenders. ASIC then waits until the inevitable and foreseeable collapse is made public by the media.

ASIC has adopted a reactive approach rather than one of enforcement of law after rigid protective investigations.

I am now a member of The Sterling Victims Group I wish to know what you are going to do about this situation. We expect that due to the urgency of older investors left without income, Owners being unable to pay their mortgage Commitments, and the elderly tenants unable to pay rent as per the Sterling contracts and funds being stolen, that ASIC develops a speedy resolution, in a doable time frame of no more than eight weeks.

Delay in decision-making will only further prolong the agony for those suffering such horrendous loss and the potential for homelessness within weeks.   

Please give this serious matter your utmost and immediate attention.

 

Yours sincerely,

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Guest Tuesday, 17 September 2019