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BFCSA: Angry Letters from Victims of Lazy ASIC re Sterling Collapse # 48

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26th June 2019




Australian Securities & Investments Commission,

120 Collins St, Melbourne VIC 3000


Dear Mr Shipton


Re: The collapse of the Sterling Life Group.


My wife and I are one of the one hundred people that have lost their life savings and the security we had having a roof over our heads for the rest of our lives. Why Mr Shipton? Because you and your staff at ASIC could not be bothered to send out a warning about Sterling New Life Group.


We joined the Sterling Life Group on the 26th July 2017 this is months and probably years after you knew there were problems with this group. If you as Chairman had issued warnings about this group we and others would not be in this situation now. This is gross neglect of your duties by not stopping this group.


My wife and I have worked all our lives totaling over 100 years paying taxes without any benefits from Centrelink. I worked until I was 71 years old and only retired because I have a heart problem and need to have an operation to have a stent inserted. My wife worked until she was 66 years old.


This has caused a lot of stress in our lives that we do not need at this stage. We have a lot of nights we find difficult to sleep it hurts me to listen to my wife crying at night instead of enjoying a good nights sleep that she has earned in her later life. For the first time I have heard her use the word SUICIDE and why because of your absolute gross negligence of you and your teams duties.


Not once in the six months we checked this Sterling Group out did we hear or see anything from any lawyer or accountant that there was a problem because I reckon none of them was sent a warning from ASIC. If you could not stop Sterling from trading at least a warning would have saved all this carnage.


We took all our money out of Super and savings to set us up for life we cannot start over again at our age or afford to pay rent on the age pension. We are devastated by this and and we demand from ASIC our $241500 and for all 100 of us victims that adds up to $26 million dollars in compensation.


By neglect you have cost all these pensioners their savings, security and so much stress that will lead to some people having mental health issues as well. We feel you Mr Shipton as chairman of ASIC should have protected all of us from this pain. Very poor way to look after pensioners that have worked all our lives to pay taxes for your no doubt very well paid job.


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.


Yours sincerely

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