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BFCSA: Angry Letters from Victims of Lazy ASIC re Sterling Collapse # 50

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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1st July 2019

ASIC Chairman

Mr James Shipton

Australian Securities & Investment Commission

 

Re – Sterling First Group Collapse and ASIC’s Accountability

 

Dear Mr Shipton,

My parents are victims of the Sterling First Group collapse. On behalf of my parents and the

wider group of victims, I am writing in support of the campaign being fronted by Denise Brailey

calling for efficient and effective action, compensation, and retribution for all tenants and

landlords involved.

 

After listening to victims stories and learning more about what has unfolded with this ignominy

I am genuinely surprised that this has been allowed progress to a state of failure, particularly

when ASIC was aware of the individuals directing the Sterling First group of companies, their

history, and further, had been actively investigating this Australian registered business for a

considerable length of time before my parents invested their hard earned life savings.

As the Federal Regulator in this field, I firmly believe that whilst ASIC is not directly responsible

for the collapse of the Sterling First Group, the majority of the victims would have been spared

this heartache had you and your team acted on the evidence and the known issues with this

suite of companies and their directors. A simple, official, regulatory warning to investors during

your investigation period would have sufficed, certainly for my parents anyway.

 

Further, Prime Minister Scott Morrison was very vocal during his recent election campaign,

adamant that ‘people matter’ in Australia, and importantly, the elderly were singled out here

with a promise of ongoing Coalition support. Now, with ASIC and whoever else needs to

become party to rectifying this fiasco, it is time to deliver on that promise.

 

A total claim of AUD36m is not a big ask. These victims, including my parents, have lost

everything they worked so hard for to be comfortable and care free in retirement. I believe that

there is sufficient evidence for all those required at the federal level to work together and repay

the monies.

This should be followed by active pursuit of those responsible, together with introducing simple

legislative disclosure laws that help prevent this type of thing happening again, citing the fact

that this is not the first time Australia has seen this criminal victimisation of those most

vulnerable in our communities.

 

I think that you, your team, and the federal government have a chance here to do what is right.

My genuine hope for all of those and their families that are involved in the Sterling First Group

collapse is that you all take that chance.

Sincerely,

 

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