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BFCSA: Angry Letters from Victims of Lazy ASIC re Sterling Collapse # 59

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

Dear Mr Shipton,      CHAIRMAN of ASIC                                                                                                       

I am writing this letter to you with a mixture of emotions, my 79 year old mother has become one of the victims of the collapse of the ‘Sterling Life Group’ here in WA. From what has come to light recently and from what we now understand, this should never have been allowed to get to this dire position and we believe that ASIC are liable for this disgusting mess that has been allowed to carry on under your leadership.

I would much prefer to be dealing with this face to face, but my preferred method would be to take matters into my own hands, unfortunately Australian law will not allow me to do this legally and you and the scum bags at Sterling Life Group should be very grateful for that protection.

As for the ‘’Sterling Life Group’’, they don’t deserve any protection and should not be entitled to any form of help or support. Sterling Life Group, the perpetrators of this financial fleecing of my 79 year old mother, as well as many more West Australian victims, should not be allowed any protection from the law and all the perpetrators of this robbery should be handed over to the victims so they can extract justice with a public stoning or some sort of corporal punishment. It is time for change and it needs to be brutal from now on, otherwise nothing will change in the financial sector.

It is time to get extremely tough now and there should never be an opportunity for anyone to go unpunished from now on.

From my understanding of the way this works and putting it in simplistic terms, ASIC are responsible for overseeing the corruption and fraud currently rife in the Australian financial sector, or should I say they are responsible for preventing it, though it is difficult to tell the difference. You, ASIC have been completely irresponsible in your actions, or lack of action to be precise. You have allowed these frauds to carry on operating, even though the warning signs were evident and there was previous evidence of incompetence or fraud, and you have failed to warn the public of the possible repercussions. So, what exactly have you been doing?

I now have a 79 year old mother who is struggling to understand how these frauds and cheats were allowed to get away with it, how this has happened even after getting good advice (we thought it was good advice but this is the financial services system after all), her self-esteem and health are suffering and I want my pound of flesh in compensation, but my mother will settle for something much more humane, the return of her retirement funds and self-esteem. She may never be able to recover her health though.

You have the power to grant this Mr Shipton and save a lot of West Australians further distress and devastation, but you will have to be honest and truthful with yourself and your department first, you can start to make a difference to ordinary people’s lives by alleviating their pain, but most importantly you have the opportunity to personally right the wrong that has been committed under your watch and get some credibility back.

I have seen far too much of this type of human greed and inhuman nature of late and it is not getting any better. Greed is not good, never ever and the Australian financial sector is riddled with it, I have never seen such a fraudulent and corrupt industry be allowed to continue unabated and nothing is currently being done to control, discipline or punish the perpetrators, it is now time to call an end to this, bring back corporal punishment and STOP the frauds, thieves, cheats and lazy greedy people who are abundant in this farce of an industry, bring back the death sentence and send a serious message, there is no place for these people in our society, they are criminals under the guise of financial advisors and we are overloaded with them in Australia preying on the innocent or unaware.

Corruption is rife in this country, but it is kept under the carpet, it is everywhere in business and industry, everyone ripping each other off and it is becoming so common it is no longer noticed. This is part of the problem, we no longer find it easy to work out what is right and what is wrong and that is where you come in, that is part of your remit.

You, ASIC are there to advise the unaware and innocent of fraudulent behaviour, fraudulent operators, stop fraudulent offenders from reoffending, you really let this slimy bunch slip through the net didn’t you.

So what are you going to do about it now, are you men or mice?

You just need to be honest and tell the truth, none of which currently exist in the financial sector you oversee, but you can take the lead and lead by example from now on, let’s have some humanity back on the agenda and lets start to get some truth and honesty back into the financial sector, otherwise it needs to be taken apart and never allowed to operate again.

I hope that, after failing to act when it was necessary, that you are human enough now, to recognise the incompetence under your watch and do something about this now to right the wrong that has been committed,

Yours Sincerely,

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