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BFCSA: Angry Letters to JOSH FRYDENBERG re Sterling Collapse # 20

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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Hon Josh Frydenberg MP

House of Representatives, Parliament House, Canberra, ACT, 2600

 

 Re: Sterling New Life FIASCO

 

 

Dear Mr Frydenberg

I’m writing to you in reference to the misleading and unlawful processes of the Directors of Sterling New Life.

 

As a retiree, I invested my life savings totalling $360,000 with this group under the premise of obtaining a lifetime lease on residential property in WA.  I commenced my lease arrangement in February 2017 with the intention to remain in the property for my remaining years, thereby achieving the level of financial security that allowed me to enjoy these years with my family and grandchildren.  This goal has now been ruined by the activities of this group and the ignorance of the Federal Government.

Following the collapse of Sterling New Life and now left in financial ruin with nowhere to live, I am aware that ASIC were monitoring Sterling New Life and had been investigating the practices of the group for several years.  As a tenant, at no time did I receive any correspondence or hear any communications from ASIC alerting me to the unlawful activities and obvious risk to my future. 

As a retiree who has worked my entire life to earn everything I have, I was of the firm belief ASIC was established by the Federal Government to meet the Government’s responsibility to protect the community from these white-collar criminals who prey on the vulnerable.  However, the neglect of ASIC in this instance is unconscionable and immediate action needs to be taken to right this wrong on behalf of myself and all other retirees impacted by the rogue practices of Sterling New Life.

As the Federal Treasurer, the onus rests with you to ensure justice for us victims and compensate all retirees the money that’s been stolen.  My future is obviously uncertain and with ASIC’s abandonment of this small community of retirees, there are many more families and individuals in a very similar position, when we should all be enjoying the fruits of our labour.

I want ASIC to locate the Directors of Sterling New Life and bring these criminals to justice for the crimes they’ve committed. 

I also demand compensation for the $360,000 I have had stolen and would expect the Federal Treasurer to instigate sweeping changes within ASIC to remove the incompetent, and better protect citizens from these thieves and corporate criminals targeting the vulnerable. 

 

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Guest Tuesday, 17 September 2019