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BFCSA Dear Prime Minister: ASIC protected white collar criminals, but ASIC has failed to protect vulnerable consumers # 32

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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Dear Mr Morrison,

 

Re: The Sterling Group collapse and ASIC Fiasco: $36 Million Compensation

 

I am writing to you on behalf of my mother who has been one of the pensioners caught up in the collapse of the Sterling Group and lost $244,000 of her life savings due to the total negligence of ASIC in not warning consumers when they knew of the likelihood of company failure and breaches of Corporation Law back in 2015.  ASIC has failed to protect vulnerable consumers like my mother and the 100’s of other pensioners caught up in this fiasco.

 

Consumer Protection in Australia has been totally neglected and is in utter chaos and vulnerable consumers are the biggest target to the white collar criminals that have stolen my mother’s money that she has worked so hard for all her life.  She now faces a future of hardship and reliance on her family to fund her in her final years - this is just not good enough when Australia is portrayed as the ‘Land of Plenty’.  Well this term is well suited to the amount of white collar criminals!  Australia needs to stop these white collar criminals and start to make changes to turn this into a strong stance attitude in our governing bodies.  These types of crimes are not helping our nations struggling economy when the elderly are losing their life savings and having to rely on government subsidies instead.

 

ASIC took little action to stem the flow of theft by Sterling Group of Companies and its directors despite years of valuable evidence provided to them presenting a negative picture against those involved.  ASIC’s systematic failures in doing their job are leaving behind shattered lives and stolen savings while the criminals live it up in luxury and continue to keep doing so.  ASIC’s so called regulatory actions is not worth the paper it is written on and a total waste of tax payers’ money when being paid huge wages and bonuses for doing nothing - this is also probably criminal in fraudulently taking tax payers money with little given in return.  These ASIC failures that have been going on for over 20 years would suggest to me that ASIC is as corrupt as the criminals they protect and needs to be stamped out. 

Because of the negligence and total lack of action taken by ASIC we as a group are demanding compensation of $36 Million given to all affected by the collapse of The Sterling Group within 5 weeks or less.

 

I would expect from a strong worthy Prime Minister that they would be totally ASHAMED that a government body of ASIC is protecting criminals at the expense of consumers and they would consider this compensation demand as fair and just.  A strong worthy Prime Minister would be ensuring changes are implemented immediately to STAMP OUT these types of crimes taking place and that a ROYAL COMMISSION commences into ASIC’s FAILURES to protect The Sterling Group consumers and its failure in its key roles over the last 20 years.

 

I appeal to you Mr Morrison that you show that you are a strong worthy Prime Minister and do the right thing for all these pensioners that are suffering an enormous amount of grief from the loss of their life savings and a very uncertain future ahead of them, by granting this compensation claim immediately.  By doing this, then Mr Morrison I will know that the halo that is above your head is actually of an angel and not the pending noose that most other Prime Ministers have received from their own party over the last 10 years!

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Guest Saturday, 21 September 2019