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BFCSA: Josh Frydenberg - Citizen calls for compensation $28m for ASIC EPIC Regulatory Failure DODGY LAWYERS criminal negligence STERLING NEW LIFE

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Hon Josh Frydenberg MP

Treasurer

House of Representatives

Parliament House

PO Box 6022 Canberra ACT 2600

 

 

 

Dear Mr. Frydenberg

This is not the “Holocaust” but as far as Australia goes, it doesn`t come any worse! The corporate fraud, regulatory negligence` and victim suffering, is off the scale! By the sheer volume of correspondence, you are aware of the Sterling New Life “40-year Lease for Life Scam”, ASIC`s criminal neglect, and the immense suffering of their sick and elderly victims. So, as a concerned citizen, I`m here adding my voice to their call for compensation! I`m asking you, as Treasurer, to way in to this issue and not look for the coward`s way out as ASIC has! They have looked for, and used, every technicality to dodge their responsibility to protect the most vulnerable from corrupt and illegal practices!

The scam run by SNL was an illegal pyramid scheme made illegal forty years ago. The scheme did not generate any normal income or assets of its own, and relied on drawing in new victims to provide it`s only means of operating funds, and also to line the pockets of the crooked directors. This is the hallmark of all illegal pyramid schemes.  No attempt was ever made to secure the funds in the proper way. The chief architect, Ray Jones, was well known to ASIC for engineering similar money grabbing scams resulting in the victims losing all their money. Despite the many red flags, ASIC failed to act as required on behalf of it`s customers, and to stop this charlatan from ever causing more elderly people to lose their life savings! He is a low life with a long track record of targeting the meagre life savings of the sick, elderly, and most vulnerable. He had absolutely no right to have clearance by ASIC, the regulatory body policing corruption, to start and keep operating another of his dodgy money grabbing scams! In addition, the scammers also seduced investors in to their web of deception with promises of rentals secured for forty years at rates way above what was normal! These unrealistic promises caused further depletion of capital, and accelerated the collapse of the scheme. Additionally, the illegal diversion of funds away from their intended purpose, meant that they were knowingly trading while insolvent! This is, there by itself, a very serious offence!

DIRTY LAWYERS AGAIN

Another matter in this whole sorry saga is the involvement of lawyers in helping the scam to flourish! One I know of, giving his imprimatur to potential customers, operates with a law firm in Fremantle. I can name him if required. I for one, would like to know what his involvement was, what he was getting out of it, and what he was doing giving his professional approval to schemes risking the life savings of elderly people! What also has a stench about it is the involvement of banks in lending money to investors for what is obviously a faulty business model. I don’t have the where with all, at the present time, to pursue this angle further, but I just might further down the track.

I am informed that there is a class action by the two affected groups seeking compensation against ASIC for criminal negligence. The two affected groups being the tenants and the property investors. The preliminary amount for an expedited compensation payment is $26.6 million. At the same time the foundation work is being done for a call for a Royal Commission into ASIC`s criminal negligence. It is hard to imagine a more deserving case for payment of compensation for corporate and regulatory mismanagement. Also, the victims have no other money and are facing the terrifying prospect of being evicted from their homes. So, in the light of that, I am impressing on you to act with courage and pay compensation to these deserving people for the grievous losses inflicted on them by the corporate regulator.

Pray tell me what in heavens name was it going to take to make ASIC step in and protect these people from these charlatans? The writing was on the wall from the scam`s inception, for all to see, to even Blind Freddy, but not ASIC, apparently! To look at an analogy here. If a TRG Officer failed to act to prevent a terrorist attack; “sorry, can`t come today, it`s nearly knock off time, ring back tomorrow”. This is not an over dramatization of events, it is right up there! The TRG Officer`s head would roll and compensation claims would flow!

The upshot is, If ASIC had acted like they were supposed to, the victims would still have their money!

I have separately written to the Prime Minister, and my local member Christian Porter, to have this claim for compensation dealt with appropriately and at the appropriate level of government. This is, and always was, a federal issue, and any attempt to divert responsibility is an evil attempt to delay proceedings and make these suffering people suffer even further!

You, Mr. Frydenberg, as the current Treasurer, are in the hot seat at the present time, and need to deal with this claim for compensation, with speed and compassion. I will watch and listen for your response to this grave matter. You will be judged here, in the here, and in the hereafter, so do your stuff!

 

ERIN JOHNSON

( Concerned Citizen )

03/09/2019

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Guest Tuesday, 15 October 2019