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BFCSA: To Sean L'Strange MP Churchlands: Urgent action re $36 million compensation re ASIC NEGLECT

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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Dear Mr L’Estrange

 

I believe you know my uncle, Graeme through church connections.  He asked me to forward this email to you which I have sent to Liza Harvey.  My father, Graeme’s older brother, is one of the victims of this Sterling First collapse and has lost over $200,000 plus the uncertainty as to the lease arrangements and possibility of being evicted from his residence in Southern River, and I am sure you must be very aware of all affected retirees’ plight from recent media reporting.

 I am sending you this same email in hope that you and Liza may be able to flex your muscles and have a strong influence on getting a speedy resolution by way of compensation to all who have lost their life savings and/or investments, or rental income via ASIC, who were clearly negligent in allowing these past criminals to register new businesses. 

 

 I have attached a letter which I have sent to Scott Morrison for your information, which I hope you will read in its entirety.  All these people are interested in at this point in time is getting compensation and their money back so they can get on with their lives.  As you may be aware, many of these elderly retirees are not in good health, a few with terminal illness, and one has already passed away in the last week or so. 

Therefore, URGENT ACTION must be taken to push this compensation through.

 

 Further to the compensation, we would love to see a Royal Commission into ASIC and legislation passed to ensure that this type of criminal behaviour is not allowed to continue.  Along with that, we would also hope and expect to see justice brought upon those criminals who set up this group of companies and who have past history from the Finance Brokers Scandal, Westpoint, etc.  The MOST URGENT AND CRITICAL matter is the compensation of elderly retirees, land owners and investors who have and are currently losing money from this failed PONZI scheme.

 

Interestingly, ASIC have information on their website regarding PONZI schemes

https://www.moneysmart.gov.au/scams/investment-scams/ponzi-schemes

 

Shame they didn’t take their own advice??  ASIC is a complete joke!

 We all appreciate any assistance and influence with your federal colleagues that you and Liza can give us. 

 

In anticipation for a speedy resolution – no doubt, efforts you are able to make on our behalf will result in favourable votes to your side for the next state election! 

 

 

Kind regards

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Guest Tuesday, 15 October 2019