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BFCSA: Angry Letters from Victims of Lazy ASIC re Sterling Collapse # 10

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Dear Mr Shipton,

The Collapse of the STERLING LIFE GROUP - A Failure of the Australian Securities and Investment Commission,

This is an urgent demand for compensation from ASIC of $26 million within 8 weeks due to what we believe was a regulatory negligence which resulted in my wife and myself along with another 100 retirees losing their life savings to a company which ASIC already knew would likely fail. Such was the nature of the company setup the failure will also mean that rents will not be paid and all 101 of us will most certainly be issued with breach notices and asked to vacate or issued eviction notices. Sir, our money is gone, where we live is untenable and we are all over 65, I am not sure if you are aware but this means that it is extremely difficult to attain employment at such an advanced age and because of not being employed, virtually impossible to get any kind of credit even though we have had an impeccable credit rating for our entire lives.

My wife and I paid $210,000.00 in February 2018 believing that this money was paid into a trust company, Sterling Investment Trust, for a life long lease on a property in Brisbane, Queensland.  We  are the sole investors in Queensland and therefore the only couple affected by the collapse of the Sterling Investment Trust in this state. We have since found out from THETA, the trust managers, that this was never set up as a trust,rather an investment fund operating very close to a Ponzi scheme.

We  have been hard working  decent folk who have paid our taxes and contributed to the community for over 50 years.  We now find ourselves, in our 70s, in a position where our money has been stolen and we will be fully dependent on the government for survival for the rest of our lives and without the security of a roof over our heads.  ASIC’s failure to act on breaches by this group of companies going as far back as 2015 has been total negligence by ASIC, directly contributing to our current position.

Please accept this letter as our request for a compensation claim for $26 million on behalf of all those affected by the Sterling collapse fiasco from ASIC’s due to their negligence within the 8 week time frame as outlined by Ms Denise Brailey from BFCSA.


Yours sincerely

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Guest Saturday, 24 October 2020