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BFCSA: Angry Letters from Victims of Lazy ASIC re Sterling Collapse # 2

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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Mr James SHIPTON

Chairman of Australian Securities & Investments Commission, 

120 Collins St,

Melbourne

VIC 3000  

 

Tuesday June 26th 2019

 

Dear Mr Shipton,

 

I am writing to tell you of my utter disgust at how my wife and I along with many more people have been treated by your department and on your watch.

 

My wife and I deposited funds into Sterling New Life on May 25th 2018 as a means of protecting our remaining years. We have recently found out that you and your department had been investigating Sterling New Life for up to three years prior to our depositing money.

 

Why Mr Shipton did you not set off alarm bells in order to protect the interest of good Australian citizens. Australian citizens Mr Shipton who had paid taxes all their working lives and, in many cases, served in the armed forces ready to defend this country and people like yourself. Had there been a need for their services I doubt they would have hidden under a rock as you and ASIC have done.

 

Not one affected person I have spoken to ever thought Sterling was a get rich scheme for investors they saw it as a way to budget their accommodation requirements through the latter stage of their lives. Also, Mr Shipton everyone of them says the same thing “Aren’t Government Departments there to protect Australians and our way of life”

 

I cannot believe that any friends or relatives of yourself and your department who were looking at whether Sterling was right for them would not have been warned off. So why are the rest of us suffering? Are we not just as good Australians or is it we do not belong in your circle of protected people?

I always believed that ASIC was a Government ‘Watchdog’, Well Mr Shipton a good watchdog alarms people when things are not safe. Something that ASIC and yourself totally failed to do.

 

For the first time in my life I feel disenfranchised and betrayed by my government. All I wanted was to live out my remaining years with just a little dignity. Yes Mr Shipton, Dignity, something you have robbed me of.

 

Yours faithfully

 

 (Name withheld on request)

 

 

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Guest Monday, 16 September 2019