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BFCSA: Angry Letters from Victims of Lazy ASIC re Sterling Collapse # 38

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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30th June 2019

 

Mr James Shipton

Chairman of Australian Securities and Investment Commission

120 Collins Street

Melbourne

Victoria 3000

 

Dear Sir,

 

Re:      Sterling First

 

I have a close friend and past work colleague embroiled and victim of the Sterling First collapse. I have closely followed the stories on the radio and watched news and current affairs programs on television to understand the plight of those affected by this situation.

 

The people affected are typical Australian battlers who have worked hard and were moving to the retired phase of their life seeking a comfortable retirement, much like myself, as I have recently turn 65. The failure of Stirling First has caused significant hardship to hundreds of families and has I believe cause permanent phycological reservation with many questioning how this could be allowed to happen in Australia, the country that they helped make GREAT. These families/people were simply trying to secure a comfortable residence to live out their retired life. These people who “invested” in this scheme were like you and I not high-income earners, they were typical Australian battlers. 

 

It appears that ASIC has again been deceived by unscrupulous operators and playing catch-up relying on second hand information when it is often too late.       

Hindsight is easy for us all, but that is not what we expect from our “Corporate Regulator”, ASIC, who has failed the Australian public. This scheme was doomed to fail sooner or later and it is certainly my expectation that ASIC advise we the Australian battlers before it is a case of “after the facts”.

 

As we, my wife and I, sit here planning our retirement I now have great fears that the financial planning and legal advice gained to make our decisions could land us in a similar predicament.  Prove to us that ASIC will change and do their job by reporting on these corrupt schemes, by making an example of this case and gaining compensation for all in involved by whatever means available.   

 

We leave you with this thought, these victims due to ASIC’s in ability to do its job, are today or may face homelessness with no financial future.

 

From your government office you can still make a difference, we implore you to act now, if you believe, then you can and will help. It is time for you and ASIC to stand up for these families.

 

Yours sincerely

 

30th June 2019

 

Mr James Shipton

Chairman of Australian Securities and Investment Commission

 

Dear Sir,

 

Re:      Sterling Group Collapse

 

I have a close friend and past work colleague embroiled and victim of the Sterling First collapse. I have closely followed the stories on the radio and watched news and current affairs programs on television to understand the plight of those affected by this situation.

The people affected are typical Australian battlers who have worked hard and were moving to the retired phase of their life seeking a comfortable retirement, much like myself, as I have recently turn 65. The failure of Stirling First has caused significant hardship to hundreds of families and has I believe cause permanent phycological reservation with many questioning how this could be allowed to happen in Australia, the country that they helped make GREAT. These families/people were simply trying to secure a comfortable residence to live out their retired life. These people who “invested” in this scheme were like you and I not high-income earners, they were typical Australian battlers. 

It appears that ASIC has again been deceived by unscrupulous operators and playing catch-up relying on second hand information when it is often too late.       

Hindsight is easy for us all, but that is not what we expect from our “Corporate Regulator”, ASIC, who has failed the Australian public. This scheme was doomed to fail sooner or later and it is certainly my expectation that ASIC advise we the Australian battlers before it is a case of “after the facts”.

 

As we, my wife and I, sit here planning our retirement I now have great fears that the financial planning and legal advice gained to make our decisions could land us in a similar predicament.  Prove to us that ASIC will change and do their job by reporting on these corrupt schemes, by making an example of this case and gaining compensation for all in involved by whatever means available.   

We leave you with this thought, these victims due to ASIC’s in ability to do its job, are today or may face homelessness with no financial future.

From your government office you can still make a difference, we implore you to act now, if you believe, then you can and will help. It is time for you and ASIC to stand up for these families.

 

Yours sincerely

 

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