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BFCSA: Angry Letters to JOSH FRYDENBERG re Sterling Collapse # 27

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3rd July 2019

Hon. Josh Frydenberg

PO Box 6022  House of Representatives: Parliament House

Canberra ACT 2600


Dear Mr Frydenberg

 As you are aware in 10th June 2019 our whole world was tipped upside down sideways etc while ASIC sat on their hands (ass) and has done nothing.


February 2017 we signed and gave our life savings and I mean life savings $125,000 plus the $20,000 on upgrades, nothing was withheld and we secured a 40 year lease with a secure roof over our head. Now nothing and no prospect of ever making up this money ever again. My 74 year old husband has had to return to work and due to health issues I am unable to work. Why was this allowed to happen and continue?

 It has come to my attention that ASIC reports monthly to the Federal Treasurer and raises matters that it is investigating. Were the Sterling group of companies ever brought to your attention and at least from 2015 onwards? If so why were they allowed to continue even when insolvent selling their products to vulnerable retirees in 2018/19 who were looking for a secure future.

 We cannot believe we are now facing homelessness due to ASIC”s negligent stance and behavior plus appalling record of lack of consumer protection.  ASIC recently lied to the public by telling the media they were unaware of this looming collapse corporate structure, that they first heard of Sterling Group in 2018.  This is totally criminal to say the least.

  Believe me if you expect us to roll over and go away you are very mistaken while there is a breathe in my body and my Family we will not go away the laws need to be changed so that this never ever happens to anyone again and to return our monies so that we may have a safe secure future with a roof over our head again.


Yours sincerely


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