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BFCSA: Angry Victims of ASIC NEGLIGENCE in Sterling Case speak out: # 1

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28th June 2019


Australian Securities & Investment Commission

ASIC Chairman - Mr James Shipton

Level 7, 120 Collins Street

Melbourne VIC 3000


Re: The Collapse of the STERLING FIRST GROUP – A Failure of the Australian Securities and Investment Commission.


Dear Mr Shipton,


I am writing to you because my parents have been caught up in this absolutely SHOCKING debacle that is the Sterling First group Collapse.


My parents are now in their 70’s and have been hardworking, tax paying Australian citizens their whole working life!!! It has been so distressing for them to be caught up in a collapse of this magnitude and to hear that their HARD EARNED money is apparently now just “gone” is unbearable and unacceptable. For them and for me.


After extensive due diligence, they entered into this thinking it was giving them security for their retirement, completely unaware they were giving their money to known crooks, that ASIC were already aware of and investigating!?! To read and hear that ASIC were investigating these companies and directors way back in 2015/2016 makes me so angry! My parents were signed up in 2018 for god’s sake! How something was not put in place to stop these crooks by 2018 is baffling and VERY, VERY confusing. Something that needs to be answered for.


ASIC’s track record of criminal neglect can no longer be tolerated.


We have heard from ex-employees confirming that the Sterling Group stole the funds – “using funds as a private piggy bank”!!!!


What type of Nation are we; that we would leave retirees vulnerable to the ravages of white-collar crime and known predators? Vulnerable retirees have been a major target since 1996. For too long Australians have been left unprotected. ASIC has known the identity of key players actively involved in white-collar crime sprees and a magnificent string of collapses. For the past 22 years – these characters are made up of developers, property guru’s, spruikers, financial advisers, bankers and lawyers. One of the players reportedly sailed on his private yacht over to Greece.


The highlighted regulatory neglect of the Sterling First disaster now raises even further questions, from those most affected with loss, who are now deserving of immediate explanations and answers. Excuses are not acceptable!


1. Q: How much did Directors invest of their own personal funds?

2. Q: Have Passports been seized?If so, on what date? If not, WHY NOT?

3. Q: On what date did ASIC notify APRA of Banking irregularities?

4. Q: On what date did ASIC notify ACCC of obvious False and Misleading advertising?

5. Q: On which date did ASIC realise the companies being registered by certain directors had RED FLAGS in terms of past collapses?




6. Q: What action was taken to ensure the safety of others? And on what DATES?

7. Q: Why did ASIC NOT take action against Armstrong Jones directors after the 2015 collapse?

8. Q: What were the Armstrong Losses? The # of people whose lives were ruined?

9. Q: How many other companies in Rent for Life 40-year Leases are in existence in Australia?

10. Q: Why didn’t ASIC warn that Retirees were being targeted via advertisements in the local papers?

11. Q: Why did ASIC fail to publicly warn people selling their homes – they were being targeted by SNL?

12. Q: Has the PM and/or Treasurer been notified of this Lease for Life scam and if so, on what date and what was their response?

13. Q: Were the 2016 regulatory concerns re Sterling Life discussed with the Federal Treasurer and or Treasury staff?

14. Q: Is there any justification of why these known scandals, involving huge retiree losses and miseries, be hidden?


You and your so called 450 million dollar team at ASIC, have A LOT to answer for. I personally want answers to these questions put to you above by Denise Brailey!!


What the hell are you all doing there for the budget of $450 million you receive each year?

If you can’t put a stop to repeat offenders, like in the case of the directors involved with the Sterling Group, this country and it’s hard working citizens are in BIG trouble. It has been happening for far too long and now it needs to stop!


I am so shocked and saddened that the most vulnerable citizens in our society, our elderly parents, are still able to be targeted by these criminals!!!! Just simply put, you are not doing your job properly. Something needs to change. Denise has been trying to tell the Government this for decades! And nothing has changed to help protect these people or anyone else! It’s just not good enough for a country like Australia.


We will not give up, someone will pay for this negligence! and it should be you ASIC, as you are meant to be the Consumer Protection watchdog for companies and directors such as the Sterling Group of companies.


You failed to do your job yet again and you failed the most vulnerable people in our society yet again, our retirees - my parents!!!


This group of people require urgent compensation for ASIC’s lack of Consumer Protection in the Sterling Group collapse.


I do expect a reply to all of these questions above. I also look forward to your response on HOW and WHEN this compensation will be made.


Your sincerely,




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