Dr Jim Chalmers                                                                                            

Shadow Treasurer                                                                                         

                                                                                                                           

Dear Dr Chalmers

We have been writing to ASIC, the Treasurer and the Prime Minister.  No-one is responding.

I write his letter to complain about the lack of proper investigation into the Sterling New Life scheme aimed at elderly pensioners. This idea was to invest into the company trust fund which in turn invested our money to pay a long lease in a new home.

We looked at this idea and found it appealing and consequently went ahead and signed up in sept 2017. It was great and we were happy and content.

In July 2018 we received a phone call from Michael Darch of ASIC asking were we happy with our situation and did we know what we had entered into. Some 2-3 days later we had an email apologizing to us and hoping he had not upset us with his enquiry. May of 2019 the company was in administration and we along with 120 other older couples lost over $270,000 each in this scheme.

My understanding is that as far back as 2010 the WA Consumer Affairs sent a report to ASIC indicating that this was a highly suspect business so my questions are

1.Was such a report made to ASIC by the WA Consumer Affairs?

2.What did ASIC do about it?

3.Why was I contacted by phone in 2017 by ASIC?

4.Did ASIC know that the scheme was a Ponzi and that it should have been shut down?

5. Has ASIC had dealings with Armstrong Jones?

6.Do you think ripping off pensioners of Australia is fair game?

7.Will you instruct ASIC to reimburse all of us affected by their lack of integrity, fortitude, investigational skills and above all no advice to Australians of this criminal act of misinterpretation.

Finally, will you instruct the Federal Police Fraud Squad to find these white-collar criminals and bring them to justice.

We need your help an understanding and action in our time of stress and worry.

I look forward to your reply to my questions as early as possible.

Malcolm Frazer

 

Tennant and Investor