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Mr Christian Porter
3/28 Main Street
Ellenbrook WA 6069
Sterling New Life
Dear Sir
I am sure that the amount of legislation paperwork, requests and problems that pass over your desk are practically insurmountable. And I am sorry to say here is another problem that my wife and I as members of your electorate have.
We sold our house back in 2016 and invested in a well- advertised scheme where we moved into a rental property with promise of the interest from our investment would pay our rent .It failed and we now have lost all our investment and we are obliged to pay our rent out of our pension which leaves us little to live on.
My complaint to you is that the company we invested in was Sterling New life and we understand that as far back as 2014 WA Consumer Affairs was not happy with the structure and advised ASIC of the probable problems. It appears that ASIC did nothing to 1. Advise the people of a probable situation 2. Investigate the scheme 3. Bring the directors to task by asking for their business plan. In our opinion has failed in their charter to investigate and to maintain proper control over this particular company and as such should be held responsible and accountable for this mess. Some 130 elderly couples finish up with no money, no security and possibly no home to live in. Add to that the stress and concern we have had to endure over the last 6 weeks it is taking its toll.
Would you please meet with Mr Sukkar the minister responsible for ASIC and bring him to task over his lack of control over his portfolio. We need ASIC to take responsibility for not following up the consumer affairs original concerns and as such we hold them responsible for the loss of our money and security.
Yours hopefully
