PRIME MINISTER OF AUSTRALIA
Hon. Scott Morrison
MP Department of Prime Minister and Cabinet
P O Box 6500 Canberra ACT 2600
Dear Mr. Morrison,
THE STERLING GROUP COLLAPSE and ASIC FIASCO: $36 Million Compensation Elderly Residents have again been tricked into selling their homes and paying $300,000 up front to Sterling Group for a forty-year rental style lease. Stressed people are currently facing immediate eviction and being threatened by heavily conflicted property managers. The Australian Securities and Investment Commission (“ASIC”) is totally responsible for this unacceptable situation.
Does this trigger your memory?
Well Prime minister my wife and I are two of many affected by this whole thing
Back in April 2015 my wife and I were invited to look into this wonderful scheme to be able to live rent free yes RENT FREE not an investment.
So after getting other opinions we decided it was for us.
We proceeded to sell Stirling trust our family home for $370k invest the amount $250k with Stirling let the investment money grow for our children whilst we lived in the house for a period of 20 years without worrying freeing up some pension for us and my boys would get the money at the end perfect fit for everyone
But ASIC knew of the likelihood of failure of The Sterling Group as early as 2015.
ASIC databases would have alerted investigators to previous company collapses and breaches of the
Corporation Law. ASIC failed to take appropriate action in 2007 and again in 2015. ASIC
failed to protect vulnerable and older consumers by issuing early vital warnings
of catastrophic financial loss and by delaying stop orders.
So was ASIC aware of this potential disaster prior to even me signing this lease?
I am 76 does it mean I now have to go back to work?
Prime Minister you can imagine the crippling impact this has had on my wives and mine life.
Infect it has led to her health deterioration she is now in and out of hospital.
We are facing eviction from the modest 3-bedroom house that we have called home for over 40 years and I have nothing to show for the past 50 years of my working life
As a result of ASIC's incompetence, we do not have a secure roof over our heads and will have to pay rent out of our pension, which as stated we have already paid for 20 years upfront
Which in turn does not leave much to live on.
ASIC has let us down badly, if they had warned us of the dangers (which they knew of) we would not have invested our money. ASIC is there to protect the consumer and this is unacceptable behavior from a government department
You Sir were the Treasurer before becoming prime minister and met with ASIC once per month. I am led to believe?
Did you learn anything from this or were your eyes closed and ears covered?
I know ASIC has potential issues with Stirling Life Group as I have had 2 interviews with ASIC in 2017 and was told that Sterling Life Group was been investigated all these red flags and no action no nothing now there are over 100 people out of pocket to some $36 million dollars and climbing daily
In your campaign you were heard to be saying iam are here for the people and i answer to them, everything has to be transparent. Let’s see some transparency and stop the constant stream of cover-ups for ASIC and the white-collar criminals. The board of Sterling New Life should be investigated, charged and when found guilty they should be jailed. They have given many of us a sentence of a mere existence rather than a life and in doing so they deserve no mercy or compassion.
I went in to bat for you back in May Prime minister you were calling out to Australia to vote you in now its your turn to help us we are calling out for you.
Now what action will you take Prime Minister. The Australian public are behind us and growing in force. We WILL NOT sit back and take this we will keep fighting it will be all over the news nationwide
ASIC to undertake a review of their operating procedures and FINALLY put procedures and plans in place to prevent this ever happening again
This group of people don’t intend to go away and with the help of Denise Brailey we will fight every day it takes.
DO Not ignore us
Sincerely