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“If not, then the Sterling people will lead the charge for the whole of the nation in order to get a royal commission into ASIC. “It’s about time they paid up for this to go away. “Treasury has to pay up a one-off cheque to these people because they have been horribly let down. “So they don’t get dragged into the courts. “The federal government and the state government is going to have to sort out how they pay these people so they can stop sleeping in tents, stop couch surfing at the age of 80 and be able to get back on track – and for the landlords to get their homes back again. Ms Brailey insisted the victims should be paid out – and not through the proposed compensation scheme of last resort, which doesn’t cover managed investments. “That didn’t happen and another 107 couples entered that vortex.” “They could have saved all of these people had they taken those activities seriously in 2015, laid charges right then and there for even attempting to put this on the market. The buck stops with them as far as I’m concerned. “They could easily have closed it all down. “ASIC is blaming DMRS, DMRS is blaming ASIC. “There was abject negligence of knowing that innocent people were being put into a very nasty product,” she said. Sterling First victim Alan Fardoe and Cath Dall, whose mother was duped by the scam, previously testified at the parliamentary inquiry. Ms Brailey said the regulators had not just failed to protect consumers, though “they did save the first six” people involved in the scheme. They only see the bottom of the form for the signature hidden behind the leases – that’s how it’s done.ĪSIC submitted to the inquiry that it had received three reports of suspected misconduct in 2015-16 relating to the group but didn’t considered further action was warranted.Īnd while it took various steps over the next two years – including serving an interim stop order on the responsible entity for SIT – it wasn’t until May 2018 that the corporate watchdog began a formal investigation into whether those behind the scheme had breached the Corporations Act from June 2012.ĪSIC last month announced during the inquiry that “certain aspects” of the group’s conduct “may have been criminal”, which warranted close consideration by commonwealth prosecutors. “People didn’t know what they were asked to get involved in.
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“It is lacking in regulatory policy and something has to be done about this.ĭenise Brailey, a veteran consumer advocate, was dragged out of retirement by a torrent of banking and property scams. “You can’t stop somebody starting up something like this (Sterling) out of the blue, no prior form, no prior knowledge, but at least you can prevent something coming onto the market if you know that there are certain people who have the brilliance of mind to come up with what we all regard is a scam,” she said.
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The inquiry had previously been told that “Sterling directors were well known to ASIC as serial Ponzi schemers” and Ms Brailey concurred, saying there should be a strike force among corporate cops who monitor repeat offenders such as the “known rogues” behind the group.
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The debate around what could have been done sooner has centred around whether the scheme was deemed an investment, but Ms Brailey said that was not how the retirees saw it and almost all of them did not receive a product disclosure statement until after they had signed on the dotted line. Some of the properties Sterling spruiked to retirees.įeisty consumer advocate Denise Brailey gave evidence to the inquiry on Wednesday, saying there were multiple red flags that should have been acted upon sooner by not just the Australian Securities and Investments Commission but also Western Australia’s Department of Mines, Industry Regulation and Safety.