#Finances #Economy #HeiseSays
The collapse of the Sterling group of companies has resulted in many seniors millions of dollars out of pocket and about to be kicked out of their homes. With many seniors mistakenly believing they were paying 40 years of rent in advance when they were actually investing the money with a third party. While they call for increased government regulation and oversight, it appears many didn’t understand what they were signing up for or the risks that they were exposing themselves to.
Perth: Sterling First insider breaks silence on collapsed scheme
Court action for Sterling First over collapsed property scheme that cost retirees their life savings
Sterling First rent-for-life scam ‘gatekeeper’ slapped with $2m penalty
ASIC accused of acting too slowly after Sterling First retiree housing group collapses
Update from ASIC regarding Sterling Group investigation 14 May 2021 – ASIC banning outcome