Sterling First Scam is a term that is familiar to almost all Australians. The recent drama created by this firm is not only unethical, but also criminal in nature to say the least. Founders of this firm had a shady past and every metric about their company was not reassuring.
Even ASIC was slow to react to this matter and as an end result, more than 100 retirees lost everything they had. The whole scheme was a hustle and just like every other ponzi type platform, this one also got liquidated leaving all the investors high and dry.
Legal proceedings are taking place and the authorities are now on high alert. Public strongly feels that the entire thing was rigged from the beginning. However, until solid evidence comes to light, know that every theory is just a speculation and nothing more.
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If you want to know more about the way this firm hustled the people and almost got away with it, glance over the following paragraphs. In case you are a victim, leave a comment below and we might be able to help you.
Life after retirement is no joke. Once the income from a job stops, people can become restrained by their savings and in this modern era with little to negative interest rates, things are tough.
Becoming financially stable is not that easy and unfortunately, most of the firms that promise you fixed income after taking in a lump-sum amount turn out to be fraud. As the dangers present are numerous, one needs to be careful and take opinion from licensed professionals before making a move.
The Sterling First Scam was created by people who had a troublesome past. Mr. Ray Jones was involved in other dubious schemes and he did file a bankruptcy in the past. The most astonishing thing with regards to this case is the way ASIC acted from the beginning.
Due to many unanswered questions, victims do believe that ASIC also had a part in the scam and the corruption factor is pretty obvious.
Sterling First Scam Creators
Before investing in any firm or trust, always check the history of the founders. People that tend to value their reputation usually will never do anything that threatens their brand name.
On the other hand, shady people simply grab cash whenever possible and file bankruptcy using accounting and tax loopholes. While all the people on the management side of this company are not known to the public, we do have details of the founder and key employee. Ray Jones is the alleged mastermind behind the operation.
If the name mentioned above sounds familiar, then chances are you might be from Australia, because the very same person is involved with a lot of firms that had a rocky past. Simon Bell(Former Director) is also a person that had dabbled with a lot of questionable entities.
One Google search is enough to find information about the founders and the things present on the web about them are concerning to say the least.
What is the Sterling First Scam?
Sterling First Scam collapsed in 2019. Before the demise, this company claimed to take care of the rent of the investors for life. They specifically targeted retirees and demanded a large amount of money from them in exchange for so-called housing services. The deal proposed by them sounded good on paper.
However, in reality transparency was not there and the income source was not sustainable. Innocent victims that fell for this trap are facing eviction now and the government organisations have not taken drastic action against the accused yet. According to few online sources, even ASIC is said to be involved indirectly in the matter.
An inquiry is started and few penalties have been laid on people associated with this firm. For the time being, there is a lot of agitation and until the dust settles, the path will remain unclear. At the end of the day, it is sad to see many old people lose their homes and this type of incident shows the loophole of the financial system clearly.
Reasons behind the Collapse
This is a tough question to answer because information is scarce and there is no way to verify anything. Generally, audited reports are the ones we look for, but in this case we could not locate any evidence.
We spent a lot of time on the web trying to find more information about them. The longer we looked, the more confusing the entire operational model was for us. We strongly believe that the reason behind the collapse was the lack of sustainable cash flow.
In many ways, the scheme resembled a ponzi structure wherein the money brought in the new client is used to pay out the old one. Though they were active for a while, the cash cow had to inevitably die and that is exactly what unfolded in the recent years.
How to recover money from the Sterling First Scam?
If anyone is tangled with Sterling First Scam, then the recovery process is not an easy and straightforward one. However, that does not mean that you should not take appropriate steps.
For starters, talk to your lawyer and collect as many details as you can about the fund transfers. Of course, the court has the final say in the matter, but you could gain leverage if you act quickly. Get in touch with our team by filling out the contact form below.
Our experts are familiar with this type of litigation and they will help you address the situation for free. We will provide you with actionable intelligence, legal assistance and much more. Note that we never charge a penny for our services.
What happened with the Sterling First Scam is heartbreaking. The incident shows the dangerous present in the financial system as a whole. While intervention from authorities might address this issue, it won’t stop other firms from doing a similar crime.
So, as end consumers, we should be careful when it comes to making decisions. Remember, organisations might provide you general advice, but in the end, it all comes down to us. Always do proper research and never join any scheme that promises you way more than what you contributed.
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