Victims of the Sterling First rent-for-life ‘investment’ scam have been denied government financial support, adding insult to injury.
Retirees ripped off of their life savings by a rent-for-life scam have been denied federal government financial aid because of the way it classified the highly complex “investment” scheme, a parliamentary inquiry has heard.
Seniors duped by the Sterling First scheme sold their homes to free locked-up capital, then moved into rental properties with the expectation they would stay there for the rest of their life.
It was marketed as pairing up “smart property investors that are looking to get a better rental return with retirees that are looking to sign a long-term lease”.
But the Sterling Group and Sterling Income Trust went into liquidation in 2019 – allegedly after trading while insolvent for months – and many of the lessees were forced out of the properties.
After Department of Social…