Alleged Sterling First victims vow to fight for justice as case against Simon Bell, Ray and Ryan Jones delayed

Alleged victims in the failed Sterling First home lease-for-life schemes have vowed to continue their fight for justice as the criminal case against the trio accused of being behind it was adjourned for another two months. The large group of retirees made the pledge outside the Stirling Gardens Magistrates Court on Wednesday after veteran promoter Ray Jones, his son Ryan and Mr Jones’ senior lieutenant Simon Bell did not have to attend their hearing by consent. The trio are each facing numerous charges of aiding and abetting Sterling Corporate Services to engage in dishonest conduct in relation to a financial product or service. Sterling Corporate Services was the manager of an investment scheme set-up in 2012 and registered with the Australian Securities and Investments Commission. People, mostly retirees, paid large sums to secure supposedly long-term leases over properties, with most of the money going into a complex managed investment scheme which was meant to generate returns to cover the rent. However, when the companies collapsed in May 2019, customers were left homeless or unable to pay their rent. The Sterling First group had also raised around $30 million from investors. Outside court, one alleged victim, Roy Page, told reporters he lost around $220,000 after paying for his 20-year-lease and was disgusted with how long it had taken them to get to this point. “We just want some justice,” Mr Page said. “They’re just waiting for us to die off just because we’re elderly people, they’re just waiting and waiting and putting us off. It’s not good enough. It’s not good enough at all. “It’s not fair. The way the elderly have been treated in this particular situation… it’s not right at all.” Mr Page said he and the others who had turned up to court would continue to “hound” the government “until our last breath” about what happened and held out hope that they would retrieve the money they had paid for their leases. “We just ask for this money back. I’ve done the right thing. I just want what’s rightfully mine. That’s all we want.” At the financial services royal commission overseen by former High Court Justice Kenneth Hayne in November, ASIC’s top brass defended their agency’s performance after being accused of being slow to act on suspected misconduct, including in relation to Sterling First. Alleged victims have pointed to information provided to the corporate watchdog at least two years before the group’s collapse in May 2019. Mr Bell, and both Mr Jones are expected to be back in court in February.