Sterling First rent-for-life scam ‘gatekeeper’ slapped with $2m penalty – NEWS.com.au

A financial services firm has been handed a huge penalty for its major role in a rent-for-life scam that ripped off more than 100 cash-strapped retirees, forcing some out of their homes and milking their life savings.Sterling First marketed itself 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”.
Dozens of retirees involved in the scheme sold their homes to free locked-up capital, then moved into rental…

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