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AAP
AAP
National
Alex Mitchell

'Hands-off' ASIC blasted by Senate report

ASIC Sterling
A Senate report has criticised ASIC for its oversight of a long-term tenancy agreement scheme. (AAP)

A Senate report has lashed Australia's corporate regulator for failing to stop a dodgy investment scheme that targeted elderly investors before it collapsed.

It follows a Senate inquiry examining the Sterling Income Trust scheme, which saw investors sign long-term tenancy agreements and use returns from lump-sum investments to pay rent.

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