Sterling First Collapse: Legal blow for pensioners as Raymond Jones, Ryan Jones and Simon Bell await trial

Dozens of pensioners who faced homelessness and financial ruin after the collapse of a retirement investment scheme will have to wait more than a year for the architects of the failed venture to go on trial. More than two years after Raymond Jones, his son Ryan Jones and Simon Bell were first charged over the collapse of Sterling First trust company the Supreme Court of WA heard neither the defence nor prosecution will be ready for trial until next year. More than a dozen Sterling Group investors attended the trios first appearance in the Supreme Court on Monday, with many sighing and tutting when they heard the trial was set down for April 27, 2027. Raymond and Ryan Jones and Mr Bell are each facing multiple counts 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. It was promoted as an innovative way for retirees to secure a lifetime lease over a property and have their rent paid by investing in a Sterling First trust company offering investment returns of at least 9 per cent. By the time it collapsed in May 2019, the Sterling First group had raised about $30m from investors. Its collapse prompted protests from people who feared being left homeless after punting their nest egg and any home equity on the failed lease-for-life model. Commonwealth Prosecutor Tahlia Zerafa told the court the Crown would not be ready for trial until February 2027. She also said it would take another two weeks for the indictment to be completed and provided to defence counsels. Barrister Christian Porter — representing Ryan Jones — said he would not be available until after April 26 next year. Justice Joseph McGrath said the court was “obviously available earlier to list the trial” but they had to “ensure all counsels were available”. Outside of court one of Sterling First’s investors Dennis Ryle said despite the delay the group of complainants maintained their faith in the justice system. “We trust the legal process and we will just wait it out” he said. When asked if they were disappointed that the trial was not set until next year Mr Ryle said: “Well I think we have been disappointed for the last six or seven years.” The case will return to court on April 30 for a status conference.