An insider of the failed Sterling First investment company — which has left dozens of elderly people millions of dollars out of pocket — has broken his silence.

The man, who wanted to remain anonymous, was a former sales consultant at Sterling First, who originally helped the company recruit investors — including his own family and friends.

But today he is one of the many big losers, having seen $500,000 of his own money disappear in the collapsed scheme.

“We couldn’t get our money out. We couldn’t sell our shares,” he told 7NEWS.

Sterling First, the flagship of a sprawling WA group of property management and investment companies behind the scheme, collapsed last month leaving retirees — some of them very ill — facing eviction.

The scheme involved investors handing over their life savings to secure a home on a lifetime lease of up to 40 years, via a subsidiary which was promoted by former Test cricketer Mitchell Johnson and media personality Jenny Seaton.

Their work was purely promotional and they had no other involvement in Sterling First’s schemes or investments.

Despite worrying reports to financial regulators in mid-2017, the company was still able to raise at least $8 million more from older West Australians

Company founder Ray Jones has so far refused to answer questions about how the collapse happened, and where all the money has gone.

The former insider said that silence was uncharacteristic

“Ray was always the ultimate salesman,” he said. “He could sell anything, to anyone — and he sold us. It was always a great story, it was always a great sell, to keep us either fooled or motivated.”

The man said part of that sales pitch was the expectation of a stock exchange listing, and above market interest rates of “91/4 per cent ... and they were paying”.

But the payments dried up, the stockmarket listing never happened and after years of promises creditors were told last week their money was gone.

The visible reminders of Sterling First began disappearing this week, with the company sign outside its South Perth office taken down. But the legal and personal signs of the collapse are likely to remain for years.

Shine Lawyers are investigating a possible class action.