How the Australian Securities and Investment Commission (ASIC) Have Allegedly Scammed Mum and Dad Investors For Hundreds of Millions, and Some Have Taken Their Life, All to Garner Desperate Publicity to Cover Up Their Gross Incompetence
By New Zealand Times
How the Australian Securities and Investment Commission (ASIC)have scammed Mum and dad investors for hundreds of millions, and some have taken their life, all to garner desperate publicity to cover up their gross incompetence.
Most Australian taxpayers would assume the ASIC’s main role, is to protect investors, yet this isn’t the case at all.
Even according to former ASIC Senior Officer Rosemary Pendergast, who allegedly was key to one ASIC case she and ASIC ran, which cost mum and Dad investors millions back in 2015. When confronted, that ASIC’s pre-mediated and pre-planned actions were going to cause deliberate losses to innocent investors, her unbelievable response was “ Investor losses aren’t ASIC’s primary concern.”
She was investigating landbanking at the time, despite being a securities investigator, but ASIC has no interest in staying in their area of responsibility if it means they can garner much-needed publicity to fool the public and clueless politicians. They make out they are doing something useful, other than burning up taxpayers’ money, but are simply being a politically motivated and weaponised agency targeting whomever they are instructed to. Whether this is by dodgy politicians such as former allegedly corrupt Labor Senator Sam Dastaryi, to destroy political opponents, or critics, or Intelligence agencies out to destroy Government critics.
This is the “ deep state in action in Australia “ said one observer.
ASIC’s effective illegal scam, and the allegedly dodgy officers such as Rosemary Pendergast, work like this.
It’s called the “ blame frame, defame then shame strategy”.
They sometimes collude with mainstream media journalists. Fairfax in particular has plenty of dodgy journos happy to help out.
They ask them to write up fake news stories( which Fairfax is competent at, considering some would say their core business is fake news ) saying their target has lost investors money.
Then this can be used by ASIC to launch an investigation into the target.
As no losses have actually occurred as it’s fake news, but the public would have no idea, and simply believe the target has caused such losses.
ASIC causes deliberate losses for some key reasons.
1. After losing the long-running battle against billionaire Andrew Forrester of FMG fame a decade ago, mainly because his investors had made money, not lost, ASIC knows it’s best to have losses to sway judges to be sure of victory in court.
So ASIC deliberately and proactively set about causing losses.
Which is very easy for them to do.
They raise false allegations against an investment promoter.
Under the excessive powers they have, they can simply use any technicality, to say such an investment is a breach of one of the thousands of corporations’ laws no one understands.
Their favorite is to simply label anything a “ managed investment scheme “ therefore it requires a license.
Even if it’s land projects that don’t even fall under its jurisdiction, and never in the history of the nation have they been deemed as such before.
Unlike criminal law, they have to prove their allegations first, under civil laws the ASIC doesn’t ever have to prove its case.
It simply applies to having such projects wound up and liquidated against investor wishes,
Investors now lose millions over unproven minor technicalities years before the matter might be heard in court.
Put it simpler
Let’s say you parked your car on a street.
The owner of the car near you arrives back 30 seconds past the time the parking meter has left.
The all-powerful, but corrupt parking officer issues a ticket for the 30-second overstay of the car near yours.
The penalty is that before even proving in court, or you being able to defend in court, all the cars in that street are picked up by tow trucks, and crushed and destroyed.
The parking officer gets promoted, and makes more money, as the Government agency garners massive publicity in its big case against illegal parking and the clear abuse of the public parking spots by an entire street of cars. The car owners are made out to be effective criminals.
The owners of the cars can’t go to court to defend themselves as the ASIC had liquidators take ownership of the cars before destroying them, and their liquidators represent the cars now, not you, as you are no longer the owner.
If you dare speak out, and inform the public what has happened, they’ll threaten you with criminal charges, or simply name, blame, defame and shame you as an effective criminal via their fake news media partners such as Fairfax.
This is how the ASIC works in Australia, and has for over a decade or more, and sadly not only has it resulted in literally hundreds of millions in losses, but some mum and dad investors they have destroyed financially, have committed suicide.
The ASIC Officers gain financially from this scam, by way of promotions and pay rises and higher pay, from getting future corporate gigs based on their ASIC resume showing them cracking down on so-called fraudsters, and winning big cases in court.
The naive public and many good politicians have no idea what ASIC has done, and how they scam the courts, system, and innocent investors.
Right now in Australia, the ASIC is threatening criminal action against individuals that have threatened to speak out and expose the ASIC.
How deep are the deep state and the swamp in Australia?
I dare say it’s much more corrupt and deep than the average Australian realises.
And ASIC is a full-blown weaponised agency out to destroy Government critics and political opponents
Ask billionaire Clive Palmer who the ASIC on technicalities has been trying to jail for 9 years on criminal charges.
But he has billions to defend himself which most targets of the ASIC don’t and have to settle by saying they are guilty when they aren’t or suffer bankruptcy or criminal charges.
Some observers say ASIC is Australia’s wannabe FBI, yet they are a bunch of overpaid glorified second-rate lawyers and pen pushers too scared to get a job in a private law firm where they have to find real clients and real cases.