Australia Give Impression Of 'Green Lighting' White Collar Crime!

An ASIC media release on the 23rd Dec 2016 reporting that Australian courts have determined directors of LMIM did not breach their legal duties has prompted outrage from those robbed by the LM MPF fiasco.

At the LMIVC facebook page the situation was summed up (and visited by over 800 interested parties) with the following commentary:

'So there's absolutely no reason why we can't go to Australia, register an investment mgmt company, create an unregulated collective investment scheme around a nondescript constitution, borrow tens of millions from the Commonwealth Bank of Australia to kick it off, set up sales and marketing offices around the world, print highly imaginative marketing documents, pay investors from new investors monies for up to five years, get rich (by 'borrowing' Au$30m from the fund), let it go pop when it all becomes a bit of a stretch, return zero capital to investors and fear nothing from Australian authorities tasked by this (G20 !?!?) nation to see fair play and provide consumer protection in the financial services industry of Kangaroo land.

The Merry Christmas communique from Australia.

Comments from OECD welcome.'

Another investor on seeing the ASIC media release wrote 'Serious white collar crime punished severely around the world appears to get green light in Australia'

In this report from International Investment which polled investors for comment one investor suggests 'Honestly, this can only open the question that has been in all of our minds: Have ASIC really only sought a route to endorse their earlier in-action?'