Good post MichaelIrish.
The problem is you can't call the cops (ASIC) because they are gummy sharks when it comes to these sorts of matters. A good dose of American style S&L crisis arrests are in order. Ohhhh but that would burden a free market. Free of law and order that is. ;)
As for Noel Stevens situation I think the Trade Practices Act has something to say about misleading and deceptive conduct.
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