100 days to go, nothing to lose

Hon. Doug CAMERON MP 6 June 2013
Senate, Parliament House
PO Box 6100
Canberra ACT 2600 Telephone: (02) 6277 3367 Fax: (02) 6277 5802


Dear Mr Cameron,

RE: ASIC matters, your recent pronouncements

I am Simon GRUNDEL, a pensioner from the Premium Income Fund group.
Premium Income Fund (PIF) is run by Wellington Capital as a Responsible entity under stewardship of Jennifer HUTSON.

Our group, numbering some 10,300+ original members, has made numerous and substantial representations and submissions to ASIC in respect of various breaches of Corporation Act by WC in managing PIF.

I personally have had multiple meetings with various ASIC Directors and personal correspondence to ASIC Chairman to alert them of these breaches.

As soon as I heard your statements on TV and Press regarding ASIC shortcomings,
I decided to write at the urgings of fellow members about Maximum Yield Fund, where ASIC has acknowledged that a fraud was committed but did not warrant ASIC Prosecution of WC as the amount involved was less than $2 million.
Qld Police have commenced investigation, however abandoned it due to ASIC position.

Mr Cameron, as you seem to want to proceed with ASIC exposes, please advise at the earliest whether this case of ASIC admission of FRAUD by WC may be included in your brief.
As a direct result of ASIC abandonment of Prosecuting this fraud, WC continued mismanagement and outright theft of PIF assets to the financial detriment of genuine original members.
That financial detriment ran into hundreds of millions of dollars, far exceeding the paltry $2 million ASIC set as a precondition of its pursuit of Wellington Capital.

Dear Mr Cameron, a fraud is a fraud is a fraud. On this we all agree.
Please advise as requested.

Thank you for your time.

Simon Grundel P.OBOX 61, COFFS HARBOUR 2450

[email protected] ph. 02 6651 6534