ASIC and the ASX Casino

Originally posted by sharebroker1: ↑

The Senate inquiry report below states and i quote-
" Countless Australians have been hurt by ASIC's consistent failure to investigate and deter corporate crime"

Here we see the ASX at all time highs "apparently", yet we have these "corporate funds" whoever they are, using manipulation tools to indisciminately push down, and or manipulate individual stocks using bots, algorythmic trading, shorts, CXA manipulation, pre open pre close manipulation and dark undisclosed orders, that all in the end cause mum and dad retail to lose their hard earned cash on what can only be described as an ASX Casino?
We have a regulator ASIC that has a policy of fair, orderly and transparent markets, yet they allow this under handed manipulation which is anything but fair, anything but orderly, anything but transparent, and they appear to turn their eyes away from this corporate manipulation and in fact appear to allow it. Underhanded trading such as robot trading, undisclosed trades, etc, allowing 1 share trade here and 1 trade share there, worth a few cents, often times pushing a stock up or down 10 and 20% on a two dollar trade, whereas retail must place a minimum trade of $500?

I have written to ASIC , (that is hard enough in itself as they are almost unreachable) with not one response except the initial standard "thank you for your query, we will get back to you" nonsense.

Importantly, The senates Economic Committee Inquiry report was handed down yesterday into ASIC and it is scathing, labeling ASIC a failure. (See below). This then in my opinion will ask the obvious question, how many BILLION's of dollars has gone down the drain here, and how is it that these so called corporate and or sophisticated investors can operate in such a blatant disregard to the ASIC "code of conduct" ?

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More cash injected into such bodies, together with a renewed business plan and objectives would gain a few votes in marginal seats. I think you're onto something yet, if it's proven and not many of any electoral marginal seats gives a damn, well, ASIC and others will continue to flounder. I believe the prosecutions are just so few, along with the associated non-discretionary fines towards non-compliance. I'm afraid no-one cares yet every person with assets have the opportunity to be sold an on-line trading account. So many newbs, and that group grew almost exponentially during the COVID lockdowns. Retailers are not well protected and I don't believe ASIC is well cash nourished nor has the appropriate laws at hand to take action against those who laugh, admonish and take advantage of the failings of current corporate law.