Ann: Freedom Completes Successful A$25 million Share Placement, page-23

Unless ASIC decides to take some action (and that could be a long wait, even if they make further enquiries), the horse has probably bolted on this episode.
The only issue now is the trustworthiness of the Board, and specifically those who seem to be responsible for arranging finance. Their duty is to advance the Company in the interests of those who elected them: the Shareholders. They would argue that the means justifies the ends, so if they are allowed to, they'll probably do something similar again.
The only people who can hold them to account are the same Shareholders. They can only exercise their rights by lobbying the Chairman and by voting at all meetings, directly or by proxy.
Mike Yeager should be asked to question whether he has co-Directors with appropriate values to go with their skill sets.
Shareholders should vote against proposals that go against their collective interests and against the reappointment of Directors who appear to be favouring either themselves or minority interests.

Perhaps someone could also approach an organisation such as the ASA for advice