Ann: Net Tangible Asset Backing, page-12

I would love to see some group have a go at a a class action against ASIC et al . The treasure trove of detailed reports to them about so many ASX companies that were /are never followed up and eventually losses by investors. Is there some reason / protection of ASIC that this hasn't happened? You have to wonder about the whole system when you see the recent PLUTUS prosecution and conviction and only a couple of years in the big house- nearly makes it seem worthwhile!@!! What have you got to do to get the full 10 years??

https://www.sheppnews.com.au/national-news/2019/08/28/779134/kitson-jailed-over-role-in-105m-ato-fraud
"The frontman for Australia's largest alleged tax fraud will spend at least three years behind bars after the "brilliant" scheme was uncovered.Joshua Meredith Kitson was the former general manager of Plutus Payroll - the company behind a conspiracy alleged to have defrauded the Australian Taxation Office of more than $105 million over three years.The 37-year-old pleaded guilty in November to conspiring to cause a loss to the Commonwealth.He was sentenced in the NSW Supreme Court on Wednesday to four years and six months in jail with a non-parole period of three years.The offence carries a maximum term of 10 years in prison."


A summary version of this saga - not too short should be nearly made mandatory for every HC poster and new investor. It will make it as a university case study in the future I am sure
It would demonstrate how even experienced people defied logical conclusions about returns for greed and thought that there was regulation , surveillance in the market , accounting audits, etc that would prevent a near full loss and protect them especially from total non liquidity. The twitter culture pump and pump and dump it is a fair old tale.

IMO seemingly every loophole at every level seems have been accessed manipulated and exploited. Every shareholder of every company should be well pissed for the lack of support to shareholders by every department and market who's rules have been broken or circumvented as they just want it to disappear like so many others have in the past. So many ASX companies do parts of these strategies on small scale here and there and others explode in a big way but IMO this has been a slow death by 100 cuts.
Very unfortunate for all holders and hope something comes of it both in regulation and to the parties who created these issues. I hope the point on the big sharp stick doesn't get blunted by the time it takes for action to happen and that it is a big stick.