I'm not a lawyer, but I believe that in theory ASIC is...

I'm not a lawyer, but I believe that in theory ASIC is responsible for taking this type of action. In the real world and as we've seen with Condor Blanco, sometimes it's necessary for shareholders and their agents to gather the evidence necessary for ASIC to pursue criminal charges against the offending parties.

When it comes to recovering costs and investor's capital, this becomes a civil matter. It's then up to the shareholders and their agents to sue the offending parties for whatever funds can be recovered. This never works as well as shareholders would like, since the offending parties usually squirrel the money away where it can't be found or spend it on stuff like luxury cars, holidays, expensive dinners, sex workers, narcotics, etc. Once the courts determine the amount that can be successfully recovered, the lawyers take the lion's share and shareholders get whatever is left.