I have previoulsy posted this before but you all need to forget about ASIC
If there is even remote chance of recouping money it needs to be done though class action lawyers
ASIC don't have the skill, intelligence, time or inkling to jump on this. Let's think about this you are a government employee who works their 37.5 hour week, and then this potential additional work application comes in what do you do?
Now look at someone like S&G, a partner is sitting in the office and sees this come across his desk, and thinks it could have merit - is he thinking
a) I only want to work my 37.5 hour week and don't want the extra workload, or
b) I think we could win this and I will make a bucket load of money
The lawyers will jump on it even if they think there is a chance of settlement which is essentially civil law, whereas ASIC will try criminal conviction which is their primary aim, rather than trying to get compensation for investors
For anyone who has any primary school knowledge of law you would know it is in the balance of probaility with civil law which makes it a lot easier to win.
I would much rather a financial win than a moral win but that is just me.
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