ASIC is a paper tiger. (a previous post on this thread cleverly showed a toothless tiger). The only time ASIC investigate is when a scandal or allegation is on the front page of the main national newspapers and it is embarassing to the government of the day. They are just a fee/revenue collection agency.
They have criteria they use to filter out potential investigations even if they are given the evidence. These criteria are not disclosed. Many years ago, the fraud had to be more than $2 million. They refused to investigate an accountant director of an Aboriginal Corporation because they were (at that time) - no longer a director of a company!
Other I'm sure can add to the criteria they use to avoid doing their job.
Reporting to ASIC is wasted effort.
asic complaint, page-68
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