What I am about to say is not motivated by sour grapes. A loss of $2k is not going to affect my life .However despite the fact it is unlikely to happen there is a real need for the regulatory authorities to come down on this mob like a ton of bricks.If there is no real consequence for this debacle then what it to stop the any "dodgy brothers" around the corner doing exactly the same thing next week.If it becomes common practice then the integrity and trust of the ASX reporting requirements are gone ....then try attracting new money to an equity market .
As some of you know I live in Indonesia ,I do not trade or invest on the Jakarta bourse ...because I do not have trust that it is a level playing field or that consequences for dodgy behaviour are sufficient.
I would hope every broker in Australia ,purely out of self interest,writes a strongly worded letter to the ASX demanding that these guys suffer significant consequence and they could start by imposing eye-watering fines and banning all the directors from ever being a director of a publicly listed company again.
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