BPAM vs BFC

These are Wild West days for Australian small companies where unflushable promoters with bad track records (you may be able to think of some) pop up again and again to fleece shareholders with impunity.
ASICwill continue to be useless until its brief is turned on its head: instead of focussing on the big companies with large numbers of powerful shareholders and other regulators to keep them less crooked (think Westpac with AUSTRAK's current charges) ASIC should be made to regulate the $5-50million sector where people lose most money to sharp directors.
Hold up a servo and steal a few hundred dollars - go to jail.
Rip off small shareholders for millions - go to the pub.
BPAM-BFC's auditor is Ernst Young of Melbourne. Even today auditors still have some obligations to act honestly. Has anyone thought of asking EY how they justify BPAM receiving fees based on $200mil of assets when current value is only about $40mil?