I would like to agree with you, but even when ASIC do take enforcement action there is little action from investors.
Just look at Regal Funds Management (RF1). ASIC only recently executed criminal search warrants and outlined alleged offences, yet have investors exited from this fund. Hardly, it hasn't impacted the LIC at all.
Yet, every investor in this LIC is aware of alleged criminal offences against the director. In the event the alleged offences are substantiated I am sure all RF1 investors will come out swinging against ASIC and why they weren't protected. Yet, here they are, fully aware of the actions taken to date.
They can't say they were unaware of the risk...
Of course this is an isolated incident. I know there are numerous other cases where they are asleep at the wheel.
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