MJP - (Former) CEO Theory, page-9

Mate if you're hoping ASIC will do something I'm afraid you'll be disappointed. The most that could happen is ASIC asks MACL management "please explain" and MACL say something along the lines of "we're fully compliant with regulation blah blah blah". Case closed if there ever was a case. ASIC is a toothless bulldog. And there's generally zero appetite to prosecuse these things, even in cases of blatant dishonesty.
Have you heard of Theranos? The CEO clearly lied to investors about her company's technology and cost them $400 million. She's still walking free and only got a tap on the wrist.
Only if someone shoplifts a $2 item at Coles will police quickly prosecute. Lose millions of investor's funds through carelessness,incompetence or dishonesty and it's a case of move on, nothing to see here.
I'm sorry to say but we've been well and truly shafted. It's our fault for trusting these incompetents. Nothing to do but salvage what capital we've left, and apply the lessons to the next ventures we invest in.