ASIC lost all credibility in my view when it failed to prosecute the former NAB Managing Director for selling $3.2m worth of shares just days before an issue dropped the price by more than $4.
In his defence he said that the Board had approved the sale, - making it ok. All that says is that the Board is not familiar with the rules.
ASIC initially told me they had investigated and decided not to prosecute. When I persisted they told me to take it further up the chain if I wanted it 'reviewed'. I may just do that.
