Note that one of the Senator's questions was "What enforcement action did ASIC take against the directors of Condor Blanco?" (Q3669)
Note that "ASIC commenced an investigation in relation to Condor Blanco Mines Limited in August 2016 and determined to take no regulatory action" despite a mountain of good quality evidence of blatant fraud, misleading and deceptive conduct, and other transgressions.
Note also that ASIC's response with regards to whether the former directors of Condor Blanco Mines were currently running investment funds was very similar to that for HML & JBL:
"From ASIC records, it appears that some former directors of Condor Blanco Mines Ltd are authorised representatives of companies that hold an AFSL to deal in wholesale MIS or directors of corporate authorised representatives of other companies which hold an AFSL to deal in wholesale MIS."
Essentially:
Yes, these people are still out there, still licensed to provide financial services or acting as authorised representatives of entities that are licensed. We don't care whether they shaft unsuspecting investors in the future - as long as they're doing it under an AFSL. That way they're AFCA's problem, not ours.
ASIC has been sending a clear message to all wanna-be white collar criminals for a number of years now: if you're rich enough to adequately defend yourself after you do whatever you do to get your funds - ASIC can't touch you and won't even bother trying.
The Macquarie / ASX / ASIC / Nuix debacle you're referring to is just another example of ASIC's indifference towards the plight of investors. Things are going to get worse before they get better. The collapses will get bigger and more blatant.
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- Treasurer and ASIC Struggling to Answer Questions on Notice from Senate
Note that one of the Senator's questions was "What enforcement...
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