ASIC have quite a bit of explaining to do, hopefully before a Royal Commission. A couple of precedents for lawmakers committing/ignoring crimes/perjury/taking kickbacks. Remember QLD late 1980's ?
The Fitzgerald Inquiry (1987–1989) into Queensland Police corruption was a judicial inquiry presided over by Tony Fitzgerald QC. The inquiry resulted in the deposition of a premier, two by-elections, the jailing of three former ministers and a police commissioner who was jailed and lost his knighthood. It also led directly to the end of the National Party of Australia's 32-year run as the government of Queensland.
The inquiry was established in response to a series of articles on high-level police corruption in The Courier-Mail by reporter Phil Dickie, followed by a Four Corners television report, aired on 11 May 1987, entitled "The Moonlight State" with reporter Chris Masters. Both reports highlighted prostitution, gambling and possible police corruption.[1] With Queensland's Premier of 18 years, Sir Joh Bjelke-Petersen, out of the state, his deputy Bill Gunn ordered a commission of inquiry the day after television report was broadcast.
The allegations aired in the media were not new; they had surfaced from time to time and some news organisations had been forced to pay damages to aggrieved people who alleged their reputations had been damaged (Bjelke-Petersen himself was notoriously litigious in response to unfavourable press coverage). Ian Callinan drafted the terms of reference for the inquiry as well as appearing before it.[2] While the terms of the inquiry were initially narrow, restricted only to the specific allegations raised against specific persons named in the media over a period of just five years, Fitzgerald used his moral authority to lever the inquiry into a position of being able to inquire into any relevant matter. The terms of reference for the Commission were extended twice.[1]
This enabled him to set a new precedent for Royal Commissions in Australia generally, using innovative methods such as indemnities from prosecution for key witnesses to secure vital evidence. The inquiry was initially expected to last about six weeks; it instead spent almost two years conducting a comprehensive investigation of long-term, systemic political corruption and abuse of power in Queensland. Public sittings were held on 238 days, hearing testimony from 339 witnesses.[1]
On 28 August, a Licensing Branch sergeant, Harry Burgess implicated Jack Herbert, assistant commissioner Graeme Parker. Parker confessed and implicated police commissioner Sir Terry Lewis on 16 September.[3]
And more recently former High Court Judge Marcue Einfield, a "National Treasure" jailed for a few years for lying about a speeding ticket for under $100 because he didn't want to lose his drivers licence and nominated a deceased person as the driver.
CORPORATIONS ACT 2001 - SECT 1041C
False trading and market rigging--artificially maintaining etc. Trading price
(1) A person must not (whether in this jurisdiction or elsewhere) enter into, or engage in, a fictitious or artificial transaction or device if that transaction or device results in:
(a) the price for trading in financial products on a financial market operated in this jurisdiction being maintained, inflated or depressed; or
(b) fluctuations in the price for trading in financial products on a financial market operated in this jurisdiction.
Note 1: Failure to comply with this subsection is an offence (see subsection 1311(1)). For defences to a prosecution based on this subsection, see Division 4.
Note 2: This subsection is also a civil penalty provision (see section 1317E). For relief from liability to a civil penalty relating to this subsection, see Division 4 and section 1317S.
(2) In determining whether a transaction is fictitious or artificial for the purposes of subsection (1), the fact that the transaction is, or was at any time, intended by the parties who entered into it to have effect according to its terms is not conclusive.
