A ‘Paradise’ for White-Collar Criminals

{Published 24 October 2014} PR 24 Oct 14     A ‘Paradise’ for White-Collar Criminals The Chairman of ASIC, Mr Greg Medcraft, has claimed that Australia is a ‘Paradise’ for white-collar criminals – a statement he was forced to retract by the Assistant Treasurer, Senator the Hon Mathias Cormann. If Australia was no ‘Paradise’ one would expect a white-collar criminal who had previously served a term of imprisonment would not be handed a “get out of jail free” card by law enforcement agencies in relation to an even more serious white-collar crime. However that is the case in relation to the well known white-collar criminal, Ken Jarrett, who served a term of imprisonment after a major investigation by the former National Crime Authority. Mr Jarrett is a “person of interest” in relation to the “disappearance” of a complete superannuation fund as well as the “misappropriation” of over $100 million from another superannuation fund. Superannuation funds are the perfect target for white-collar criminals given the amount of funds under the direct control of a few “trustees” in a COMPLUSORY superannuation system. The Assistant Treasurer has called the leader of the Opposition, the Hon Bill Shorten MP, an “economic girlie man”, however Mr Shorten stepped up to the plate and paid compensation to victims of a major superannuation fraud. It remains to be seen if the Assistant Treasurer, will also step up to the plate and pay compensation to widows and other victims of Mr Jarrett and his associates.  Or perhaps the Assistant Treasurer is the real “economic girlie man” where rhetoric concerning white collar-crime is more important than the reality.