Excuses, Excuses

{Published on 31 December 2014}

ASIC Chairman 31 December 2014

PR 31 Dec 14

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 Finance Minister and former Acting Assistant Treasurer, Senator the Hon Mathias Cormann.

Australia’s Worst White-Collar Crime is a very easy fraud to prove which only takes two documents and an Act of Parliament to prove.

The documents are:

  • A consolidation Deed of Variation dated 6 May 1958 that was vetted by a Select Committee of the Legislative Council of South Australia
  • A purported Deed of Variation signed by the well known white-collar criminal Ken Jarrett

The Act of Parliament is the Elder Smith & Co Limited Provident Funds Act 1963 (SA).

Now why hasn’t ASIC conducted a proper investigation into this major fraud like ASIC did in relation to the Trio Capital Superannuation Fraud to ensure all the victims receive just compensation as PROMISED by the Coalition Government?

Instead Officers of ASIC have provided a litany of excuses to:

  • The victims
  • Senator John Williams
  • Responsible Ministers
  • Dr Martin Parkinson – the Secretary of the Treasury
  • The Senate Economics Reference Committee conducting the ASIC Inquiry
  • The Joint Parliamentary Committee on Corporations And Financial Services

The Excuses

The excuses include:

  • No evidence
  • Victims are not members or beneficiaries of the fund
  • Lack of jurisdiction for ASIC
  • The jurisdiction of another agency
  • A state matter
  • No breach of any “laws administered by ASIC
  • Limitation of Actions constraints
  • All unlawful conduct occurred before ASIC was established
  • The victims do not understand the law

However there is no substance to any of these excuses.

All of these excuses will be the subject of further examination during 2015, as the victims of Australia’s Worst White-Collar Crime continue their quest for just compensation and to see the white-collar criminals who failed to act in their best interest get the punishment they deserve.