Thanks Australian Financial System, you toothless pony:
“We understand the disappointment of investors who lost money on their investments. However, in this particular case, specific issues are assessed appropriately through the official regulatory and court processes as appropriate, while any systemic policy issues have been considered through our Financial System Inquiry,” Senator Cormann said.
So, what would have to happen for criminal charges to be brought up?
An anonymous Australian investor is quoted as saying:
“While I personally hold no hope of any kind of recompense from the Australian government, I had hoped that criminal proceedings would be taken against Drake and his cohorts,” she said.
“Considering that Drake has apparently walked away with $26m in the form of a ‘loan’ to himself from (another fund) the Managed Performance Fund, the possibility of only having to pay a fine of $200,000 is peanuts to him.
“What kind of a message is ASIC sending? It is one of encouragement to carry on, as the only punishment they will ever receive is a slap on the hand!”
The ultimate side-step:
“ASIC can confirm that we are not pursuing a criminal investigation at this time but as usual, would obviously reassess if other evidence became available,” a spokesman for ASIC said.