Yeah, pretty livid.

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.

3 Responses to Yeah, pretty livid.

  1. Chris Elliott says:

    To be honest what did you really expect nothing going to happen other than Korda Mentha
    will drain all what left leaving the foreign investors with nothing.

  2. Manita Khuller says:

    Corporate crooks all in an old boys club..should be brought to justice.

    Please support the cause of the forgotten overseas victims of LM and Peter Drake at

    https://www.change.org/p/prime-minister-tony-abbott-give-back-our-life-savings?recruiter=200046026&utm_source=share_petition&utm_medium=email&utm_campaign=share_email_responsive

  3. Mike Partner says:

    I am very confused having just seen that Drake is unlikely to go to jail. How did the money go missing? If it’s not fraud, what was it? Was Peter Drake just totally incompetent and if so how come he’s ended up a rich man whilst the people whose money it is, ended up poorer!
    I think it is shameful beyond measure that Australia is allowing this to happen but let’s be clear, this is a problem that goes much further than Drake and Australia, it shows that there is a fundamental problem with the whole financial advice system. Let Peter Drake understand though that he has taken life and. happiness from people.May he rot in hell

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