I don't often start threads outside of the Announcements and Site News forum, but after being sent a link to this ABC News article I felt compelled to put it out there for discussion. My first instinct was to post it in the How to identify an investment scam thread, but after some consideration decided that it deserved a thread of its own.
Read more: http://www.abc.net.au/news/2014-10-2...ulator/5832538Australia a paradise for corporate crooks says regulator
By business reporter Sue Lannin
The boss of the corporate regulator says Australia is too soft on corporate criminals and increased civil penalties including more jail terms are needed.
The Australian Securities and Investments Commission chairman, Greg Medcraft, told journalists at a Walkley Foundation function that "Australia is a paradise for white collar crime."
"[In] most countries the penalties are two to three times the amount gained or lost," he told the function.
"Often [in] Australia it's actually worthwhile breaking the law to do the trade. You can't have that."
In recent years I have watched the dramatic proliferation of investment scams preying on the naive and the vulnerable and have been amazed by the way they are allowed to operate with impunity. Neither ASIC, the ACC nor the Financial Ombusman Service seem interested in investigating these shady companies.
Meanwhile, the multitude of call centres, staffed by professional telemarketers flogging all kinds of dodgy schemes are in overdrive, taking advantage of the fact that they will not be held to account for pillaging the savings of countless ordinary Australians.
Something needs to change, but nobody seems willing to take the first step.