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ASIC advise that Investment Fraud is a matter for the Police

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I've just received a letter from ASIC. They have had my complaint about a possibly fraudulent investment involving deceptive and misleading conduct by the fund manager, lack of fiduciary duty and breach of contract issues since October 2011.

On learning that my investment had been "lost" after everything I'd done to get it back, I put in another related complaint recently and that has prompted a reply. What I did this time was ask them to let me know asap or within 28 days what breaches of law etc they could find in my complaint.

I also sent an email to one of the addresses that came back on the read receipt requesting copies of the two letters I received from their officer, who I named from memory. She was the last person to contact me in December 2011. She was also the person who got me an answer after all my correspondence and evidence sending to ASIC over the intervening period.

At last ASIC have let me know that:

- ASIC don't involve themselves in disputes over contractual issues

- False statements of income may be fraud and as such would be handled by the Queensland Police Service.

- ASIC don't involve themselves in financial products that following my own investigations turned out to be "possible gaming, betting and gambling" this is outside ASICs jurisdiction as these are not "financial products" under the Act.

- ASIC doesn't consider any of the events in my statement or case are criminal.

- ASIC noted that I have a non-compliant SMSF (which is the entity that invested the money and now has nothing in it!)

- And that I'd better get legal advice to protect my interests. (The obviously know the fund manager, who would no doubt counter sue to enrich his financial situation.)

Well, at least I have an answer!

ASICs statement about the "financial products" is interesting. This was an arm's length investment in a financial product run by established training organisation, who not only had an AFSL, they also were an ASIC approved trainer. That kind of recommendation does attract conservative investors like me. The company recently closed down, taking my money with it, according the report I had from the fund manager.

So in cases of actual fraud I am to report this case (again) to the local Police Station and then see what happens?

I'm no legal eagle, as you can tell. After everything I've been through, including the sudden collapse of my financial situation, my health and default of my home loan, all caused by this fund manager, there are a few things that I'd like to do to him. One fair dinkum "snake in a suit" IMHO.


My imagination then ran riot at the thought of ASIC advising holders of LAFs evidencing fraud to drop in on their local police station! 

I know how much fun I had explaining my complicated investment complaint at the front counter of our local police station in between all the other clients and staff who interrupted. But I did get help and some seriously needed survival money out of that. 

Just as well we have Denise to help us with these wretched mortgages, lenders and mad regulators. 

Just as well I have all of you to share this story with, friends who can empathise with my frustration.

Otherwise I would have just given up by now.

Hanging in there and working out what to do next. It's a bit overwhelming for me at present.

Hence the need for humour in what has been, and still is, a very serious, nasty, shocking and unfamiliar financial situation for me to dig my way out of somehow.

And the take away from this story? Maybe in order to get any answers out of ASIC we have to ask them questions they can answer.   

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  • doyla66
    doyla66 Friday, 10 August 2012

    What is the role of ASIC then?

    Is it to simply "administer" licensing? Or, to publish brochures?
    I find their role is designed to be deliberately ambiguous.
    Sounds to me like you have just received a "bounce" from them. In your case, it is part of the game they play known as "a pass the bomb"! ;)

  • doyla66
    doyla66 Friday, 10 August 2012

    What is the role of ASIC?

    That exact same question went through my mind. It sounds a little like they're doing less and less these days, now they're taken over business registrations nationally. I wonder if they're having their budget adjusted correspondingly?
    Pass the bomb, indeed. My case was rather complex.
    I also had a reply from FMA today saying that their laws hadn't changed and I so should refer the matter to ASIC.
    After so long, with nothing to go on at all, at least I'm not going to chew through my leash waiting for ASIC to reply anymore.

  • doyla66
    doyla66 Friday, 10 August 2012

    Good to know

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