ASIC Looks Stretched

More bad news for Australian investors. There was a great article in The Courier-Mail which said that ASIC resources are incredibly stretched. In one instance, there were not enough resources to investigate a $60 million ponzi scheme. That means that the alleged perpetrator got away and investors recovered absolutely zero. This is sad news for any investors that are now out $60 million. In my case, I served five years in prison for half of that amount and investors saw at least an $8 million recovery after my arrest. Without effective punishment, there's nothing to deter investment fraud. ASIC needs to get its act together now!