Joe Longo’s ASIC. Another day, another scam ignored

ASIC chairman Joseph Longo is retiring in May next year. This can’t happen soon enough as ASIC has once again ignored warnings of major fraud.

monday night, A Current Event told the story Alleged financial fraudster Alev Dover allegedly made off with up to $90 million of investors’ money through what appears to be a classic pyramid scheme.

NSW Police confirmed ACA He said they were investigating Dover, including why he was able to leave Australia despite the allegations against him.

Meanwhile, financial regulator ASIC had been warned about the fraud but decided not to investigate what could become one of the worst financial scams in recent years, at least three times the amount lost in the much-publicised financial fraud. Melissa Caddick case.

One of those who tipped off Dover was Geoff Shannon (who also won his case against ASIC in 2023). In August this year ASIC told him: “Following careful consideration, we have determined that no further compliance or oversight activity is required at this time and will not be launching a formal investigation.”

They suggested Shannon could take “your own legal action.”

Corporate watchdog ASIC is all bark and no bite

Kim Wingerei is a businessman turned author and commentator. He is passionate about freedom of expression, human rights, democracy and the politics of change. Originally from Norway, Kim has lived in Australia for 30 years. Author of ‘Why Democracy is Broken – A Blueprint for Change’.