Reforming the Australian Securities and Investments Commission
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Corporate and financial white collar crime is a major problem across Australia costing Australians billions of dollars and causing major personal life crushing financial and emotional distress.
The Australian Securities and Investments Commission (ASIC) is Australia’s corporate and financial law enforcement body and has a horrendous record of pursuing white collar crime.
In October 2022, John Adams published two independent reports showing alarming trends at ASIC over the past 11 years. Specifically, Adams showed that ASIC is conducting fewer only official investigations in response of reports of alleged misconduct and that the rate of no further action (NFA) has skyrocketed.
ASIC’s performance and public reputation are so dire that the Adams report called on the Federal Parliament to hold a public inquiry into ASIC.
On 27 October 2022, the Parliament of Australia established two public inquiries into ASIC.
Self-Funded Investigation into Major White Collar Scandal
In March and April 2021, John Adams was told by two independent sources of a major white collar illegitimate scheme operating in Australia.
The alleged scheme was so scandalous that Adams was left initially in a state of absolute shock. However, Adams could sit still. With no legal or law enforcement experience, Adams embarked on his own self-funded investigation into the alleged scheme.
The Adams investigation went from June 2021 to April 2022 costing $AUD 50,000. As a result, on 6 April 2022, Adams submitted a report of alleged misconduct to the Australian Securities and Investments Commission (ASIC) calling on ASIC to commence an official section 13 investigation.
Despite the chances of ASIC commencing an official investigation was less than 1%, ASIC however confirmed in July 2022 that an official investigation was indeed underway.
Nine months on and ASIC’s official investigation remains ongoing.
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For true patriots to be silent, is dangerous
- John Adams