ASIC chairman Joseph Longo is retiring in May next year. It can’t come soon enough as ASIC once again fails to heed warnings of massive scam.
Monday night, A Current Affair told the story of an alleged financial scam artist, Alev Dover, who has absconded with up to $90m of investors’ money in what appears to be a classic pyramid scheme.
The NSW Police confirmed to ACA that they are investigating Dover, including why she was able to leave Australia despite the allegations levied against her.
The financial regulator, ASIC, on the other hand, had been warned about the scam, but it decided not to investigate what may turn out to be one of the worst financial scams in recent years, at least three times the amount lost in the much-publicised Melissa Caddick case.
One of those who blew the whistle on Dover was Geoff Shannon (who won his own case against ASIC in 2023). In August this year, ASIC told him, “After careful consideration, we decided further compliance or surveillance activities are not warranted at this time, and we will not be commencing a formal investigation.”
They went on to suggest that Shannon was welcome to take “your own legal action.”
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Kim Wingerei is a businessman turned writer and commentator. He is passionate about free speech, 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’.