The reality is that white collar crimes on the ASX get ignored and there is to will from the regulator to go after the Big End of Town. Many of you have complained to ASIC about your own individual stocks and received no feedback besides the standard returned email.
If you would like to know how you could assist more please email me at ben.pauley@gmail.com
There are many politicians that are beginning to become aware of the extent of the problems on the ASX. They are still reluctant to come forward with a press release but when that happens we can expect a tidal wave of others to come forward.
Despite a lot of positive interest and outright shock from Members of Parliament recently, there are some dissapointing MP's who are in positions where they can help but they do nothing.
Steve Irons is one such politician. Steve's electorate is Swan in Western Australia. Steve was Chair of the ASIC Oversight Committee, a committee which was setup to obviously oversee ASIC and hold them accountable. When pressure was mounting on ASIC in response to the publics anger towards them for being a toothless tiger, Steve asked them a series of questions relating to the company LWP Technologies and why they were not conducting an investogation.
Steve was saying LWP definitely deserved an investigation. ASIC's response was that there was insufficient reason to investigate. This was despite shareholders already doing the investogation and handing it on a plate to them. There was Director insider trading, free issue of shares to director family members, a dubious fracking technology that didn't work that was acquired from the Chairman's private company and a high tech battery lab in Thailand that was not stocked with batteries but old ice cream machines.
https://www.michaelwest.com.au/breaking-bad-hells-angels-venture-on-asx-passes-asic-muster/
After saying there was insufficient reason to investigate, ASIC's Cathie Armour went on to say that shareholders should hire lawyers and take a class action because it was not ASIC's responsibility. This was all acccepted by Steve and the rest of the Oversight Committee. The purpose of the Committe has not been served.
Several shareholders have found this alarming and we have tried to engage with Steve Irons and find out why the ASIC Oversight Committee has not been performing its role of overseeing ASIC.
To date I have sent Steve's office three direct emails, a lot more emails where he has been copied in and also a direct call to his office where I was told he had received my emails and he would get back to me soon. He hasn't. While I don't generally waste my time with people who are being unhelpful, here is his email to anyone who wishes to contact him and let him know in their own words the problems affecting mum and dad investors on the ASX.
steve.irons.mp@aph.gov.au
This is the entire meeting between the Oversight Committee and ASIC in 2018 which for some will be interesting reading.
Below are the emails I have sent Steve so far:
November 2018
Dear Steve
I hope this email finds you well.
My name is Ben Pauley and although I am not in your electorate, my father is and I saw your letter about the franking credits. I also have spent most of my life around your electorate, in Manning, Thornlie and Beckenham. I'm now in Ben Mortons electorate in Murdoch.
I'm writing because I think there is an issue which affects shareholder voters much more than the Franking credits. Its a few things actually. Firstly its small companies where the directors work to enrich themselves at the expense of shareholders, youre no doubt well aware how toxic the ASX is at the moment and how ASIC does nothing. Credit to you for standing up for the LWP shareholders. Ive also heard that Frank Wilson your old footy teammate may have asked for your help with the whole Quintis saga of which I am involved. I understand you have a good knowledge of capital markets.
Saying this, by far the largest problem affecting all of us retail shareholders is the manipulation of stock prices with algorithmic trading. I don't suppose you have much time but if you ever want to hear a few stories, a lot of shareholders would be grateful if you could stand up for us on this.
This isn't a political issue because both sides Liberal and Labour have allowed the ASX to become toxic. Its not even functioning as it should, its just being manipulated by the big end of town.
Anyway, thanks for your time Steve. Ive enclosed two attached - one is a letter Ben Morton wrote for me to the treasurer and the second one is a letter to shareholders I send last week regarding Indiore a Perth based company. It has some similarities to LWP with the crooked company announcements.
All the best
Ben
Steve's response - None
April 2019
Dear Steve
I have sent several emails to you individually and I have also sent you emails in group form addressed to you and other members of the ASIC oversight committee. I have even followed up with a call to your office and told I would receive a reply.
As past president of the ASIC oversight committee you asked several questions to Cathie Armour of ASIC about why ASIC does not investigate obvious cases of fraud and her answer was that we have an effective class action system.
I wish to again know why you and the committee accepted this answer given this statement was clearly misleading. I have explained why in previous emails to you. The class action system in Australia is a sick joke with lawyers taking most of the claims and shareholders getting the crumbs. ASX investors are leaving in droves and the ramifications of this are enormous.
As I drive along Albany Hwy every time I notice the huge billboards erected with your face and name and I can see you have time and money to organise this - but no time to answer a question about a role which you did not perform satisfactorily?
Regards
Ben Pauley
Response from Steve - None
Two days ago
Dear Steve
I have sent you direct emails on 11/20/2018, 8/4/19 and 4/5/2019
I have also copied you in to other emails.
I have also phoned your office and once spoke to your assistant who told me you would get in touch with me which you haven't.
So I've tried contacting you many times without so much as an acknowledgment of anything I've sent you.
The reason I have contacted you relates to your questions towards ASIC in a parliamentary committee a few years ago.
Things have moved on ahead since then and shareholders now have formed a group (not the ASA) which has a task of informing politicians of what is going on at the ASX.
If you were to bring these issues to the public with a press release, there are other MP'S who would also step in to help. We have been informing different MP's continuously and it is all going to surface EVENTUALLY.
Looking forward to hearing back from you.
I visit my elderly father in your electorate often and can easily make a detour to your office for a chat.
Regards
Ben Pauley
Response from Steve so far - None