Senate inquiry called for into the misuse of funds and abuse of power inside ASIC since at least 2003.
The expose prompted all sides of politics to support a Senate inquiry into the performance of ASIC.
Illustration: John Spooner.
Fairfax special: Planners go rogue
One of the whistleblowers who tipped off the Australian Securities and Investments Commission about a scandal inside Commonwealth Bank's financial planning arm has described the regulator's submission to a Senate inquiry as ''inadequate'', full of spin and riddled with excuses.
Jeff Morris, who contacted ASIC in October 2008 about a ''high-level conspiracy'' inside the bank's financial planning division (CFPL), said after reading ASIC's submission his conclusion was that the regulator was full of sleep-walkers.
He says despite ASIC's admission that it could have acted quicker and been more transparent in terms of its dealings with the whistleblowers, he felt let down as there was no mention of protection for whistleblowers.
''That's probably because, in reality, there is none. They left me to negotiate my own exit from CBA and when I raised a concern about death threats I believed had been made, I was told by my ASIC contact in a rather offhand manner, 'It's probably bullshit but if you're worried, go to the police.'''
Morris, who left the bank in February, was one of a group of whistleblowers, known as the ferrets, who tipped off the regulator about the scandal inside the division.
The expose prompted all sides of politics to support a Senate inquiry into the performance of ASIC.
...''In the real world people are more concerned about what you actually do about the problems. In ASIC's case, on their own tacit admission, it was absolutely nothing for years, virtually nothing for several more years and not much after that. Here we are 10 years later in 2013 and, only after public exposure, ASIC are now magnanimously prepared to admit they could and should have acted faster!''
Another ferret was less forgiving: ''I think this version of events reflects far worse on ASIC than simple inertia. To suggest that they already knew about the problems at CFPL when they received allegations of active file tampering in progress and that the appropriate response to this on their part was to continue a monthly catch-up over a cup of tea with the CFPL management responsible for another 16 months is an explanation only ASIC, past and present, could think creditable.''
Read more: http://www.theage.com.au/business/asic-asleep-on-the-job-over-cba-20130805-2ra39.html#ixzz4CpvaVE5t
I happen to know exactly what ASIC were doing in 2003 when they should have been acting on CBA. They were spending millions of dollars and had over 25 different people working to destroy my life, even though, as Judge Bill White said that it was quite obvious I was not a corporate criminal, as I had all my assets in my own name (my house, my shares, my bank accounts, my businesses) which is the opposite of what corporate criminals do. They normally have them in trust accounts and/or offshore tax havens such as in Panama. ASIC are lazy. My lawyers said the only reason ASIC pursued me was because they could easily get access to all my assets. The end result of ASIC's abuse of power was that it was clearly found by the courts that there were absolutely no elements of dishonesty, intent to gain, or even any breach of his director’s duties in any way by Mr. Manners.
With my integrity fully intact, Judge Bill White, who unlike the media who reported on the matter was present during the case, summed up the five-year ordeal in his final remarks on the whole matter (on 4th Nov 2005) as follows: "Mr. Manners, this has been a tortuous ordeal for you and your family. You are free to go." Mr. Manners now offers "corporate crisis support" to others going through similar ordeals and seeks to stand up for the numerous “little guys” who get trampled on by our increasingly unwieldy big government.
Bloated and Compromised Government Departments Should be Shaken up.
28 June 2016
The choice is stark between the political parties seeking to shape Australia for the coming years. Both major parties and the Greens are 100% committed to maintaining and expanding big government and increasingly encroaching on the dominion of the family and the authority of parents. Family First is committed to reducing government interference in markets, business and family.
With more of the same from the big parties we will simply see more of the same problems and worse. Big government departments such as the Education Departments have grown so political and powerful that they arrogantly seek to indoctrinate our children to believe ideological ideas which are incredibly harmful. They are unaccountable to the people and need to be restrained. That will not happen if you vote for the ALP, Greens, or even Liberals.
Another example of massive government bloat and inefficiency is the Australian Securities and Investment Commission (ASIC). I have personally known, and many participants in the financial investment sector know full well, that this well funded government body often ignores the serious cases and pursues the minor cases.
It has recently come to light that during the period they were allocating 25 agents and millions of dollars to heavy-handedly pursuing a small case in the early 2000s, they were ignoring serious and culturally imbedded corporate wrongdoing at the Commonwealth Bank which was then allowed to continue for more than a decade unhindered, causing the loss of millions of dollars of small investors hard-earned savings. ASIC had a duty to those individual Australians but they chose to pursue something else for personal reasons.
While ASIC were focusing the full weight of their resources on their over the top pursuit of a small case, they were ignoring insider's revelations and calls for help at the Commonwealth Bank. Because of their ineptitude and abuse of state resources for personal reasons there is now, 15 years later, a widespread and cross-party call for a Senate inquiry into ASIC, in part to discover why they misallocated funds and resources into their heavy-handed pursuit of an obviously unintentional small time mistake by an individual rather than investigating the obviously widespread, systematic and culturally embedded corporate misconduct at CBA.
Media Statement Regarding Senate Candidate Craig Manners and the Adelong Matter
(For Federal Election period up to July 2nd 2016)
June 2016This matter occurred over 16 years ago when Craig was 34. He is a different man today from then and like every human being deserves a second chance without having to re-live past mistakes and pay for them over and over again. He was single then but is now a family man with five children. Like all the good and bad things that happen in a person’s lifetime, they combine to make a person wiser and a better leader. This matter was used for Craig’s good in many ways. As fire refines gold so this made him wiser, more mature, more compassionate, and also more able to see and speak up against well-funded bureaucratic abuse of power by government departments such as ASIC. Craig has much to contribute to our society, in part because of the Adelong experience.
Having sought in the early stages of the matter to take responsibility and settle with ASIC, he was met with a very heavy handed response from ASIC, which Judge White commented about at the conclusion of the matter when he stated that Mr. Manners had no choice other than to, and indeed had every necessity to, defend himself as fully as he could against the ASIC Goliath for the five years it took. Although there was found to be a breach of one now defunct section of the Corporations Act, importantly it was clearly found by the courts that even in this breach there were absolutely no elements of dishonesty, intent to gain, or even any breach of his director’s duties in any way by Mr. Manners.
Eleven years after the Adelong matter was resolved it has just recently come to light that during the period ASIC were focusing the full weight of their resources on their over the top pursuit of Mr. Manners (2000-2005), they were ignoring insider’s revelations and calls for help at the Commonwealth Bank. Because of their ineptitude and abuse of state resources for personal reasons there is now a widespread and cross-party call for a Senate inquiry into ASIC, which should in part be to discover why they misallocated funds and resources into their heavy-handed pursuit of an obviously unintentional small time mistake by an individual rather than investigating the obviously widespread, systematic and culturally embedded corporate misconduct at CBA.
With his integrity fully intact, Judge Bill White, who unlike the media who reported on the matter was present during the case, summed up the five-year ordeal in his final remarks on the whole matter (on 4th Nov 2005) as follows: "Mr. Manners, this has been a tortuous ordeal for you and your family. You are free to go." Mr. Manners now seeks to provide “corporate crisis support” to others going through similar ordeals and seeks to stand up for the numerous “little guys” who get trampled on by our increasingly unwieldy big government.
Senate Candidate for the Family First Party in Victoria.
Australian Federal Election 2nd July 2016.
(3rd on the Family First ticket. Not seeking nor expecting many individual votes,
as encouraging people to Vote 1 above the line for Family First to secure lead candidate's success.)
Family First endorsed Senate Candidate for Victoria, Craig Manners (51), is self-employed, a proud Australian from a family who arrived in Melbourne five generations ago. One of Craig's grandfathers fought in World War 1, and the other in World War 2, to secure the freedoms we now enjoy in Australia, freedoms which are under imminent threat from the deceptively named “progressive” movement.
“I do not take their sacrifice lightly, nor our freedoms for granted,” says Mr. Manners. Freedoms of speech, religion and conscientious objection are all under attack and will soon disappear under an ALP/Greens controlled parliament, as is being seen at present under the Daniel Andrew’s ALP Victorian State government. These freedoms are also under threat from an increasingly “progressive” controlled Liberal Party.
Our once young and free Australia is on a fast track to both financial and moral bankruptcy under the poor stewardship coming out of both major parties and the Greens. There is no time to delay. If this trajectory is not changed immediately it will be too late. Our children will be unable to ever repay the mounting debt or regain the values which have made our nation so great.
Mr. Manners is passionate about standing up for our nation’s children, to defend them from the sexualization revolution and the dumbing down of our education standards, both coming out of "progressives" controlled government education departments and ALP controlled state governments.
“If the ALP/Greens have their way federally our children will not stand a chance. Instead of basic academics being the priority in our schools we will see our children bombarded, even more than they currently are, with so much sex-obsessed rainbow propaganda, and gender confusion nonsense, that the youth mental health and suicide rates will reach epidemic proportions very quickly.”
Australia's children are being taught in taxpayer funded schools that they can choose their own gender. That they can use whatever gender public toilets and change rooms they like, and embrace whatever reckless lifestyles they like. All this is being taught without parent's consultation or permission. With no mandate from the people. Worst of all, with no concern for how this dangerous social engineering will impact a generation of Australian children.
Australia's children are being taught that it is suddenly normal for a man to "marry" another man, with no consequences for the individuals or society. However, biology, and common-sense, says otherwise, and always will no matter what Daniel Andrews, Bill Shorten, or the Greens say.
But what they are not being taught in these schools programs is that reckless lifestyles lead to bad consequences, for which all taxpayers share the increased health cost burden to correct.
Rainbow flags are flying all over our government buildings without the people's permission. Which minority group will claim victory over our sleepy nation next? Will we soon see Islamic flags on parliament house? Maybe the deceptively named "Safe School's" flag of choice, the communist flag, will come sooner than we think?
Something has gone very wrong, very quickly in our society.
Our media controlled, politically correct political leaders, seem to stand for nothing but their own re-election. The supposedly responsible adults charged with governing our nation have utterly failed. They have failed us, failed our children and failed our forefathers. Many of them should be sacked on 2nd July 2016 by the Australian people.
The Liberals, ALP and Greens are running around throwing borrowed money at all sorts of things in the hope they can hoodwink you into voting for them. But why should you? They are not competent to govern us, and more of the same will just make things worse. Future generations will never be able to pay back the financial or moral debt these people are running up on your behalf, and they don't even care.
Do not re-employ them. Sack them and start again. New leaders should be elected. New parties should be given an opportunity to fix the mess. There are enough men and women in the minor, values based parties running on July 2nd to just ignore the ALP and the Greens all together. They have had their chance and failed.
On behalf of his valiant grandfathers, and to protect their costly legacy for his own children, there are six areas which, if elected to the Australian Senate, Mr. Manners will focus on:
1- Stopping the normalization and promotion of wrong living to children in our schools, and turning back the resulting youth mental health epidemic;
2- Defending the foundations of marriage, family and children.
3- Defending freedoms of speech, religion and conscience;
4- Speaking up against creating another stolen generation through the legalization of non-traditional adult groupings adopting children, who will not know where they have come from and who will be at a heightened risk of abuse.
5- Encouraging government to stop the out-of-control deficit mentality and start to be financially restrained and responsible.
6- Stop the fast deteriorating standards of education in our schools and ensure school funding goes toward increased academic education rather than all the radical social engineering programs and the increasing distractions introduced over the past five years.
With a background in small business, investment, financial markets, venture capital and not-for-profit charities, plus some valuable experience in dealing with big-government heavy-handedness, misuse and abuse of power, and experience at managing his own family with balanced budgets and without long-term deficits, along with much community involvement through years of volunteering at sporting clubs, charities, school, church and community groups, both locally and in Africa, Mr. Manners is well prepared to represent his community in parliament.