Australia: Meltdown Follows ASIC Loss in Rich Case

In Australia, the financial press is in an all-out frenzy following the bitter loss by its country’s regulator, the Australian Securities and Investments Commission (ASIC), in an 8-year-old case against Jodee Rich.  The loss has been described as a “crushing defeat” and a “monumental, utterly unqualified catastrophe,” with still others saying that a “sick ASIC should be put out of its misery” and disbanded altogether. Full details are available in this post on my Enforcement Action blog over at Compliance Week.