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ASIC will call for tougher penalties for white collar crime in its latest Senate submission, due to be released this week.
According to the Australian Financial Review, the finance industry watchdog feels recent sentences handed down by judges in several states have been ‘out of step’ with community expectations.
ASIC believes there should be a minimum sentencing guide for crimes such as insider trading and corporate fraud and follows several high-profile appeals by ASIC against court judgements involving criminals whom the regulator believes were given light sentences.
Senior ASIC officials were reportedly particularly upset when the former CEO of Gunns, John Gay, who made $3m from insider trading, was fined just $50,000.
ASIC has referred the case to the Australian Federal Police in relation to possible recovery of the funds.
Recent cases of white collar crime involving brokers include David John Barrett, sole director of Preferred Finance Solutions Pty Ltd, who was convicted after being charged by ASIC with one count of fraudulent concealment of property from a liquidator and South Australian mortgage broker, Daniel Duy Anh Nguyen, charged with five counts of providing false or misleading information to secure home loans.
