ASIC reviews Terry McMaster’s Enforceable Undertaking
Tim Mullaly leads the ASIC teams that faked evidence and engaged in numerous other misleading and deceptive behaviours to get Dover to the Royal Commission. Tim Mullaly then has the hypocritical gall to publicly write that Terry McMaster is of poor fame and character and is likely to breach the law. Think about that for […]
The predictable consequences of ASIC’s cruel actions: little children crying
ASIC causes little children to cry. ASIC forced Dover to close. Dover asked for four months notice for its advisers to find new AFSLs. ASIC’s Financial Services Enforcement lawyers initially agreed to two months but at the last moment cut it back to just 28 days. It appears Tim Mullaly, the Executive Director in charge […]
How will ASIC deal with its own misleading and deceptive behaviours?
Introduction Over the last few months we have detailed some pretty bad ASIC behaviours. These Friday Reflections are just a few chapters from a 36 chapter ebook. It’s titled “ASIC: A study in misleading and deceptive behaviour”. This ebook details numerous examples of ASIC’s misleading and deceptive behaviour. What’s worse is the ASIC cover up. […]
Tim Mullaly’s team blocks Dover’s Freedom of Information Act requests
ASIC is trying to stop Dover accessing documents under the Freedom of Information Act. ASIC’s litigation team is making sure virtually every request is frustrated. The documents are there. ASIC just does not want to hand them over and is engaging in misleading and deceptive behaviour to avoid doing so. The purpose of the Freedom […]
Louise Macaulay misleads and deceives Jonathan Hayward
The true story of how ASIC forced Dover to close Jonathan writes to Louise On 8 October 2018 an ex-employee of Dover, Jonathan Hayward, wrote to Ms Louise Macaulay. Louise is ASIC’s Chief Supervisory Officer. Louise is one of the many senior ASIC staff responsible for closing Dover. Jonathan’s letter to Louise was from the […]
ASIC misleads and deceives the AFA
Just a few days after ASIC forced Dover to close. Philip Kewin of the AFA intervened to extend the 28 day deadline for Dover’s 410 advisers and 20,000 retail clients to find a new AFSL. This 28 day deadline was maliciously set by ASIC and was causing chaos. ASIC was well aware of this chaos. […]
Gervase Greene and Tim Mullaly mislead and deceive the media
Tim Mullaly and Gervase Greene and other ASIC executives mislead the media Introduction The misleading and deceptive stories about the closure of Dover started with Tim Mullaly, ASIC’s Executive Director, Financial Services Enforcement, on Saturday 9 June 2018. Tim e-mailed ASIC’s media team to tell them they should say the closure of Dover was entirely […]
ASIC provides faked evidence to the Hayne Royal Commission
Introduction: ASIC five Dover case studies Soon after the Hayne Royal Commission was announced ASIC forwarded a discussion paper on Dover to the Royal Commission staff. This December 2016 discussion paper is reproduced in full below. It’s a very scary read. As you can read, ASIC’s discussion paper is essentially a collection of five case […]
ASIC falsifies evidence about Dover’s new adviser appointment processes
Introduction ASIC’s findings on Dover’s processes for appointing new adviser are brief: Example 1 – Appointment processes is chosen is a cherry-picked abnormality intended to mislead and misinform the reader. The bankrupt adviser was extremely up-front about his bankruptcy. It was taxed based, not fraud based. It was one of those things that can happen […]
ASIC uses false reports to create a false picture of Dover
ASIC uses false reports to create a false picture of Dover Introduction The best examples of ASIC creating false and misleading evidence and then giving it to the Royal Commission are found in Example 3- Advice of Terry McMaster and Example 4- Advice of Florence Tee in the ASIC Paper. These falsified reports were discussed […]
The consulting firms who reviewed Dover’s compliance saw things differently to ASIC
Dover’s extensive compliance reviews In the period 2013 to early 2018 nine external consultants reviewed McMasters’ and/or Dover’s compliance. They included Deloitte, PricewaterhouseCoopers, First State Super, Australian Super, Holley Nethercote, Imac Legal, Sophie Grace, MLA Lawyers and Integrity Compliance. And Dover’s 12 in-house compliance lawyers…. Terry’s and Flo’s advices were reviewed internally by Dover’s compliance […]
ASIC misleads and deceives the ABC
In October 2018 ASIC’s Gervase Greene rang the ABC to tell the ABC it was entirely Terry McMaster’s idea to close Dover. Gervase did so even though on 11 June 2018 Louise Macaulay happily told him ASIC was on the front foot closing Dover, cutting the time for advisers to find a new AFSL to just […]
Dover’s organisational capacity: more ASIC sponsored lies
Introduction: the recurring theme of Dover lacking organisational capacity One incorrect and damaging theme running through the ASIC documents relates to Dover’s organizational capacity. ASIC keeps saying Dover lacked organizational capacity. Dover did not lack organizational capacity. By any measure Dover had an organizational capacity well above all similar sized AFSLs. This is just yet […]
Dover’s processes on termination of an adviser. More false evidence from ASIC destined for the Royal Commission
Introduction The first ASIC paper includes two paragraphs and one example of Dover’s remediation processes where an adviser is terminated due to misconduct. They are both brief and are easily reproduced here: “31 Dover’s termination procedure is silent on communication with clients. It states only that in circumstances such as an adviser being banned or […]
ASIC fakes more evidence about Dover for the Royal Commission: another pack of ASIC lies
ASIC fakes more evidence about Dover for the Royal Commission In last week’s Friday Reflection we explained how ASIC’s investigators created a false report on Terry McMaster’s advice to Dr Amit. This report was provided to the Royal Commission. It was also used as Case Study 1 in a 2017 submission to Treasury and as […]
Dover’s SOA Review Processes. ASIC fakes more evidence
First an observation: Dover had the best SOA review processes of any AFSL Dover is the only AFSL that checked every SOA three times before it was sent to the client. There is no statutory obligation on an AFSL to check an adviser’s statement of advice before it is sent to the client. This was an […]
ASIC fakes Dover evidence given to Treasury and the Royal Commission, and then used to close Dover
ASIC fakes Dover evidence Yes. This sentence is true. ASIC faked evidence about Dover and Terry McMaster. ASIC then used its faked evidence to get Dover and Terry McMaster to the Royal Commission, to substantiate a Treasury submission for increased directional powers and to force Dover to close. What was the faked evidence? The faked […]
Table showing ASIC’s treatment of ANZ and CBA compared to Dover: further evidence of ASIC’s general unconscionable conduct towards Dover
Table showing ASIC’s treatment of ANZ and CBA compared to Dover: further evidence of ASIC’s general unconscionable conduct towards Dover Organisation ANZ CBA Dover Responsible ASIC staff member Tim Mullaly Tim Mullaly Tim Mullaly Matter Unqualified personal advice Unqualified personal advice Client protection policy Time period behaviour occurred 6 years 5 […]
ASIC calls Tim: why does ASIC always go hard on small AFSLs and soft on big ones?
Tim Mullaly, ASIC’s Executive Director of Financial Services Enforcement hurriedly, responds to a long awaited phone call from AMP’s senior lawyer. At about 10.00pm the same night. Tim bends over backwards to go the extra mile. Tim cannot get there fast enough. Tim will bring the team with him. Shows how dropping names makes a big […]