ASIC fish stinks from the head down.

Reporter : Ted Baxter

Content : Senate Estimates Committee, Challenger Jeremy Cooper, Tony D'Aloisio profile, Storm clients, Senator John Williams, Senator Ian Macdonald, gagging of Storm, ASIC & CBA compensation.

Tuesday 31st July 2012

More damning evidence has been uncovered by The Plain Truth which shows that the ASIC culture of  denial and lies' went all the way to the top with the former heads of ASIC, Tony D'Aloisio and Jeremy Cooper on more than one occasion holding parliament in contempt by deliberately and knowingly lying when asked if ASIC gagged Storm.

On the 25th Feb 2009 while being seriously questioned by Senator Williams at a Senate Estimates Committee hearing, the not so bright Mr Jeremy Cooper, chose to cover his previous deeds by emphatically and deliberately lying.  Mr Cooper's “Not by us, no” response was just like a little boy caught out by his mother that responds with a straight face, “Who me? No”.

On the other hand the Wile E Coyote Mr Tony D'Aloisio recognising that he was cornered and not wanting to lie…on this occasion, chose to deliberately be obtuse and disrespectful by avoiding answering the question entirely and played the “maybe I am dumb, but what does gagged mean” card.

If the matter was not so serious and the lives of thousands of people weren't at stake, we at The Plain Truth might see the funny side of ASIC's keystone cops.


(click here to view video of ASIC heads (Cooper & D'Aloisio) denying gagging Storm while lying to Senate Estimates Committee on 25 Feb 09)


Due to the very quick and dismissive answers in the video that D'Aloisio and Cooper gave to Senator Williams you may need to replay the video a few times to clearly hear their responses.  The question was clearly so hot that both these charlatans couldn't wait to gloss over and move off topic.  How disgusting is it that both these men(?) ducked this most critical question whose truthful answer will help thousands of Storm clients.  For the record, below is a transcript of their answers.

          Senator WILLIAMS—Has Storm been gagged at all? Do you know anything about that?

          Mr Cooper—Not by us, no.

          Mr D'Aloisio—I do not know what you mean by  gagged'.

Go forward four months to 4th June 09 where at a follow up hearing Senator Macdonald re-words the same question relating to the gagging of Storm and you'll find that D'Aloisio reconfirms Jeremy Coopers previous answer of “Not by us, no”.  In addition on this occasion Mr D'Aloisio himself unable to avoid the question took the destructive, easy option and lied himself.

Not satisfied with just denying the gagging question, D'Aloisio emphasises with the words, “we do not think there is any substance to that claim at all”.  This makes ASIC stance on the situation very clear.


(click here to view video of ASIC head Tony D'Aloisio denying gagging Storm while lying to Senate Estimates Committee on 4 Jun 09)


          Senator IAN MACDONALD—…..There was a suggestion made to me that an [gagging] agreement entered into between ASIC and Storm in December 2008 actually worsened the situation by preventing the Storm people from doing things that they might have been able to do to lessen the impact in December, which then got worse in January. Do you accept that?

          Mr D'Aloisio—No. I think at our last meeting Deputy Chairman Cooper commented on this. From memory, I think it is in the Hansard. Certainly, our position is quite clear. We did not do anything that we felt would have exacerbated the issue. At that point in December 2008, just as our investigations were taking off, a lot of things had happened. We do not think there is any substance to that claim, but I am happy to look at it again and give you a more specific answer. Certainly, we do not think there is any substance to that claim at all.





The following extracts from an ASIC email dated Friday 18th Dec 08 from Hugh Copley confirm that:

1)      ASIC required an EU / gagging order…and not Storm

2)      ASIC provided the undertaking wording…and not Storm

3)      ASIC demanded an immediate confirmation that Storm would cease providing financial services to its clients.

This damning evidence has so far remained hidden from view as part of an extensive cover up by ASIC in order to avoid its mistakes.

A further email dated Monday 22nd Dec 08 again confirms that ASIC had not only demanded the gagging of Storm but also insisted on an extension of that gag.

It is very clear in emails that ASIC precipitated the gagging of Storm and its advisors in late 2008.  The disastrous effect of this gag was on the one hand to allow a free run for the CBA to illegally close down hundreds of client portfolio accounts resulting in billions of dollars of losses, whilst on the other hand Storm clients were prevented from contacting Storm staff or Storm advisors.

The action by ASIC to gag Storm meant that ALL CLIENTS and not just CBA related clients were denied access to their advisors. This denial of access caused much stress and significant financial losses for which compensation should be claimed from ASIC.  To be clear, ALL CLIENTS including those who had loans with Macquarie, National Bank, Bank of QLD, ANZ, St George etc need to stand up as they have legitimate claims.

No good can come from lies because they ultimately get found out.  In the case of ASIC, although it took a lot of digging, the truth was eventually discovered.  A characteristic of all lies is that they can eventually be disproved.  Sometimes it is difficult to find the proof but the element that is even more difficult than uncovering the truth is, getting the truth heard.

As The Plain Truth has mentioned in previous articles about ASIC, The Plain Truth will expose the truth however it is up to you, the readers and victims, to take the relevant action.  The relevant contact details are listed below.  Please do not forget to take detailed notes or preferably record your conversation.

 ASIC contact details:

Greg Medcraft  –

Hugh Copley  –  0434 565 199  –  07 38674892 –

Ritesh Patel  –  07 3867 4718  –


The Editor

The Plain Truth,

PO Box 2783

New Farm  QLD  4005


Content : ASIC Senate Estimates Committee, Challenger Jeremy Cooper, Tony D'Aloisio profile, Storm clients, Senator John Williams, Senator Ian Macdonald, gagging of Storm, ASIC & CBA compensation.

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