The 2012  ASIC games' in full swing: ASIC maintains dominance and wins Gold again in the lie-athlon.

Reporter : Ron Burgandy

Content : gagging of Storm, ASIC, enforceable undertaking, Storm clients, Tony D’Aloisio oakridge wines, Hugh Copley contact, Ritesh Patel email

Tuesday 14th August 2012

Why is it easier for some people to believe a lie than to believe the truth?  Answering this question is way beyond the capabilities of anyone at The Plain Truth.  Given our inability to answer this question then we will simply keep hammering away at presenting the truth and to hell with those who insist that man never landed on the man and the holocaust didn't happen.

Much has been written in previous articles about the power of half truths and spin.  An outright lie is easily disproved but a spun lie or one cloaked with a half truth can appear deceptively credible (see our previous articles relating to CBA's Ian Narev).

ASIC has been quite disingenuous in the way in which it has gone about manipulating and interpreting the word “gag” and in its statement that “ASIC did not give instructions to gag Storm”.

It is now August 2012 and just 4 months shy of 4 years since ASIC perverted the course of justice and prevented Storm clients from talking to their advisors.  Here we are nearly 4 years later with ASIC still being a cracked record with their vehement claim that…

 Storm said it would cease contact with all its clients over the Christmas period and that this action was not requested by ASIC and was a decision made by Storm'.

The bad thing about this claim is the fact that it is just a plain lie and for those devastated by this lie it is also soul destroying.  The good thing is that while ASIC maintains this stance, it will continue digging the hole ever so much deeper for itself.

At the prompting of The Plain Truth, many people and The Plain Truth itself have hammered ASIC (including Greg Medcraft) with the same questions about the role ASIC played in the gagging of Storm in 2008 and subsequently.  ASIC's and Medcrafts answer had been to respond with the same template shown below.  This extract is consistent in the emails received by clients from ASIC to date.

ASICs claim that Storm volunteered to cease contact with clients on 19th Dec 08 is completely at odds with emails The Plain Truth has previously published.

To date ASIC has focused its spin on the non-signing of the Enforceable Undertaking (EU) document and stated that because this document was never signed that therefore ' ASIC never gagged Storm.  Whilst it is true that the EU document was never signed, this point is not relevant to the gagging of Storm.  ASIC is simply being cute and trying to link the 2 points together.

Whilst Storm was resisting the inevitable consequences that would flow from the signing of the EU document as proposed, ASIC successfully extracted an oral  interim' undertaking. The gagging of Storm occurred when ASIC demanded and got this ORAL  INTERIM' UNDERTAKING.  This demand from ASIC is obvious in the below email from Hugh Copley to Justin McDonald (Storms lawyer).

It was this seemingly harmless  interim' undertaking, forcefully imposed by ASIC that ultimately led to the demise of Storm and the destruction of Storm clients.  It is this loss causing  gag' action by ASIC which will require ASIC to compensate Storm clients for a significant proportion of their losses.

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.

Furthermore whilst The Plain Truth, Storm people etc have all been able to provide evidence AND proof of ASICs gagging strategy (oral interim undertaking), ASIC itself has been unable and unwilling to provide any evidence whatsoever that it didn't gag Storm.  When pressed by clients and Parliament on the issue the evidence that ASIC has relied on has been ' “we have said that we didn't gag Storm, therefore we didn't gag Storm”.  In other words ' suck it up.

For those of you who are willing and able to continue a fight, please phone or email the guys below and ask them to explain the discrepancy between:-

a)      ASICs initial email request on the 18th Dec 08 for an interim undertaking to be agreed to by Storm and the subsequent phone call from Hugh Copley to Storm that requested that same interim undertaking be extended, and

b)      ASICs stock standard reply email to clients that states that ASIC did not request Storm for an interim undertaking.

Should you decide to phone then please record the conversation because we have had a number of instances where ASIC officers have subsequently denied saying what they said in earlier conversations.  It may be better to email so that they are unable weasel out and the record will be clear.

Greg Medcraft


Hugh Copley

0434 565 199  –  07 38674892 –


Jeremy Cooper

02 9994 7000 '


Tony D'Aloisio (mark as attn to Tony D'Aloisio)


Ritesh Patel

07 3867 4718 –

The Editor

The Plain Truth,

PO Box 2783

New Farm  QLD  4005


Content : gagging of Storm, ASIC, enforceable undertaking, Storm clients, Tony D’Aloisio oakridge wines, Hugh Copley contact, Ritesh Patel email

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