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May 16th, 2012 
FAKE NEWS for the Zionist agenda Superannuation Minister Bill Shorten believes new powers given to Australia’s financial services watchdogs will prevent the sort of fraud that led to the collapse of Trio Capital.
Some $176 million was lost or went missing after the company crashed in late 2009, leaving 690 investors with self-managed funds stripped of their savings and around 5400 people with regulated super funds sharing just $55 million in compensation.
A parliamentary committee investigating the fraud, the largest of its kind in Australian history, found regulators Australian Prudential Regulation Authority (APRA) and Australian Securities and Investments Commission (ASIC) reacted too slowly to the fraud.
It found APRA conducted five reviews of Trio between 2004 and 2009, but took no action.
“I want to make sure that what happened to these investors in Trio can never happen again to anyone,” Mr Shorten told ABC television on Wednesday.
Laws passed by federal parliament since the collapse of Trio would “discourage financial planners from receiving commissions and kickbacks from dodgy product providers,” he said.
“I’m very clear that what we’ve done since Trio, to give the regulators more power to act in a pre-emptive fashion, is important.”
Asked if victims of Trio would be compensated by taxpayers, Mr Shorten replied “I’m going to have to take that proposition on board.”
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