Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697641347162.pdf (Australia)
Dear Sen. Wish-Wilson In reference to the Inquiry on Penalties for White Collar Crime.

I believe that the current penalties for white collar crime do not act as a deterrent from these activities.

Furthermore, due to the vast financial resources of these banks (no doubt generated through further criminality) Banks and Institutions are able to defend their position in court indefinitely, at great cost to individuals and prosecuting agencies.
Due to these factors, white collar crime is rampant, particularly in the financial services and banking sector.

I would propose the following: • A limit of $100,000 on the amount of legal fees allowed to be paid by Banks or bank staff or executives in their defence of criminal cases.

I would suggest, although falling outside the terms of reference of this inquiry, this limit should apply to all legal cases involving Banks.
Why should ASIC require a ‘War Chest’ of $80 million to prosecute the ANZ rate rigging case?

• A minimum prison sentence of 25 years for persons who commit the crime, as well as 20 years for executives who encourage or knowingly turn a blind eye to these crimes.

• Fines for these persons should be scaled based on income, and should be at least two years total income.

There is no point fining a CEO $500,000 when a large proportion of their $10m pay has been derived from criminality.
• Mandatory jail time for executives of regulatory bodies who knowingly turn a blind eye to these crimes.

Many managers and executives of these regulatory bodies come from the Banking Sector, which can act as a conflict of interest or lack of impartiality.

• Seizure and sale of assets of convicted criminals, which can be used to pay compensation to victims, to at the very least return them to the position they were in, and perhaps make up for some of the loss and suffering these people have endured.
At the age of 19 I was setup by the ANZ Bank in an attempt to strip my parents and grandparents of their assets.

As an apprentice at the time on an income of $45,000 I was bullied into a loan of $600,000 and threatened by the Bank Manager when I attempted to pull out of the loan.

Fortunately we have so far been able to save my family’s farm which has been in the family for 100 years, however the ANZ Bank are still refusing to settle although we have raised money to pay out the loan.
The Bank through the use of shadow ledgers and other fraudulent means have tried to profit an additional $300,000 from the loan.

The penalties in place should deter executives and managers from attempting these type of manipulating tactics.

Look to the example of Iceland, who jailed their corrupt bankers and now is enjoying one of the strongest economies in the world.

Australia could also have one of the strongest economies, if we hadn’t lost a collective $300 Billion to crimes of the Banking sector.
In order to prevent these crimes once and for all, the only viable way to get to the bottom of the white collar crime in the financial services industry is to Call a Royal Commission into the Financial Services Industry.

The number of cases and scandals which are hitting the media on a daily basis shows that there is a serious, consistent problem here which must be stopped for the benefit of the Australian People.
Yours Sincerely Criminal, civil and administrative penalties for white collar crimeSubmission 101