FOI number 453 to Treasury and FOI number 454 to ASIC -

both requests sought information about keeping records concerning suicides caused due to financial fraud.

Suicide due to financial fraud


In Canada at the end of January 2017, Canadian Fred Turbide wrote a final message to the criminals who’d ruined him,

“I’ve lost my house, my retirement money and my business, damn you,”

then put a gun to his chest and pulled the trigger.

He committed suicide after losing £183,000 to a binary trading fraud. The father of four had felt “a combination of betrayal, despair and shame”, said his son Tomas.

VOFF are aware of two suicide deaths as a direct result of the Trio fraud. But their tragic end was never reported and like many sudden deaths, the family members wanted to keep the matter private.

The case of Fred Turbide leaves no doubts as to the impact financial theft can have on a victim and the Canadian authorities can keep tabs on the number of people harmed by predatory fraudsters when stories reach the press.

In Australia, Treasury and ASIC are paid to be responsible for the Australian Financial System, it is their work responsibility to know what damage ‘fraud’ does to people. It is ASIC and Treasury’s responsibility to be honest when informing the Australian public. Not mislead for the sake of giving the impression of investor confidence. ASIC and Treasury need to learn about deaths in Australia as a direct result of fraud. The two deaths caused by the Trio fraud would not have been a secret to the doctors and police involved in the case. ASIC and Treasury need to keep tabs on the health of the Australian financial system. Any systemic failure should be acknowledged, not pass the buck and blame the consumers. ASIC and Treasury cannot remain blind to the consequences of their actions/inactions.

Two Freedom of Information requests were sent (February 6th 2017) to ASIC and Treasury to find out if suicides caused by financial frauds being acknowledged?

Treasury replied (March 3rd 2017) stating that Section 24A(1) of the FOI Act, all reasonable steps to locate the document and the agency is satisfied that (a) the document is in its possession but cannot be found, or (b) does not exist. see pdf file below "FOI 2085 - Decision - Final.pdf"


ASIC replied (March 8th 2017) relying on same Section of the FOI Act. see "Decision March8,2017.pdf"



FOI 2085 - Decision - Final_R.pdf FOI 2085 - Decision - Final_R.pdf
Size : 466.373 Kb
Type : pdf
Decision March8,2017_R.pdf Decision March8,2017_R.pdf
Size : 333.977 Kb
Type : pdf

Impact due to financial loss

In 2011 ASIC commissioned a study by Susan Bell Research[1] to examine the social impact of investors not being fully compensated when they suffer financial loss because of their licensee's misconduct.

Although the survey recognised that victims can suffer catastrophic impact due to financial loss but the report fails to distinguish between "crime" and 'collapse". The 81 page report does not mention the word "crime" and only mentions the word 'fraud" twice and in the context of:

1. a quote “The line between incompetence and fraud and simply overextending well, it is not clear.”[2] 

2. in an asterisk to the Questionnaires question, "My financial product or service provider engaged in misconduct* and they were (tick all that apply)" * ‘misconduct’ means failing to give proper disclosure about risks, misleading and deceptive conduct, committing fraud, or breaking the law in some other way.[3]


Both of the above references to "fraud" have nothing to do with the predatory fraud that unfolded in the international Trio Capital scheme. The ASIC REPORT 240, Compensation for retail investors: the social impact of monetary loss May 2011 makes not a single mention of "Trio" or "Astarra". It is reasonable to conclude that the Susan Bell Research does not add anything to the understanding of the impact caused by predatory transnational organized crime gang in the Trio matter. The gang that operated Trio ASIC allowed into the Australian financial system. In the Trio crime, the effect on ordinary people's lives, no one measured the impact.


[1] Nicole Hasham Investors gutted by financial losses - study. 30 May, 2011

[2] ASIC REPORT 240, Compensation for retail investors: the social impact of monetary loss May 2011 page 34 ref Category C investor; Male; 55–64; Victoria; Regional.

[3] ASIC REPORT 240, Compensation for retail investors: the social impact of monetary loss May 2011 page 64.         NEXT PAGE Jan 2016 Feb 2017

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