Wednesday, 14 May 2014

The Australian Foundation Investment Company share fix

The Australian Foundation Investment Company (AFI.AX) is a criminal listed investment company that engages in accounting fraud and share manipulation. AFI cooks its books with related party crossholdings, ramped illiquid assets and doublecounted dividends receivables. The AFI cartel ramps its share price above asset backing before issuing shares, in one of the most flagrant cases of Australian securities fraud. The fund currently has a "market" price set by the criminals at 19% above asset backing, with this price of course only sustainable as long as investors do not actually try to cash out. An investor purchasing $10,000 worth of newly issued AFI shares makes an immediate 16% loss, receiving an asset backed by $8,400 and paying a hidden $1,600 fee to the scheme operators, not even taking into account subsequent fees. This is not an investment, it is an outright scam.

Recently, the entities that fix AFI's price curiously have abandoned any semblance of "market" pricing. Starting in March 2014, the AFI share price plateaued in a way that is overtly inconsistent with market pricing, openly proving it is manipulated. Between 11/03/14 and 11/04/14, AFI closed at $6.00 plus/minus $0.02 on 21 out of 24 trading days. Even more curiously, between 14/04/14 and 7/05/14, AFI closed at $5.96 plus/minus $0.01 on 14 out of 15 trading days. This "liquid" $6.2bn listed company closed within 0.17% on eleven days straight, a near statistical impossibility in an unmanipulated market. Only a moron would pretend this has anything to do with market pricing or that AFI's share price is not fixed.

Australian presstitutes, analysts and dregulators simply pretend as if this did not happen.

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