According to the Australian Competition and Consumer Commision (ACCC), it is illegal for businesses to make claims that are "likely to create a false impression". According to ACCC, businesses need to assess the "overall impression" of their claims, and "can't rely on small print and disclaimers as an excuse for a misleading overall message". ACCC has explicitly stated that “manufacturers cannot hide misleading claims in their brand names” in regards to water branding. However, consumer protection does not apply to financial products, the domain of the congenitally tardy ASIC. Due to the regulator's zero enforcement policy, most types of financial crime have effectively been legalized in Australia, including pump-and-dump schemes and price fixing. Ignoring the law, ASIC has unilaterally decided to allow fraud and the perversion of free markets.
IIR is used by various revaluation and pump-and-dump schemes that are so fraudulent they are usually avoided even by the moron mainstream media. These include previously exposed ponzi US Masters Residential Property Fund (URF.AX), revaluation frauds Sunbridge Group Limited (SBB.AX) and Disruptive Investment Group Limited (DVI.AX), as well as the criminal Australian listed investment company cartel. Managed Account Holdings Limited (MGP.AX) is one of the most recent cartel revaluation frauds covered by this "independent" investment research. Cartel member Argo Investments Limited (ARG.AX) recently bought a 9.25% stake in MGP for $0.12 per share. The loss-making MGP was then listed and immediately ramped to $0.25 by ARG and other related parties of MGP. ARG can now claim unrealized profits of 108% on its investment, that it created itself, based on which its criminal directors can charge real cash fees.
The commissioned cartel research report for MGP mentions "independence" 53 times. Before even admitting to be a commissioned report in small print, "independence" is mentioned 13 times. Later in the Independent Investment Research report, the disclaimers start getting downright humorous. On the last page, IIR reveals it may:
- Receive payment for the report
- Have a direct or indirect interest in recommended securities
- Buy or sell recommended securities
- Effect transactions that are "inconsistent" with its recommendations
- Infect your computer with viruses
Showing true panache, IIR caps this off by huffily proclaiming that its recommendations are "under no circumstances" ever influenced by any of this. Well, OK then.