The Australian Securities and Investments Commission (ASIC) wiped out thousands of websites in just six months and is in the process of taking down another 350 sites.
ASIC was out to hammer the scammers with fines and prison sentences, he said.
The watchdog secured almost $60 million in civil penalties and nine criminal convictions in the second half of 2023.
In that period, ASIC launched 83 new investigations, commenced 19 civil proceedings, criminally charged 19 individuals and completed nearly 350 surveillances, he said.
“We have continued to take matters to court and to pursue the higher penalties now available to the courts,” Longo said.
