Original article by Sarah Danckert
The Australian – Page: 18 : 2-Oct-14
A lawsuit is being launched by Trilogy Funds Management against KPMG partner Jillian Richards, as well as the accounting firm. They are accused of unconscionable, misleading and deceptive conduct, in relation to the City Pacific First Mortgage Fund. Trilogy assumed management duties for the entity when parent City Pacific collapsed in 2008-09, and claims that KPMG performed a flawed audit. However, no action over the affair has been taken by the Australian Securities & Investments Commission
CORPORATES
TRILOGY FUNDS MANAGEMENT LIMITED, PACIFIC FIRST MORTGAGE FUND, CITY PACIFIC LIMITED, KPMG AUSTRALIA PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION
ABIX 
Part of the reason that City Pacific and KPMG got away with this is squarely attributed to the fact that no action over the affair has been taken by the Australian Securities & Investments Commission, though ASIC were aware of this problem as far back as 2006.