The Australian Securities and Investments Commission (ASIC) has hit out at suggestions it is a toothless tiger that avoids going after the big fish of corporate Australia.

It’s not a new accusation, but a court decision at the weekend has stung the corporate watchdog into a strong defence of its motives.

Chairman Jeff Lucy says two currency traders found guilty of dishonesty on Saturday acted on their own; there was no reason to prosecute their senior management.

Lawyers defending Vincent Ficarra and David Bulleen suggested National Australia Bank executives had been aware of, and tacitly approved, their activities, but ASIC investigators found no evidence of this.

The two traders were not “fall guys” for an entrenched system of dishonest accounting, prosecutors successfully argued.

“This result shows that senior employees who breach their duties as officers of a company can cause significant damage to the company’s interests and shareholder value,” Mr Lucy said. “ASIC will not tolerate dishonest conduct by company officers.”