Clunk - how do you know I'm a Pom? Brit yes, does that count? Thought Poms were English. You may get your $5 back as I'm half Irish/half Scots (and yes, still loyal to the Crown!).
Load Toad - Dont think there is a law against wearing medals to which you are not entitled here, but there is one against impersonating a member of HM Forces. When I was serving, an officers' confidential order came round to the effect that officers were not to harrass civilians wearing ex RAF greatcoats etc as these had been disposed of through service channels and as long as there was no serious attempt to impersonate a serviceman no offence was being committed. As you see, the attitude is pretty lax over here but in the present pro-service climate (way different from the 60s and 70s when we were scum to a lot of civvies) things may well change.