News and Analysis
The following are articles relevant to the Professional Investigator. Click on the title to make a comment or join the conversation.
One of UBS Australia’s most lucrative financing deals is being investigated for possible breaches of Swiss law, after a controversial $1.2 billion loan to Papua New Guinea left the Pacific nation with heavy losses.
Retail Food Group hoses down concerns it is in financial strife, but regulators could start circling – 15 March 2019
Retail Food Group (RFG) is accused of continually opening new outlets, some of which were unlikely to be viable, to profit from upfront fees. RFG directors will be investigated, over allegations of insider trading, tax avoidance, breaches of consumer law and other market disclosure failings.
Former Trump campaign chief Paul Manafort sentenced to 47 months for financial fraud – 14 March 2019
US President Trump’s former campaign manager Paul Manafort, was sentenced to almost four years’ jail this week, having been found guilty last August of five counts of tax fraud, two counts of bank fraud and one count of failing to disclose foreign bank accounts.
A taskforce, which is made up of the Australian Communications and Media Authority (ACMA), consumer watchdog the ACCC, and the Australian Cyber Security Centre, will focus on ways to stop unsolicited phone calls and texts by stopping the scam based calls at network level.
A 22-year-old man from Sydney has been charged over a sophisticated identity theft and fraud syndicate, using “phone porting”, where the scammers steal a victim’s phone number and then uses it to gain access to bank accounts.
Malware prevention company Bromium, has announced the findings of an independent academic study into the range of techniques utilised by cybercriminals, to exploit trust and enable rapid infection across social media.
Factors that can help the future of cryptocurrency to have a wider acceptance and higher profile include: education; application; security and regulation.
What is Cryptojacking? The action of secretly using a computer to mine cryptocurrency. – 9 March 2019
Article describes the original form of cryptojacking and the new version, whereby you can be cryptojacked simply by visiting a website in your browser.
Two cryptocurrency exchanges have been suspended after a Melbourne man was arrested and charged with drug trafficking offences. Digital currencies are fast becoming the preferred choice for organised criminal networks involved in money laundering, funding terrorism, and cybercrimes.
Senator Rex Patrick wrote to Attorney-General Christian Porter stating that if the case against Richard Boyle, (who is facing 161 years in prison after blowing the whistle on poor culture at the Australian Taxation Office) proceeded, it would make a mockery of the government’s advances in whistleblower policy, discourage whistleblowers across the public sector and undermine public confidence.
The US Justice Department made an urgent request to Australian counterparts last month, for assistance in seizing the 21.5m Dragon Pearl at the Gold Coast’s Hope Harbour marina. They are investigating Geoff Cassidy over the defrauding of millions of dollars from charter jet company, Zetta Jet and using embezzled funds to purchase the Dragon Pearl.
Advocacy groups expect the proposed disability royal commission to be announced on Monday with broad terms of reference to investigate widespread abuse in the sector.
Experts finally cracked the laptop of the crypto CEO who died with sole access to $US137 million ($195 million). But the money was already gone. The case has sparked numerous theories, including that he faked his own death and ran off with the cash.
A South Australian man was hit with more than $10,000 in charges after scammers opened 10 mobile accounts in his name without his permission or knowledge.
Rosemary Rogers, the former chief of staff to former NAB boss Andrew Thorburn, has been arrested and charged over alleged fraud. She has been charged with 56 counts of being an agent corruptly receiving a benefit, and dishonestly obtaining financial advantage by deception. Ms Rosamond from Human Group was also charged with more than 50 bribery and corruption related offences.
Huawei (world’s biggest telecommunications equipment maker) is charged with fraud, trade secrets conspiracy and other charges alleging that they conspired to steal T-Mobile US Inc trade secrets between 2012 and 2014. Trial date was set for March 2020.
Article describes seven factors that make you or someone you work with more susceptible to committing white-collar crimes.
NSW Police arrest woman accused of fraud against NAB, bank describes ‘serious breach of trust’ – 1 March 2019
Police in Sydney have arrested Helen Rosamond as part of an ongoing investigation into a 40 million fraud against the National Australia Bank (NAB) for corrupt commissions over five years.
Michael Cohen is accusing Trump of a crime similar to mortgage fraud, a common offense in which a homebuyer lies about his assets to get a loan. This was during a failed bid to buy a NFL team the Buffalo Bills in 2014.
Former regulator Dan Davies argues we should stop seeing fraud as a sign of decay and accept that it will happen in a healthy, trust-based commercial society. Davies’ mission in his new book, Lying for Money, is to explain just how trust breeds fraud.
A liquidator who pleaded guilty to three counts of fraud has had his registration cancelled, two months before he is due to face court for sentencing.
Good information and analysis of trends for organizations looking to evolve their fraud strategy including results of surveys and key risks for business.
An Indian man’s Australian citizenship has been cancelled after the Immigration Department’s “forensic analysis” discovered that he had committed identity fraud in 2003 and subsequently became an Australian citizen.
They want to ‘cook him slowly’: ATO whistleblower facing six life sentences unprotected by new laws – 27 February 2019
An Australian Tax Office whistleblower facing 161 years in prison for exposing misconduct by the ATO will not be protected by new laws passed. The new laws only apply to corporations, not government employees, leaving whistleblowers exposed.
The ATO has provided taxpayers with tips on how to identify and protect themselves from tax-related scams, as fraudsters become increasingly sophisticated in recent months.
China uses social credit surveillance system to ban millions from buying plane and train tickets – 23 February 2019
Deducting social credit points for unpaid taxes and fines is part of China’s system to use technology, ranging from data processing – to genetic sequencing and facial recognition to tighten control. Some offenders were not allowed to buy train or plane tickets.
ASIC has welcomed the passing of the Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2018, approved by Parliament late on 19 February 2019. The reforms significantly improve the protections available for whistleblowers who report company misconduct.
The corporate watchdog is contemplating more than 40 court cases — including criminal prosecutions — in the wake of the banking royal commission, as it adopts a litigate-first strategy.
The US has laid charges against Huawei and its CFO including bank fraud, money laundering, circumventing the US’s Iran sanctions, and stealing trade secrets. Huawei, which is now facing US sanctions, has denied any wrongdoing. Australia, New Zealand, and the US have all banned Huawei from providing equipment for future 5G broadband networks; Canada and the UK are reviewing the potential threat.
Symantec a U.S company who provides cybersecurity software and services) discovered several potentially unwanted applications (PUAs) on the Microsoft Store that surreptitiously use the victim’s CPU power to mine cryptocurrency. This points to a wider trend of crypto-related cryber-crime, with increased sophistication and complexity of tactics.