News and Analysis
The following are articles relevant to the Professional Investigator. Click on the title to make a comment or join the conversation.
It has been revealed that Australia‘s tourism industry is being targeted by an organised crime syndicate who are using a Chinese social network and stolen credit cards to scam popular attractions out of possibly millions of dollars.
A good discussion by David Lacey (chair of Cyber Security), Dennis McNevin (professor of Forensic Genetics) and others who discuss the latest forensic techniques and discover how they are used to convict 21st century criminals.
The corporate watchdog has launched Federal Court proceedings against TAL, over claims the life insurer made false statements to a customer, in the latest instance of legal action arising from the Hayne Royal Commission.
Cryptocurrency investors want body of defunct company founder exhumed to make sure he’s dead – 16 December 2019
Investors in a defunct cryptocurrency company (with 115,000 customers) want to confirm the death of the business’s founder by exhuming his remains. He held the virtual keys to a whopping $US137 million ($A199 million) in online currency kept in “digital wallets” when he died suddenly last year and investors believe he is still alive.
The controls around use of corporate credit cards at Warrnambool City Council, is set to be reviewed by the Victorian Ombudsman (Deborah Glass).
MA Services Group, a Melbourne company used for providing safety at major sporting and cultural events is suspected of underpaying migrant workers to win lucrative government and corporate contracts.
Surveillance technology is projected to be a $62 billion industry by 2023, and it looks like that market will be controlled by China. This is mainly China is set up to control the world’s semiconductor manufacturing for artificial intelligence.
Police allege that Justin Yianikisd scammed betting giants and a bank out of $3 million in Gunnedah using fraudulent cheques.
The Northern Territory Cybercrime Unit are warning residents of a phone scam, whereby callers claim that someone has accessed email accounts and used it to forward child pornography material. They then convince people to navigate to a web page and download a remote access program so the material can be removed. Once the application is downloaded they have complete control and visibility of your computer.
Fake invitations and parcel messages hits Australian consumers. A text message scam using Australia’s postal service branding, takes advantage of people expecting parcels from Australia Post. Resulting in unsuspecting clickers to go to a fake Australia Post website where they are asked to enter personal or financial details.
Cute puppies on fake websites have resulted in many people loosing sizeable deposits on dogs that don’t exist. Consumer Protection has received reports from 23 people who claim to have lost a total of $32,740 to pet scams so far this year.
More than ever, companies need to keep up with the technology to keep up with expectations of regulators in an investigation. Making monitoring, detection and reporting capabilities critical and complex. Article describes use of data and predictive analytics to monitor employees and clients and improve due diligence.
This paper looks at historical cases and the Australian standard for consent by employees, in relation to the collection of personal information, including biometric and health information. It confirms that consent must be voluntary, informed, current and specific.
AUSTRAC the Financial intelligence agency is investigating Westpac over 23 million alleged breaches of money laundering laws. According to AUSTRAC, Westpac allowed transfers of about $11 billion without proper scrutiny, including funds destined for child exploitation rings in the Philippines.
The new Crimes Legislation Amendment (Combatting Corporate Crime) Bill 2019 will hold companies liable for the foreign bribery activities of their employees unless they can demonstrate they had “adequate procedures” in place to minimise risks.
Article explains what you need to check before undertaking international money transfers to ensure money is secure. The first item is to ensure you are using a reputable provider.
The Australian Communications and Media Authority (ACMA) and the government jointly announced that Telcos will be required to share scam call data and to commit to series of actions designed to “verify, trace and block scam calls”.
Court finds Dover Financial Advisers Pty Ltd made false, misleading or deceptive conduct – 27 November 2019
The Federal Court has found that Dover Financial Advisers Pty Ltd (Dover) and Dover’s sole director Terrence McMaster misled and deceived clients in contravention of their legal obligations. It was found that their Protection policy actually stripped clients of rights and consumer protections they had under the law.
Vanda Gould who was a former Sydney tax accountant was taken into custody after a District Court jury found him guilty of witness tampering in a court case that uncovered a $383 million international tax avoidance scheme.
The corporate regulator is examining one of Australia’s top hedge funds, Regal Funds Management, enquiring about its trading “in certain securities”.
Sydney businessman pleads guilty after millions allegedly swindled from the tax office – 26 November 2019
Simon Anquetil, who was one of nine people arrested in 2017, entered a guilty plea in the alleged Plutus Payroll tax evasion plot. This is one of the country’s most significant white-collar criminal investigations. Police seized vehicles, jewellery, artwork and aircraft as part of the investigation.
High profile thoroughbred owner Amer Abdulaziz has been accused of being involved in money-laundering operation for an international cryptocurrency fraud, where he allegedly stole Euro $100million dollars as part of the scam.
New Zealand police have seized nearly $6 million in cryptocurrency from a man who allegedly operated a pirated movie streaming website. Police have stated that the transfer of proceeds from a copyright-infringing website is classed as money laundering.
The company Digital Rights Watch has launched a new campaign targeting Australian local governments over their use of surveillance technology, data collection and privacy invasion.
Mark Scott was a high-flying lawyer before getting caught up in a massive cryptocurrency ‘OneCoin” scam that induced victims to invest. He has been accused of using a variety of shell companies, overseas bank accounts and dodgy investment funds to cover up the source of the $US400 million ($A588 million) he laundered.
Former Unique Estates founder Nicolette van Wijngaarden sentenced to more than three years jail for trust account fraud – 21 November 2019
Luxury real estate agency Unique Estates founder Nicolette Van Wijngaarden, has been sentenced to three years and six months in jail after pleading guilty to a $3.69 million trust account fraud. She was charged with 15 fraud offences, with the case being the largest crime of its kind in NSW.
Damning findings made about Yarriambiack Shire Council after whistleblower triggers probe – 21 November 2019
A 2019 investigation into the Yarriambiack Shire Council has found deficiencies in the organisation including $1 million of “unrecoverable” rates, staff using council credit cards without permission and non-digital filing in a shipping container.
The Australian Securities and Investments Commission (ASIC) has released guidance for upcoming changes to the Corporations Act that will require large proprietary and public companies to have whistleblower policies in place by 1 January 2020. The guidance includes a number of mandated items in addition to those required by legislation.
CommInsure has been hit with a $700,000 criminal penalty for breaching anti-hawking rules, but avoided a maximum penalty of $1.85 million by making an early guilty plea. The bank-owned insurer has also agreed to refund more than $12 million to 30,000 customers who were incorrectly sold a range of life products by Aegon.
ASIC found that Ms Pellew (the director of several companies) had improperly used her corporate position to gain an advantage for herself. She also failed to prevent the companies from trading whilst potentially insolvent and did not ensure that proper financial records were kept and that the companies paid all relevant taxes.