13 stories this week:


Aussie crypto kid gets over seven years in US jail for Ponzi scheme – 16 September 2021
Stefan Qin, a 24-year-old Brisbane man, used investor’s money on a lavish lifestyle, including a $US23,000-a-month Manhattan penthouse apartment. Federal prosecutors said Qin defrauded more than 100 people out of about AUD $123 million. Investors thought they’d found a sure thing — a hedge fund that was generating 500 per cent returns by exploiting the price gaps between cryptocurrencies on 40 exchanges throughout the world.


ANZ reports a 73% year-on-year increase in scams for the first eight months of 2021 – 23 September 2021
ANZ had seen a 73% increase in scams being detected or reported by customers, compared to the same time last year. The most prevalent and successful scam involves criminals gaining remote access to consumer customer computers and the devices. ANZ chief executive Shayne Elliot, has encouraged the Standing Committee of Economics, to prioritise the need to raise further awareness and address the rising number of scams.


Bitcoin trader takes banks to court over cryptocurrency ‘discrimination’ – 24 September 2021
The ACT Civil and & Administration Tribunal, will hear a case between Canberra man Allan Flynn and two of the nation’s biggest banks, over their decision to stop doing business with him, because he operated a cryptocurrency trading platform. If successful this could have enormous ramifications for the bitcoin-shy Australian banking sector.


Bitcoin.org website offline after being hacked – 25 September 2021
Bitcoin.org suffered a breach Thursday that has already cost unsuspecting bitcoin users lots of money. Visitors to the site were greeted with an invitation to send bitcoin to the “Bitcoin Foundation” with hackers promising they would double funds sent to the address.


Australia: An Increasingly Global Approach – 27 September 2021
This article considers the major Australian government investigative, law enforcement, and regulatory agencies involved in domestic and transnational investigations, with a particular focus on their increasing need to adopt a global approach to adequately protect Australians from criminal threats, both local and international.


Foreign ownership investigation of A-League soccer teams reveals human rights concerns, match-fixing links – 27 September 2021
An investigation into foreign ownership of Australian soccer clubs, has uncovered links to an Indonesian executive, jailed over a major match-fixing scandal and accusations of “sportswashing”, by one of the wealthiest Arab states.


Papas executive accused of failing to act on 2018 whistleblower report – 27 September 2021
A senior executive at Bill Papas’ business has repeatedly claimed he only learned about the $400 million fraud in June this year, despite being warned of potential contract irregularities in 2018 by an internal “whistleblower”.


Anthony James Hill pleads guilty to fraud-related charges after stealing $28,000 from New Norfolk Golf Club – 27 September 2021
Anthony James Hill pleaded guilty to 37 fraud-related charges after stealing more than $28,000 from the New Norfolk Golf Club, while acting as Treasurer and being entrenched in a decade long romance scam.


Phone scams are ‘exploding’ and costing vulnerable Australians millions, new data shows – 28 September 2021
Australians have lost $63.6 million to scams involving unsolicited calls or text messages so far this year, according to the ACCC’s Scamwatch program. Indigenous Australians in particular, are seeing increasing financial losses from phone-based scams. Experts are calling for vigilance and for people to report potential fraud.




PwC opens investigation into racist misconduct at staff event – 29 September 2021
Professional services firm PwC is facing accusations of racist misconduct among its staff at a company-run event, with one diversity and inclusion leader said to have mocked Chinese accents.


Sydney inner west man charged over $20m payroll fraud – 29 September 2021
It is alleged that an Earlwood man received and possessed $456,150 that was proceeds of an illegal scheme to siphon off money that should have been remitted to the ATO, and that he was reckless as to the fact that the money was the proceeds of crime.


Financial firms brace for ‘pitiless’ month of new laws – 30 September 2021
Banks, fund managers and insurers will from October become subject to a raft of new regulations flowing from the Hayne royal commission, including a controversial rule forcing them to “dob in” themselves and their business partners for suspected breaches of the law.


(Access to digital version of AFR required to read article.)

China bans cryptocurrency transactions – 1 October 2021
China has declared the use of digital currencies illegal, saying they disrupt the financial system and are used in money-laundering and other crimes.