12 stories this week:
Ex-Boeing test pilot indicted for fraud in 737 Max probe – 15 October 2021
Boeing’s former 737 MAX pilot, Mark Forkner, was indicted for fraud for allegedly misleading regulators about problems tied to the aircraft’s two fatal crashes. The ex-chief technical pilot is the first Boeing employee to be charged over the 737 Max’s failures. Three hundred and forty-six people perished in both accidents.
Court hears about complex web of companies as former Bellamy’s director Jan Cameron faces Hobart court – 19 October 2021
Ms Cameron who is the Former Bellamy’s director and Kathmandu’s founder, is facing charges of failing to disclose information in respect of a substantial holding in a company and allegedly making a false or misleading statement in a document lodged with ASIC in 2017. The prosecution told the court that Ms Cameron engaged in “share-warehousing,” or holding an interest in a company through entities or other arrangements without their name being directly linked to the holding.
Unauthorised electronic transaction complaints rocket – 19 October 2021
Complaints involving unauthorised financial transactions and scams are rising fast, as use of online services during the pandemic increases and fraudsters become more active. Electronic banking grievances made to the Australian Financial Complaints Authority (AFCA) increased by 76 per cent during the year ended June 30, compared with the same period a year earlier.
NSW police charge two Central Coast men over COVID grants fraud and drug supply – 20 October 2021
Cybercrime squad detectives have charged two men over alleged COVID-19-related rorts and drug supply on the New South Wales Central Coast. One of the men, was accused of lodging fake ‘Job Saver’ and business grant applications for himself and on behalf of others, obtaining about $90,000.
Overwhelming support for fining dodgy finance executives – 20 October 2021
New polling shows that nine in ten Australians, want finance executives to pay a penalty when they break the law. The findings, from a quarterly survey by consumer advocacy group Choice, come just one week before the Coalition is expected to introduce its Compensation Scheme of Last Resort (CSLR) and Financial Accountability Regime (FAR) bills into the House of Representatives.
The compensation scheme, a recommendation from the Hayne royal commission, attempts to protect people who cannot seek redress because the financial services firm that did them wrong has collapsed.
Australian charities need to get better at mitigating fraud risks – 20 October 2021
Cybersecurity incidents in the not-for-profit sector are increasingly common and sophisticated, with recent attacks experienced with Anglicare Sydney, UnitingCare Queensland, and Oxfam Australia, to name a few. However, recent research by PwC highlights that in-house cybersecurity skills are not being prioritised, reflecting a dire need for charities to cost-effectively invest in technology that can prevent and protect them against the latest threats.
Crypto Senate inquiry recommends laws to set Australia up as digital innovation hub – 20 October 2021
A Senate inquiry has recommended changes to taxation laws, licensing and regulatory regimes to encourage digital and crypto-asset businesses to set up in Australia. Tax discounts and a new licensing regime are among the committee’s recommendations. If passed into law, the industry believes Australia could become a digital innovation hub.
Sydney Commonwealth Bank clerk admits stealing $2.4 million to buy house, luxury goods – 20 October 2021
While working as a Customer Service Specialist in 2015, CBA clerk Hsin-Yu Tsai, transferred $2.25m from one customers account into a secretly Netbank savings account. She also withdrew $150,000 in cash from the same customer’s account. She paid off a home and bought luxury items with the proceeds of her fraud.
Underpayments bill balloons to record $148 million last year – 20 October 2021
Australia’s wages watchdog (The Fair Work Ombudsman) recouped almost $150 million for workers in the last financial year, a record figure five times greater than the $30 million it recovered three years earlier and an indication employees are being underpaid on a grand scale.
Facebook whistleblower Frances Haugen tells Australian politicians to regulate social media or be ignored – 21 October 2021
A former Facebook data scientist has told Australian politicians that Facebook fears regulation and that Australia should team up with the US in a bid to rein in its power. Frances Haugen quit Facebook earlier this year and told a congressional hearing, that Facebook’s products were harming children and fuelling polarisation.
Court issues warrant for arrest of Forum Group’s Bill Papas – 21 October 2021
The Federal Court has issued a warrant for the arrest of Forum Group CEO Bill Papas, that is expected to eventually trigger his extradition from Greece to Australia, to face fraud allegations. The arrest warrant comes amid Papas’ alleged failure to adhere to court orders, breaching freezing orders and showing no intention to return to Australia to face fraud allegations from multiple banks.
Mark Zuckerberg Will Be Added as a Defendant in Lawsuit Over Cambridge Analytica Scandal – 21 October 2021
Mark Zuckerberg, CEO of Facebook, might be held personally liable for damages in a consumer protection lawsuit filed in Washington. It is alleged that the social media giant had misled consumers about its privacy policies.