10 stories this week:
Accountant charged over alleged tax-related frauds – Financial Crimes Squad – 20 May 2022
An accountant and registered tax agent will face court for alleged tax-related frauds totalling almost $600,000. It is alleged that the man submitted fraudulent tax returns which had been altered without his clients’ knowledge in order to obtain a financial benefit. It is further alleged that he made a number of fraudulent applications to the COVID-19 JobKeeper Payment scheme on behalf of clients without their knowledge.
Astrophotographer faces charges for stealing $23K from photo association – 20 May 2022
Mark Culley, a photographer from Queensland has been charged with fraud and theft of $23,000 after using Photoshop to fake legal bank statements while being the President and Treasurer of the Professional Photographers’ Association of Queensland (PPAQ).
NSW teacher loses $500k to elaborate scam two months in the makin – 20 May 2022
A family from NSW found a website offering bonds affiliated with ANZ called Capel Court, with an Australian Business Number. Authenticity was even double-checked with ASIC. The problem is there really is a Capel Court bonds company that ANZ owns – but this wasn’t it. The scammers had stolen the company’s credentials and pretended to be them.
Fraud alert! AI identifies the four stages of a scam phone call – 21 May 2022
Australian researchers have used machine-learning techniques to identify the typical four stages of fraudulent money-taking phone calls. It is said to be one of the only studies to unpack the content of scam calls and the psychological tricks used by attackers in depth.
Advisers urged to treat unsolicited green bond investment opportunities with caution – 23 May 2022
The corporate regulator warned of scammers offering fake green bonds by representing themselves as well-known financial services firms. High in demand, ‘Green bonds’ are used to finance new and existing projects that offer climate change and environmental benefits – that are not directly available to the general public or retail investors.
The most common online scams in Australia – 23 May 2022
The ACCC reported that Australian citizens lost a record $851 million to scams during the pandemic, and these huge losses show no signs of abating. But we can work together to be more scam aware, and there are things you can do to prevent yourself from falling victim to a scam. The article provides breakdown of the most common online scams in Australia and how to can avoid them.
Steven Rootsey in Batemans Bay court for dealing with proceeds of puppy scam – 24 May 2022
Steven Rootsey has been convicted of dealing with nearly $50,000 swindled through an online puppy scam. He was asked to convert the stolen money into crypto currency by an unknown scammer for the benefit of keeping 10 percent for himself.
Employee fraud: recent developments in Australia – 25 May 2022
Article describes two recent cases of fraud in the workplace. One was a director from Deloitte who allegedly stole millions to pay for personal luxury items and another was an employee of Rentokil who falsified invoices and defrauded 3.2 million. Article also discusses how to mitigate the risk of employee fraud.
The inside story of the Aboriginal Community Benefit Fund collapse and the missing millions – 27 May 2022
Many had paid thousands of dollars to ACBF (Aboriginal Community Benefit Fund) over decades, after signing up to funeral insurance policies under the mistaken belief that it was a funeral savings fund owned and run by Aboriginal people. ASIC has confirmed it is investigating past and present directors for breaches of both the corporations act and the ASIC act.
Fraudster jailed after losing millions from his South Taranaki iwi – 27 May 2022
An Australia-based fraudster has brought shame as well as a loss of mana and trust to his iwi (Maori NZ Society) after the organisation lost more than $3 million in a series of sophisticated investments.