11 stories this week:
Cold Rock Ice Creamery Shepparton owners convicted of 16 child employment breaches – 10 November 2023
The owners of Cold Rock Ice Creamery Shepparton have been convicted and fined $4,500 after pleading guilty to 16 criminal charges around breaches of the Child Employment Act. The breaches were in relation to the number of hours worked and lack of adequate breaks for children under the age of 15. Business owners G & K Pearse Pty Ltd pleaded guilty to 16 charges and were fined $4,500.
The inside account of how Commonwealth Bank tried to bury the scandal that sparked a royal commission – 10 November 2023
Article tells the story of how Jeff Morris, blew the whistle on the Commonwealth Bank’s wealth management team. Morris had revealed how the bank’s business model in its wealth management division was driven by commissions and bonuses. It promoted bad behaviour such as switching customers from the safety of term deposits into riskier mortgage funds, so the team could be paid higher commissions and bonuses. In June 2014 a senate inquiry recommended the government establish a Royal Commission, after finding thousands of Australians had lost their life savings due to shoddy financial advice from the CBA.
Boss slapped strung-up apprentice at Christmas party – 13 November 2023
Steven Yousif (sole director) of Melbourne Glass solutions is trying to avoid conviction after he slapped a young apprentice while the man was strung upside down from a crane at a workplace Christmas party. Mr Elkharraz the apprentice, lodged a complaint with WorkSafe, telling investigators he was also verbally abused and threatened by Yousif between April 2019 and May 2021.
Banker accused of fraud in Aspen and California appears in Australia – 13 November 2023
A former Australian banker accused of defrauding investors in California and Aspen before moving to Bali has been holidaying in Australia and asking for funds, despite being pursued by authorities in the United States. Andrew Waters, is accused of reeling in wealthy investors by inviting them to dinner and befriending them, then selling them “worthless” shares in a company called ECom Products Group Corporation.
Optus decision highlights challenges for privilege claims over investigation reports – 13 November 2023
The Federal Court has found that a report by Deloitte on its external review of Optus’s data breach is not privileged, despite Optus’s claim that the report’s dominant purpose was to assist its lawyers in advising it in relation to the September 2022 cyberattack. This is the latest in a line of Australian court decisions that have exposed the significant challenges in making legal professional privilege claims over investigation reports or ‘root cause’ analyses that can often follow major unexpected events or alleged corporate wrongdoing.
Victorian man loses life savings to tech support scam amid ACCC calls for uniform bank policy – 15 November 2023
A 76-year-old customer of Bendigo Bank lost more than $21,000 in a scam involving fake tech support. The ACCC believes inconsistencies in how banks approach scamming makes the country’s banking systems and their customers vulnerable. It wants the National Anti-Scam Centre and federal government to establish cross-industry standards and codes that banks must follow and are enforceable.
Billion-dollar crime syndicate allegedly helmed by Sydney brothers – 15 November 2023
An alleged billion dollar organised crime syndicate, with tentacles spanning from Beirut to Australia, has suffered a major blow after police arrested two brothers, the alleged chiefs, in Sydney’s airport and Lebanon. Police believe the year-long investigation into the gun, drug, tobacco, and money-running gang could also mark the end of one of Sydney’s most notorious criminal careers. Potentially, they were the biggest criminal network and enterprise in Australia at the current time.
New Report Finds That More Than 80% of Organizations Across APAC Are Using Artificial Intelligence (AI) to Tackle Fraud – 15 November 2023
Banks and payment service providers across Asia Pacific have progressed with fraud prevention, but it still remains a challenge. The use of advanced technologies, like AI, has definitely enhanced the ability to detect and prevent scams. While many organizations have comprehensive controls in place, the capability to leverage enterprise data and adapt to the changing fraud landscape remains a significant concern. With potential scam reimbursement regulations just around the corner, banks and payment service providers will need to become more proactive in real-time fraud mitigation.
Sales of fake Australian IDs rampant on the dark web, second only to the US – 17 November 2023
New research has found that, fake Australian identity documents such as driver’s licences are some of the most commonly bought and sold products on the dark web. Criminal organisations distribute fake identity documents on the dark web to be used in many illicit activities, such as identity crime, money laundering, human and drug trafficking, illegal immigration, scams and espionage.
Mother in custody after admitting $2m ‘sausage factory’ TAFE scam – 17 November 2023
Text messages between a mother and daughter who swindled more than $2 million from education providers, including South West TAFE, revealed a fear their plot was “too good to be true”. The due created fake applications and pocketed the funds.
Access to digital version of the standard required to read article.
Footy club legend Ian Collins launches lawsuit over alleged $100m Ponzi scheme – 17 November 2023
Carlton Football Club legend Ian Collins has accused a suburban Melbourne law firm as being behind a suspected multi-million-dollar Ponzi scheme, of secretly placing fraudulent mortgages over his properties as part of a sophisticated strategy to swindle investors. AMS Ivanhoe Lawyers is being investigated over claims its recently deceased founder John Adams misappropriated up to $100 million in clients’ funds.