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Investigation & Fraud News – Week ending 23 October 2026
From Sydney to the Caribbean via Dubai: How a CEO with possible terror links allegedly took millions – 20 October 2026
This investigative report examines the alleged investment scheme involving Main Group FX and its chief executive, Karim Farag. The investigation traces the scheme’s international connections, including addresses allegedly linked to Caribbean operations and questions surrounding the identity and background of people involved. The case raises concerns about how a business could appear legitimate to investors through its association with an Australian financial services licence.
https://www.abc.net.au/news/2026-10-20/main-group-fx-boss-with-possible-links-to-terrorism/107159102
Australian firm investigated over fears investors may have lost up to $138 million – 21 October 2026
ASIC is investigating Sydney-based financial services licence provider MGF Capital, now known as Trade Prime, over concerns about possible failures in due diligence, compliance and oversight. The investigation follows allegations that investors lost as much as $138 million through financial products offered by authorised representatives operating under the firm’s licence.
Former IT head accused of $8 million phone fraud at National Gallery of Victoria – 22 October 2026
A former head of IT at the National Gallery of Victoria, James Michael Hosking, has been charged over an alleged scheme involving approximately $8.45 million worth of mobile phones between 2019 and 2025. Court documents reportedly allege that he used the gallery’s account to order thousands of iPhones without the knowledge of other staff, then sold the devices for personal profit.
KPMG Australia faced scrutiny over government data-handling breach – 22 October 2026
Services Australia considered terminating its contract with KPMG after the firm transferred a sensitive draft audit report outside the agency’s secure environment. The incident raised concerns about contractual compliance, information security and corporate governance. The report says no actual data breach occurred.
Ban on KPMG getting government work extended to February after audit leaks scandal – 22 October 2026
The federal government has extended its ban on KPMG Australia bidding for new government contracts until 28 February 2027, following an independent review that identified serious ethical and cultural failings. The review examined the firm’s handling of allegations that senior staff misused confidential client information and mishandled a whistleblower’s complaint. KPMG has accepted the findings and must demonstrate meaningful improvements to its governance, ethics and accountability before regaining government work.
Colombia’s frontline anti-drug police unaware of new AFP international taskforce – 22 October 2026
Two Colombian police departments say they have no record of operational agreements, intelligence sharing or joint drug seizures involving a newly announced Australian Federal Police (AFP) anti-drug taskforce based in Bogotá. The AFP says the taskforce is not yet operational, despite an agreement signed in August. The findings raise questions about the initiative’s progress, accountability and use of public funding to combat international drug trafficking.
Adelaide mother banned from working as NDIS support worker after children removed from her care – 23 October 2026
An Adelaide woman who worked as an NDIS support worker for five years has failed to overturn a ban preventing her from working with children and people with disabilities. The South Australian Civil and Administrative Tribunal upheld the decision, citing longstanding concerns about neglect and emotional abuse involving her children, all of whom were removed from her care. Although no complaints had been made about her work with disability clients, the tribunal found she posed an unacceptable risk to children and a risk of harm to people with disabilities.
Pete and Heather lost over $1.2 million in retirement savings. They’re expecting just $150,000 in compensation – 23 October 2026
The collapse of the First Guardian investment fund has left thousands of Australians facing losses from their retirement savings, prompting scrutiny of compensation arrangements and the responsibilities of financial advisers and superannuation trustees. The report examines compensation linked to the collapse and the impact on affected investors, including Peter Spencer-Franks. ASIC continues to investigate alleged misconduct connected to the fund.
Investigation & Fraud News – Week ending 16 October 2026
Vanessa O’Bryan: New alleged crime proceeds charges for DPP solicitor – 9 October 2026
Former NSW Director of Public Prosecutions solicitor Vanessa O’Bryan faces 12 additional charges relating to allegations that she dealt with approximately $4,405 in criminal proceeds and intended to conceal the transactions in late 2024. The new charges add to existing allegations involving payments from an alleged organised-crime figure in exchange for access to confidential information from the DPP’s systems.
Former employee accused of defrauding Dubbo auto business of almost $300k – 13 October 2026
A former employee of automotive parts business Driveline Services Australia has pleaded not guilty to 15 offences relating to an alleged fraud scheme involving almost $300,000. Prosecutors allege he used false invoices containing his personal bank details, misdirected electronic payments and manipulated business records over more than two years. .
NSW concrete contractor Ali Youssef charged with dishonesty offences and dealing with proceeds of crime – 13 October 2026
ASIC announced charges against Ali Youssef, a director of Allscope Concrete & Pumping, over an alleged $69,000 transfer from the company’s bank account to his personal account in December 2023. ASIC alleges the transfer occurred after he had been informed the company was to be wound up and that he was no longer authorised to deal with its assets. He faces charges relating to dishonestly using his position as a director and dealing with the proceeds of crime.
ASIC: Fortnum Private Wealth penalised $1.35 million over cybersecurity failures – 14 October 2026
Fortnum Private Wealth has been ordered to pay a $1.35 million penalty after admitting it failed to adequately manage cybersecurity risks across its network of financial advisers between April 2021 and May 2023. The failures included inadequate cybersecurity policies, insufficient oversight of advisers, a lack of specialist cybersecurity expertise and inadequate risk management systems. These shortcomings exposed more than 200 advisers and approximately 55,000 clients to potential cyberattacks and financial harm. The NSW Supreme Court also ordered Fortnum to pay $250,000 towards ASIC’s legal costs.
https://cyberstack.org/n/asic-fortnum-private-wealth-1-35m-cyber-penalty-20261014
Financial Crimes Squad charge two men over alleged ATM card skimming and fraud syndicate – 14 October 2026
NSW Police have charged two men following an investigation into an alleged ATM skimming and bank-card fraud syndicate. Police allege the group used skimming devices to steal customers’ debit and credit card information, manufacture counterfeit cards and make unauthorised withdrawals and transactions. .
‘Trading drugs for weapons’: Police charge CFMEU delegate over union HQ deals – 15 October 2026
The Age reports that a CFMEU delegate has been charged by Victoria Police with alleged drug trafficking, weapons offences and dealing with the proceeds of crime. Police allege he attempted to trade weapons for drugs at the union’s Victorian headquarters, where searches uncovered drugs, prohibited items and approximately $10,000 in cash.
IBAC exposes $285m Covid grant cover-up by Vic bureaucrats – 16 October 2026
Victoria’s anti-corruption watchdog has reported that public servants concealed serious errors in COVID-19 business grant payments. The investigation found that large sums went to ineligible businesses and that officials provided misleading information about the errors. Only a small portion of the misallocated funds had been recovered, raising concerns about governance, accountability and public-sector integrity.
Access to digital version of The Australian required to read article
Warren Sarago jailed for $131k tax fraud in Cairns District Court – 16 October 2026
A Queensland man was sentenced to prison after pleading guilty to tax fraud involving a fictitious company and fraudulent GST refund claims totalling approximately $131,000. The court also ordered reparation for outstanding losses.
Access to digital version of the courier mail required to read article
Investigation & Fraud News – Week ending 10 October 2026
Melbourne property developer faces charges over alleged investment scam – 5 October 2026
Melbourne developer Renato Montibeller faces six charges of obtaining financial advantage by deception. Police allege he promoted an investment scheme promising to double investors’ money through gold and foreign-exchange trading. Two initial investors reportedly transferred nearly $390,000, with other investors also allegedly losing money. The allegations have not been proven.
Access to digital version of Herald sun required to read article
ATO staff member charged over alleged disclosure of information to organised crime associates – 6 October 2026
An Australian Taxation Office employee was charged with two counts of unlawfully disclosing information obtained as a Commonwealth officer. The charges arose from Operation Esk, a joint investigation involving the NACC, AFP and ATO.
https://www.nacc.gov.au/news-and-media/monthly-update-october-2026
ASIC sues adviser over alleged $34 million in Shield and First Guardian kickbacks – 7 October 2026
ASIC has launched Federal Court proceedings against former financial adviser Osama Saad, alleging his companies received approximately $34 million from entities connected to the collapsed Shield and First Guardian investment funds. ASIC alleges some of the money benefited Saad and associates, while other funds supported marketing businesses that referred clients to advisers recommending the investments. The regulator also alleges Saad advised 217 clients to transfer more than $25 million in superannuation into First Guardian without acting in their best interests. ASIC is seeking financial penalties and restrictions on his future business activities.
Australia’s ASIC halts fundraising by three ASCF private credit funds – 7 October 2026
ASIC issued an interim stop order preventing Australian Secure Capital Fund from raising money for three private credit funds. The regulator raised concerns that investor disclosure documents may have inadequately explained loan portfolios, diversification, investment risks and disposal costs, and may have contained misleading statements. The action demonstrates the importance of accurate disclosure to retail investors
Tobacco stores in the west caught in crackdown – 7 October 2026
Victoria Police and Tobacco Licensing Victoria have closed 61 tobacco stores state wide in a month-long crackdown on illicit tobacco sales, including outlets in Footscray, Deer Park and Werribee. Authorities seized more than two million illicit cigarettes, 40,000 vapes, 120kg of loose tobacco and $500,000 in cash. New powers introduced in September 2026 allow authorities to shut stores selling illegal tobacco for up to 90 days. Police suspect the trade is linked to organised crime syndicates, with profits potentially funding further criminal activity.
https://maribyrnonghobsonsbay.starweekly.com.au/news/tobacco-stores-in-the-west-caught-in-crackdown/
Former CFMEU training boss fined over fraudulent invoices – 9 October 2026
Former CFMEU training manager Steven Deer was fined $2,250 and convicted after pleading guilty to obtaining property by deception. He submitted seven fraudulent invoices to four labour-hire companies, using CFMEU letterhead and a fictitious fund name to obtain $10,000 in sponsorship payments into his personal bank account. The case followed a whistleblower complaint and highlighted serious breaches of trust and financial controls.
Access to digital version of Age required to read article
Former Metro Trains manager charged with corruption and fraud – 9 October 2026
A former senior manager at Metro Trains Melbourne has been charged with misconduct in public office and conspiracy to commit fraud. Victoria’s Independent Broad-based Anti-corruption Commission (IBAC) alleges the manager used their position to favour labour-hire company First Call Staffing in contracts involving rail-replacement bus services and printing. The company’s former director allegedly conspired to supply fewer staff than required and keep the resulting savings as profit. The case forms part of Operation Goyder, an investigation that began in 2022.
https://www.themandarin.com.au/321903-corruption-and-fraud-charges-for-victorian-public-servant/
Sydney man charged over alleged $1.8 million NDIS fraud – 9 October 2026
A 36-year-old man has been charged with allegedly obtaining financial gains of $1.8 million from a Commonwealth entity and dealing with more than $1 million in proceeds of crime. The investigation followed suspicious financial transactions and involved the Australian Federal Police and other agencies.
https://ndis.gov.au/news/11724-sydney-man-charged-alleged-role-18-million-ndis-fraud
Insurance giant Hollard fined $2 million after claim delays leave house uninhabitable – 9 October 2026
The Federal Court ordered Hollard to pay $2 million after finding serious failures in its handling of a Victorian couple’s storm-damage insurance claim. The insurer delayed inspections and repairs, failed to properly consider expert reports and did not adequately protect the property from further damage. ASIC took legal action against Hollard by starting court proceedings, which highlights regulatory accountability for unfair claims handling.
More than $470,000 in penalties imposed, as finance broking operator sanctioned for third time – 9 October 2026
Two Melbourne-based companies, Ansa Finance and AFSL Group, and their manager were penalised a total of $478,880 for breaches including systematic underpayment and adverse action against workers who sought their entitlements. The court found deliberate exploitation of vulnerable employees, including migrant workers. The companies were also ordered to rectify $30,817 in underpayments, plus interest and superannuation.
Investigation & Fraud News – Week ending 2 October 2026
Former Volunteer lawyer loses bid to reverse conviction – 29 September 2026
Former Queensland lawyer Robert Kerr failed to overturn his conviction for practising law without a current practising certificate. Although he was volunteering and unpaid, the court found that providing legal advice, drafting documents and preparing a “Legal Opinion” amounted to legal practice. His $4,000 fine was upheld.
NGV’s IT boss James Michael Hosking accused of $8m fraud – 29 September 2026
Former NGV IT executive James Michael Hosking faces seven theft charges and one misconduct-in-public-office charge over an alleged scheme involving the purchase and resale of about $8 million worth of mobile phones using NGV funds.
Access to digital version of Herald sun to read article
Pledge to ‘wreck’ mayor aired at corruption hearing – 29 September 2026
A NSW ICAC hearing examined allegations involving former councillor Sharangan Maheswaran, including claims of spying and blackmail involving a former mayor and dealings connected to property developer Jean Nassif.
https://www.countrynews.com.au/national/pledge-to-wreck-mayor-aired-at-corruption-hearing/
Gold Coast developer jailed for misusing $2.3m in investor funds – 29 September 2026
Gold Coast developer Ian Omar Chester pleaded guilty to fraud after misusing approximately $2.3 million of investors’ money. He was sentenced to imprisonment for the offending.
https://www.abc.net.au/news/2026-09-29/gold-coast-developer-jailed-for-fraud/107208288
Mum loses $13K to slick bank scam” – 30 September 2026
An Echuca woman lost almost $13,000 after a caller impersonating a bank fraud investigator convinced her to transfer money. The scammer had detailed personal information about her, making the deception appear legitimate.
https://www.riverineherald.com.au/news/mum-loses-13k-to-slick-bank-scam
Federal government announces new measures to tackle unscrupulous NDIS practices in remote communities – 30 September 2026
The federal government is responding to concerns about National Disability Insurance Scheme (NDIS) providers offering gifts including food, alcohol and tobacco to residents in remote NT Aboriginal communities. The National Disability Insurance Agency will fund new positions in 17 remote communities across the NT to help residents understand the scheme. The scheme’s watchdog, the NDIS Commission, will also set up a special “consortium” of NT disability advocates to gather intel about providers in the bush.
Australia’s Metrics freezes some fund redemptions in sign of private credit market stress – 30 September 2026
Metrics Credit Partners has temporarily frozen redemptions from some funds after auditor KPMG declined to sign off on accounts for three listed funds. The dispute centres on the valuation of unlisted commercial property investments. The move has increased concerns about liquidity, asset valuations and governance in Australia’s rapidly growing private-credit sector, which is already facing increased regulatory scrutiny from ASIC.
Program:$10 million worth of cocaine replaced with flour in Fiji’s High Court – 30 September 2026
More than 32kg of cocaine worth over $10 million stored as evidence at Fiji’s Suva High Court has been replaced with flour. Police also recently reported 7kg of cocaine missing from the same court. The drugs were under police jurisdiction but stored in the court’s evidence facility. Investigators are focusing on people with access to the exhibits, with at least one person of interest identified. Fiji’s Chief Justice has called for those responsible to be jailed.
Luxury compound in Indonesian prison sparks corruption probe – 30 September 2026
Several prison officers in Indonesia have been suspended amid a corruption probe linked to luxury apartments found in a jail. Authorities found 10 luxury units during an inspection last week. The investigation is examining whether inmates had been staying in the units and paying officers for the privilege.
Pearson royalties manager charged over alleged $17.7m fraud – 1 October 2026
A former Pearson royalty’s manager has been charged with 17 fraud offences over allegations he siphoned approximately $17.7 million from the company between 2021 and 2024. He is on bail and is due back in court on 14 October.
Access to digital version of herald sun required to read article
Report on Corrupt Procurement Practices of a Senior Officer at the Shire of East Pilbara – 1 October 2026
An investigation found that a senior employee at the Shire of East Pilbara failed to disclose existing relationships with contractors and used their position to favour companies in exchange for gifts and other benefits. The Commission formed an opinion of serious misconduct and recommended a review of the shire’s procurement procedures.
AFP finalises foreign bribery investigation into company following $9 million settlement – 2 October 2026
The Australian Federal Police has finalised its foreign bribery investigation into engineering company SMEC International Pty Ltd following an agreed $9 million settlement under the Proceeds of Crime Act 2002. The settlement does not involve an admission of liability by SMEC. nationaltribune.com.au/afp-finalises-foreign-bribery-investigation-into-company-following-9-million-settlement/
