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Investigation & Fraud News – Week ending 17 October 2025
ASIC seeks compensation from Equity Trustees over Shield failure – 10 October 2025
The Australian Securities and Investments Commission has updated its claim against Equity Trustees to seek compensation stemming from the losses incurred by investors due to the failure of the Shield Master Fund. The $480 million Shield scheme, which was available on the company’s superannuation investment platforms, was frozen in early 2024 amid the regulator’s concerns that it had not adequately disclosed its risks to investors.
‘Oversight was not followed’: Deloitte apologises for AI report – 12 October 2025
Deloitte Australia has apologised for the government report the firm had to reissue because it was found to include artificial intelligence-generated errors and will discipline personnel for failing to vet the material properly. The big four consulting firm, in its first public statement about the issue, conceded the errors “occurred from the use of AI” and said its “review and oversight processes” in the preparation of the report had not been followed
Legal experts warn housing reforms expose planning to corruption risks – 13 October 2025
Legal and environmental experts warn that a new housing reform bill in New South Wales could weaken planning safeguards and increase corruption risk. Concerns include broad ministerial powers, lack of transparency, and absence of anti-corruption safeguards. Some are calling for the bill to be reviewed by ICAC. https://www.news.com.au/national/nsw-act/politics/legal-experts-warn-housing-reforms-expose-planning-to-corruption-risks/news-story/95481865b301dacfdda875efb76f8200
Frustration mounts among Qantas customers as personal data released on dark web – 13 October 2025
Qantas customers whose personal data was posted on the dark web have voiced their concerns and disappointment. Those affected now need to stay vigilant as a second wave of scams will follow, a cyber expert has warned. It is unclear whether Qantas is liable for any privacy law breaches amid speculation that the airline may face severe financial penalties.
As illicit tobacco sales rise into the billions, economist Arthur Laffer puts blame on high tobacco taxation rate – 14 October 2025
Arthur Laffer, an American economist renowned for the Laffer Curve, has recently criticized Australia’s escalating tobacco excise taxes, attributing them to a significant surge in illicit tobacco trade. He argues that such high taxation encourages consumers to seek cheaper, illegal alternatives, thereby diminishing government revenue and fueling organised crime. According to Australian Taxation Office data, the illicit tobacco market is estimated to constitute 18% of all tobacco consumed in the country, equating to approximately 1,656 tonnes in 2022–23. This amounts to an estimated $2.7 billion in evaded excise duty.
Bribery sentence over Victorian Building Authority registration scheme – 14 October 2025
Omer Yuksel, a builder and construction trainer, was sentenced after admitting involvement in a bribery scheme connected to the Victorian Building Authority (VBA). The scheme involved referrals of students and payment for corrupt registration advantages
Access to digital version of Herald Sun required to read article
ASIC report halts ‘race to the bottom’ on Australian private credit – 15 October 2025
Some of Australia’s largest private credit managers say the corporate regulator’s critical report into the asset class will put the industry on a better footing, and ultimately protect investors from future losses. Andrew Schwartz, the chief executive of $9.5 billion real estate lender Qualitas, said he was “really welcoming” of the Australian Securities and Investment Commission’s October review into private credit.
Tax watchdog launches new probe into current and former PwC partners – 16 October 2025
The country’s tax watchdog is investigating current and former PwC partners for potential code breaches, prolonging the firm’s pain from its long-running scandal over the leaking of government information. The number of individuals and the nature of the Tax Practitioners Board’s inquiries are unclear, but the new probes are expected to be completed by next year. The regulator is also investigating senior figures from other major firms, according to people not authorised to discuss ongoing inquiries.
‘Conflicts of interest’ behind Australian parliamentary official’s $315k retirement payment, report finds – 16 October 2025
An independent “fact-finding mission” into a $315,126 retirement payment to a senior parliamentary department official has found “multiple procedural failures” including overpayment, a disregard for specialist advice and “excessive pressure” applied in the payment’s timing. The report by Sydney barrister Fiona Roughley SC, released Thursday, found there were “conflicts of interest” and “conflicted persons” within the Department of Parliamentary Services involved in the decision-making process.
‘We all have a role to play’: ASIC argues for whole of industry approach to misconduct – 16 October 2025
ASIC has made statements effectively acknowledging that financial misconduct can’t be completely eliminated, but advocates for stronger coordination across the financial services industry to reduce harm
Queensland’s 10-cent container refund scheme referred to crime and corruption commission – 16 October 2025
Ten allegations against Queensland’s container recycling scheme have been referred to the state’s corruption watchdog after a parliamentary inquiry on Thursday revealed allegations of bullying and conflicts of interest. A parliamentary committee revealed claims that the board coordinating the state’s Containers for Change is “dominated” by Coca-Cola and Lion, with several submissions to the inquiry claiming that the two beverage companies have an incentive to reduce the number of containers being recycled in order to lower their costs.
Warnings for explicit deepfakes, ‘image-based abuse’ amid rise of AI technology – 17 October 2025
A senior researcher has warned “99 per cent” of victims of online abuse are women. It comes as detectives look into reports that digitally altered explicit images using the faces of female students from a Sydney high school were circulated online. Police are continuing to investigate after parents reported the incident to Eastwood Police Station on Wednesday night.
Investigation & Fraud News – Week ending 10 October 2025
Deloitte to refund government, admits using AI in $440k report – 5 October 2025
Deloitte Australia will issue a partial refund to the federal government after admitting that artificial intelligence had been used in the creation of a $440,000 report littered with errors including three non-existent academic references and a made-up quote from a Federal Court judgement. A new version of the report for the Department of Employment and Workplace Relations (DEWR) was quietly uploaded to the department’s website on Friday, ahead of a long weekend across much of Australia. It features more than a dozen deletions of non-existent references and footnotes, a rewritten reference list, and corrections to multiple typographic
Scam and fraud victims the most vulnerable as cybercriminals re-victimise Australians – 6 October 2025
AFP / AIC joint release warning that fraud/scam victims are highly likely to be re-victimised and urging improved online safeguards.
Regulator fines KPMG for N Brown Group audit errors – 7 October 2025
Big Four firm KPMG and a former partner have received heavy fines and formal reprimands from the accountancy regulator for serious failures in their audit of N Brown Group plc’s 2022 accounts. The Financial Reporting Council (FRC) found that KPMG and Anthony Sykes failed to meet international auditing standards, with the firm admitting to serious breaches in testing whether the former London-listed group’s assets were properly valued. The FRC highlighted failures in impairment modelling, cash flow forecasts, discount rates and reconciliation to market value.
https://www.cityam.com/regulator-fines-kpmg-for-n-brown-group-audit-errors/
Proof-of-age ID leaked in Discord data breach – 7 October 2025
Video game chat platform ‘’Discord’’ has suffered a data breach, informing users that their personal information – including identity documents of those required to prove their age – were compromised. The company stated last week that an unauthorised party had compromised one of Discord’s third-party customer service providers, leading to the access of “a limited number of users” who had been in contact with the customer service or trust and safety teams.
https://www.theguardian.com/games/2025/oct/07/discord-data-breach-proof-of-age-id-leaked
ACT Tribunal bans 2 lawyers from practising – 8 October 2025
Two lawyers who were involved in the swearing of an affidavit that contained false information have been publicly reprimanded and restricted from applying for a practising certificate for two years.
https://www.lawyersweekly.com.au/sme-law/43102-act-tribunal-bans-two-lawyers-from-practising
Grays Online enters administration days after sale to Slattery Auctions – 8 October 2025
Online eCommerce platform, Grays Onine, has been placed into administration, following its $2 million sale to rival, Slattery Auctions. In July 2025 the Federal Court issued a $10 million fine to Grays Online, and ordered the organisation to compensate hundreds of buyers misled by deceptive advertising. The court found that between July 2020 and June 2022 the company has misrepresented the make, model, or features of at least 750 vehicles sold through the online platform, and omitted to disclose “obvious faults”.
Infant’s death in illegal Robinvale childcare centre among sector’s secret failures – 9 October 2025
The death of a 15-week-old baby in an unlicensed home day care in Victoria’s north-west in 2022 is among more than two dozen disturbing childcare incidents that the public has not previously been told about. Enforcement documents unearthed using Freedom of Information laws have also revealed incidents of children being tethered to chairs, going missing for more than 30 minutes, or being taken home by an educator without authorisation. Child safety experts say a lack of transparency in the industry means children are continuing to fall through the gaps.
Former treasurer sentenced for stealing $47k from towns RSL sub branch – 10 October 2025
Former RSL sub-branch treasurer sentenced after pleading guilty to stealing about $47,000 from a club; sentencing focused on rehabilitation
Access to digital version required to read article
Filipina working in Melbourne Airport charged with falsifying identification and fraud offences – 10 October 2025
A 26-year-old Filipino national is facing court today for allegedly creating and using fake identification documents while working at Melbourne Airport
Investigation & Fraud News – Week ending 3 October 2025
Immigration detention facility inmates accused of racket to defraud Medicare – 26 September 2025
Three detainees, including the brother of a Comanchero biker, were charged with COVID-era Medicare fraud. The story highlights how detainees used mobile phones inside facilities to scam government systems.
Access to digital version of Herald sun require to read article
Update after regulator freezes $11.5bn in funds at La Trobe Financial, leaving Aussies in dark – 28 September 2025
ASIC intervened in three financial products from La Trobe Financial, freezing about $11.5 billion in investor funds due to concerns that investment products were misrepresented, especially risk levels (private credit loans being marketed as safer than they are). Some parts have since been unfrozen; others remain suspended.
Westpac Sued Over Alleged Role in $250M Fraud – 28 September 2025
Westpac is facing a lawsuit filed by the liquidators of collapsed investment companies who claim the bank ignored red flags while large sums moved through accounts linked to a scheme run by businessman Chris Marco. The case, lodged in the Supreme Court of NSW, accuses Westpac of failing to prevent investor losses and continuing to process questionable transactions after inquiries were made by financial regulators.
https://theaussiecorporate.com/blogs/pickandscrollnews/westpac-sued-over-alleged-role-in-250m-fraud
Chinese woman convicted after ‘world’s biggest’ bitcoin seizure – 30 September 2025
A Chinese national has been convicted following an international fraud investigation which resulted in what’s believed to be the single largest cryptocurrency seizure in the world. The Metropolitan Police says it recovered 61,000 bitcoin worth more than £5bn ($6.7bn) in current prices. Between 2014 and 2017 Qian led a large-scale scam in China which involved cheating more than 128,000 victims and storing the stolen funds in bitcoin assets
https://www.bbc.com/news/articles/cy0415kk3rzo
ASIC to crack down on asset valuations after scathing super report – 30 September 2025
The corporate regulator has issued a scathing report card on the way the $4.3 trillion super industry and the country’s major auditing firms value unlisted assets, after it emerged that the nation’s second-largest super fund had written down a US investment worth almost half a billion dollars. The Australian Securities and Investments Commission’s first review of the sector’s financial reports and audits found super funds’ disclosure about non-listed assets was often inconsistent and unreliable, making it difficult for members to be confident about the value of their holdings.
Man’s savings wiped in $80m global investment scam – 30 September 2025
An IT director lost $120,000 through a scam involving cloned companies. Despite verifying through ASIC and Moneysmart, he was misled by a scheme where offshore entities and cloned advisers were used. He also lost another $60,000 in a linked scam. The fraud syndicate is allegedly global, with $80 million+ in losses worldwide, $25 million from Australians.
Police raid home of couple behind alleged $200m mining fraud – 1 October 2025
Tom and Kirsten Peever and associated entities are under investigation by the Australian Federal Police and ATO for allegedly claiming $200 million in R&D tax credits and GST refunds through Elution Metals and about 30 related companies. The case involves alleged misappropriation of funds which were supposedly spent on luxury items.
Access to digital version of The Australian required to read article
Alexander de St Amatus — Tax Fraud Scheme (Victoria / Queensland) – 2 October 2025
A 39-year-old man was sentenced for a tax fraud scheme. He falsely claimed $827,120 in business expenses on his 2016 tax return (as a sole trader) to obtain an improper refund of $18,771. Also avoided over $11,000 in tax debt. He pleaded guilty to obtaining a financial advantage by deception.
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Aussies Hit Again: ANZ Cops Record $240m Fine in Australia – 65,000 Impacted in Trust Breach – 1 October 2025
ANZ Bank will pay $240 million in fines after admitting to several big mistakes. The bank did many things wrong like sending wrong information about bond trading to the government. They also didn’t help customers who were having money problems and kept charging fees to accounts of people who had died.
https://supercarrides.com.au/anz-cops-record-240m-fine-in-australia-65000-impacted/
Victorian church under investigation after pastor’s son sexually assaulted teenager – 2 October 2025
Multiple investigations are examining a Victorian church’s response to child sexual offending committed by a senior pastor’s son. Joshua Emonson, 23, pleaded guilty to sexually assaulting a teenage girl in February. Emonson’s father has been suspended from his role as a pastor, pending an investigation into how the church handled the matter. He denies any wrongdoing.
https://www.abc.net.au/news/2025-10-02/encourage-church-romsey-under-investigation/105820656
ASIC bans former insurance broker Munther El-Alami for eight years – 2 October 2025
ASIC has banned Mr Munther El-Alami for a period of eight years from providing any financial services, controlling an entity that carries on a financial services business, and performing any function involved in the carrying on of a financial services business. ASIC found that Mr El-Alami did not comply with a financial services law by engaging in misleading or deceptive conduct by making misleading or false representations when submitting applications for life insurance policies on behalf of clients.
Investigation & Fraud News – Week ending 26 September 2025
Former ATO employee convicted for tampering with records and making false claims – 17 September 2025
Kasey Harries, a former Australian Taxation Office employee has been convicted and sentenced for misusing sensitive taxpayer information to make fraudulent claims. She had previously pleaded guilty to 10 charges, including obtaining financial advantage by deception and aiding and abetting another person to attempt to commit an offence.
Victoria’s anti-corruption commission searches Chinese language school over alleged misuse of public funding – 19 September 2025
Victoria’s anti-corruption commission has searched Xin Jin Shan Chinese Language and Culture School offices over alleged misuse of public funding, from the Victorian education department. The community language school is one of the biggest in Victoria. The investigation relates to suspected offences of obtaining property by deception, false accounting, and falsification of documents, which each carry a maximum 10-year prison sentence.
Report scathing of police and CCC over failure to respond to complaints of police misconduct – 19 September 2025
The Parliamentary Inspector of the CCC has found WA Police’s Internal Affairs Unit is “reluctant to find misconduct by police officers.” The report details an allegation of an off-duty officer choking a man following a road rage incident and not being charged. WA Police said it would consider the report in full before commenting further.
https://www.abc.net.au/news/2025-09-19/police-ccc-complaints-misconduct-report-/105791424
ATO moves to bankrupt Adgemis ahead of creditor’s vote – 20 September 2025
The Australian Taxation Office is ramping up its pursuit of Jon Adgemis, asking a court to allow it to take the place of Monaco-based rag trader Richard Gazal in his bankruptcy action against the beleaguered publican. The ATO applied to the Federal Court on Thursday. Gazal is one of a number of creditors who have been pursuing Adgemis for more than a year.
Digital version of AFR required to read full article
UN says there’s evidence organised crime scam centres are moving from South-East Asia into new frontier of the Pacific – 20 September 2025
Scam centres run by Asian organised crime outfits appear to have set up on Australia’s doorstep, exploiting areas with relaxed regulations to expand their lucrative illegal operations and money laundering fronts. The United Nations Office on Drugs and Crime (UNODC) has issued an alert about the emergence of triad-linked scam centres in Timor-Leste after a raid at a hotel in its Special Administrative Region of Oecusse-Ambeno in late August. The scam operations industrialised in South-East Asia during the past five years have been estimated to cost victims about $60 billion each year.
Australia’s surveillance framework: National security and counter-terrorism watchdog signals reform – 22 September 2025
Significant changes are anticipated for Australia’s electronic surveillance regime following a comprehensive review by the Independent National Security Legislation Monitor (INSLM). The review assessed the powers of the Australian Federal Police and Australian Criminal Intelligence Commission to combat cybercrimes.
Victorian man jailed for complex fraud to help business owners knowingly avoid bankruptcy – 22 September 2025
A Melbourne lawyer has been sentenced to three years’ imprisonment, with a non-parole period of one year, for perverting the course of justice and running an offshore scam to help his clients avoid bankruptcy. The man, 68, used his law firm to create fictitious personal debts for two clients so they could gain a favourable outcome from bankruptcy and insolvency processes. The two clients were also involved in the scheme, while the man received a financial benefit for his business through the process. To ensure his clients avoided bankruptcy and repaid cents-on-the-dollar to creditors, the man then initiated insolvency proceedings based on false and backdated documentation.
Fraud charges – Operation Xray Sailing – 23 September 2025
Detectives from the Crime and Intelligence Command, Financial Crime Unit, have charged five people with 112 fraud related offences as part of Operation Xray Sailing.
The operation was the culmination of a six-month investigation by the Financial Crime Unit into the activities of the criminal syndicate, who allegedly assumed the identity of bank customers who maintained significant cash balances. The total amount stolen by the syndicate was $723,898, with a further $466,535 of attempted fraudulent withdrawals being detected and blocked by various bank branches.
https://mypolice.qld.gov.au/news/2025/09/23/fraud-charges-operation-xray-sailing/
Optus and ANZ show the governance failures of the director class – 24 September 2025
Australia’s listed company corporate governance system is fundamentally broken. The $240 million penalty imposed on ANZ Bank – ASIC’s largest ever fine – represents more than regulatory punishment; it is an indictment of a governance model that elevates symbolism over substance and independence over competence. Similarly, at least three deaths this week and the failure of the Triple Zero emergency response due to a failed Optus upgrade have striking parallels with ANZ’s board failure. It is too soon to know the magnitude and nature of the penalty. This is the second time that Optus has failed in this way.
Premier probe into Smiggle alleges culture of serious misconduct – 25 September 2025
Premier Investments’ probe into its stationery giant, Smiggle, has allegedly uncovered a culture of serious misconduct, ranging from absenteeism, intoxication during work hours, bullying, sexual harassment and potential bribery, according to its billionaire founder Solomon Lew. Lew was discussing the findings of an investigation, more than a year after John Cheston was sacked as chief executive of Smiggle, following his 12 years with the company.
GIM Trading used virtual office space to create veneer of legitimacy as it allegedly defrauded millions – 26 September 2025
GIM Trading claimed its head office was on Level 10, 440 Collins Street, Melbourne. The virtual office setup appears to have been used to build trust with investors, to give the impression of a real, substantial financial services firm located in prestigious business districts. According to fraud experts, these tactics are common in scams. The false appearance of presence (address, receptionist, phone, etc.) can mislead people doing “due diligence.”
https://www.abc.net.au/news/2025-09-26/gim-trading-bond-fraud-allegations-investigation/105782912
