News and Analysis
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The former financial controller of an electronics business in Sydney’s north has admitted to stealing more than $1.6 million over an 11-year period, using an elaborate scheme which involved manipulating its payroll system to give himself extra money.
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Two police officers plead guilty to false documents of Hunter ATO fraud | Newcastle Herald – 15 March 2021
While serving as police officers in the Hunter, Kathryn Marie Goddard and Paul Hunter McDonald pleaded guilty to tricking the Australian Tax Office into deliberately handing false documents and receipts to the auditor and fraudulently charging thousands of dollars.
Graeme Newman, an insurance expert say more must be done to clamp down on exchanges that allow cyber criminals to launder billions of dollars via cryptocurrencies.
The prudential regulator says Westpac Banking Corp’s anti-money laundering failings did not amount to a breach of the Banking Executive Accountability Regime (BEAR) or the Banking Act and it has closed its investigation into the bank, two-and-a-half months after ASIC also shut its probe.
(Access to digital version to AFR may be required to read this article.)
A Victorian man, Demetrios ‘James’ Charisiou, who allegedly convinced two major Korean investment houses into investing $395 million in fake NDIS-related property deals has been charged with fraud. Police will allege the finance was purported to be for the purchase of Melbourne apartment buildings and their planned lease.
A man who forged bank transfer receipts to buy excavators and high-end cars worth more than $770,000 has been sentenced to seven years behind bars.
The regulator has announced the commencement of civil penalty proceedings in the Federal Court, against Retail Employees Superannuation Pty Ltd (REST), for false or misleading representations made about the ability of its members to transfer their superannuation, out of the Retail Employees Superannuation Trust (the fund).
PwC’s financial crimes specialist Peter Forwood, says AUSTRAC-regulated entities should brace themselves for more billion-dollar fines, as eye-watering penalties now form a central part of the enforcement strategy.
(Access to digital version of AFR required.)
A new partnership with an American technology company will propel the decades-old policing systems into the 21st century, making it faster, simpler and safer for officers responding to emergencies and investigating crimes. The cloud-based program, known as the Integrated Policing Operating System (IPOS), will replace the force’s 27-year-old central database and will be used for everyday operations including triple zero calls, arrests and charges, criminal investigations and forensics.
There are a number of different types of fraudsters, and the motivations – and reactions when they are caught – will vary depending on the type. Article goes through these types of fraudsters in detail.
ANZ’s profits will be cut by $212 million after its Malaysian bank was fined for failing to prevent a global corruption scandal that ended in the country’s prime minister being jailed.
The Parliamentary Joint Committee’s recommendations for the future of audit, stand to enhance transparency and boost confidence in audit without making fundamental changes to how audits are conducted. The recommendations, if implemented by the Australian Government, have the capacity to elevate confidence in external audit and reinforce its relevance.
The celebrity jeweller at the centre of an alleged $US2 billion ($2.5 billion) fraud that rocked Punjab National Bank three years ago can be extradited to stand trial in India. Modi is believed to have fled India in February 2018 after he was accused of committing a multibillion-dollar fraud against Punjab National Bank (PNB), the country’s biggest lender.
(Access to digital AFR required.)
ACT Policing has charged a 46-year-old woman with 23 counts of obtaining property by deception, to the value of more than $160,000, during her employment with an early childhood education and care facility in Weston.
Ahmed Saad, of Glenroy, Victoria, a former Victorian financial planner has been charged over dishonestly obtaining money from client super fund accounts as part of an illegal early access scheme.
The federal government will immediately invest more than $450m into the aged care system in response to the royal commission report which made 148 recommendations.
Casino giant Crown Resorts underpaid hundreds of workers at its venues including at its centrepiece Southbank complex, becoming the latest big company to admit to breaching Australia’s workplace laws.
The deputy chairman of Nine Entertainment Co. and one of the most prominent media figures in corporate Australia, Nick Falloon, is being investigated by his own company over allegations he allowed his son to use a corporate membership at a prestigious northern Sydney golf club.
Young West Aussies losing the most as scammers target online shopping, rookie investors – 26 February 2021
Scammers are increasingly targeting internet shoppers and using classified ads, with the COVID-19 pandemic resulting in a five-fold increase of people being ripped off online. WA ScamNet statistics, released on Friday, showed 257 online shoppers reported losses of $653,745 last year, compared to 129 victims losing $127,304 in 2019.
The corporate regulator’s lead investigator into the missing fraudster Melissa Caddick has written to investors to tell them that while the criminal investigation was at an end, their investigations into the financial dealings of Ms Caddick and her company, Maliver Pty Ltd would continue.
Melissa Caddick dead, police confirm, after campers find her foot on NSW South Coast – 26 February 2021
A human foot found by campers on the NSW South Coast has been confirmed as the remains of missing Sydney woman Melissa Caddick. She had been under investigation for allegedly running a Ponzi scheme, using millions from investors to make lavish personal purchases.
An official investigation is under way into whether Fortescue Metals Group breached Western Australia’s Aboriginal Heritage Act, when it cleared a sensitive site at Weelamurra Creek earlier this month.
(Access to digitial AFR required to read article.)
AFP letter warns MPs delay reporting crimes could lead to reoffending in wake of Brittany Higgins rape allegation – 25 February 2021
The head of the Australian Federal Police has warned Prime Minister Scott Morrison about the need for politicians to report crimes quickly, as fallout from a rape allegation made by former staffer Brittany Higgins continues. Any delay in reporting criminal conduct can result in the loss of key evidence, continuation of the offending and/or reoffending by the alleged perpetrator.
A small number of special forces soldiers who blew the whistle on alleged war crimes at an official inquiry, have been issued termination notices against the recommendations of the military watchdog.
ASIC has released a new immunity policy setting out the process and conditions for whistleblowers to obtain immunity from certain civil penalty or criminal proceedings (Immunity Policy).
Raed Saleh has been fined after becoming the first Australian convicted for rorting the federal government’s JobKeeper scheme. He reaped $3000 from the wage subsidy program last May by claiming he was a sole trader whose business was hurting from the COVID-19 pandemic.
An online scam which has defrauded hundreds of thousands of dollars from visitor attractions, has been reported as having re-emerged in Australia. The scam, which largely targets the Chinese community includes fraudulent offers of discounts to popular attractions such as Adventure Park Geelong, Sea world and even Dan Murphy.
The most senior US executive at Australian shipbuilder Austal has resigned after an external investigation found the company had built Navy vessels with parts that did not meet military specifications, underestimated costs and mis-allocated labour hours.
Three years ago, private investigators in Australia estimated up to 15 per cent of routine servicing parts sold online were counterfeit. A new study reveals more than half the parts bought online could be fake. Legal experts warn the ramifications could be crippling to small businesses or mechanics and car owners are at risk of experiencing catastrophic engine failures.
The Australian Tax Office (ATO) has issued a warning over a new scam which has cost seven Australians a staggering $118,000. The scammers pretend to be helping their targets, by claiming that their tax file numbers (TFN) have been compromised and they need to transfer all their money out of their bank account to protect it.