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Investigation & Fraud News – Week ending 13 October 2023
11 stories this week:
Qld government orders second inquiry into forensic DNA testing – 5 October 2023
The Queensland government has ordered a second inquiry into forensic DNA testing following revelations 37,000 cases need reviewing. It comes months after Judge Walter Sofronoff found during the first inquiry last year that a series of factors including “mismanagement” and “dishonesty by senior managers”, had led to the failures within the state-run DNA lab. The new inquiry was launched following the discovery that about 7000 additional serious crime and sexual assault cases needed to be reviewed, as a result of insufficient automated DNA extraction methods.
A credible person – 7 October 2023
Gillian blew the whistle on her pedophile boss, Swansea MP and minister for Aboriginal Affairs Milton Orkopoulos. She’d photocopied office documents that helped police convict Milton for terrible crimes against young boys. It cost Gillian her job as an electorate officer but she believes he could have been stopped earlier so that victims would never have been victims.
Employers should review messaging and training around whistleblowing policies: Freshfields survey – 7 October 2023
According to a recent survey, more managers around the world want the identity of a whistleblower revealed, with 63 per cent in favour globally. The report showed that as whistleblowing is in the spotlight, global businesses need the right policies and processes in place to deliver an effective speak-up culture and support employees.
Rampant identity theft is turning scam victims like Ben into scapegoats for criminals – 8 October 2023
Ben is just one of many Australians that have fallen victim to identity fraud, and had their own trust turned against them. Ben initially was a victim of a scam himself, paying $300 to a scammer. He made the mistake of sending a picture of his licence to what he thought was a genuine ticket seller. But when people started messaging him, claiming that Ben had also scammed them out of money, alarm bells went off. Ben soon realised his identity had been stolen, with multiple accounts using his name and photos appearing on Facebook.
The ASIC Senate Inquiry delivers a reminder that whistleblowers should be protected, not punished – 9 October 2023
Stephen Helberg, a trained auditor with 40 years’ experience attempted to inform ASIC about a known corporate syndicate allegedly “masterminded by Mr David Sutton, an Australian citizen, that misled and deceived thousands of investors, most of them in Australia, and continued the illegal activities for many years… and still actively misleading investors”. He said the media listened and ASIC only took action when the story became public. Helberg told the Senate he was speaking up in the hope that investors would be protected. ASIC said in a statement its investigation was continuing.
Hightrade: Former boss of Chinese construction company Li Zhang guilty of multimillion-dollar tax fraud – 10 October 2023
The former boss of Chinese construction company Hightrade has had his bail revoked after being found guilty over his role in a multimillion dollar tax fraud. Li Zhang was found guilty of two charges after a lengthy jury trial. The 60-year-old was accused of conspiring to cause loss to the Commonwealth through the plot.
https://financefeeds.com/asic-charges-ex-bby-ceo-with-fraud/
Sam Bankman-Fried’s ex-girlfriend Caroline Ellison testifies against former billionaire in fraud case – 11 October 2023
Caroline Ellison, the tech executive who ran Bankman-Fried’s hedge fund while sometimes dating him, told the court he directed her to commit fraud. Her testimony could play a major role in convicting the 31-year-old, which could see him imprisoned for decades. Bankman-Fried was accused of stealing billions of dollars in FTX customer funds to plug losses at Alameda Research. He is facing eight criminal charges including wire fraud, money laundering, and conspiracy to commit fraud on the United States. He has pleaded not guilty, arguing that while he made mistakes running FTX, he never intended to steal funds.
https://www.abc.net.au/news/2023-10-11/sam-bankman-fried-court-case-ftx-alameda-research/102961926
Online Phishing Scams And What To Look Out For – 11 October 2023
Phishing and identity theft are no joke, and unfortunately only becoming more and more common. Article details the tips and trips, to greatly reduce your chances of being scammed. It also lists some fantastic, comprehensive tools available to help you either avoid these scams, or help solve the problem should the worst occur.
https://au.pcmag.com/security/102060/online-phishing-scams-bitdefender-premium-security
Urgent Urgent Reform is needed for Australia’s inadequate whistleblower protections – 11 October 2023
Griffith University’s Centre for Governance and Public Policy, the Human Rights Law Centre and Transparency International, have jointly published a new report, Protecting Australia’s Whistleblowers: The Federal Roadmap. The report outlines 12 steps that the government must take in the months ahead to ensure Australia’s whistleblowers are able to tell the truth about wrongdoing without fear of retaliation. The Federal Government has indicated that significant reforms will be considered to the PID (Public Interest Disclosure) Act, and there is a golden opportunity during the review of the Corporations Act happening next year.
https://www.lexology.com/library/detail.aspx?g=b1ac6510-997c-432d-af88-79a32501422b
Trump ‘fraudulently obtained loans’: ex-bank official – 12 October 2023
A retired bank official has testified that Donald Trump obtained hundreds of millions of dollars in loans using financial statements that a court has since deemed fraudulent. A judge last month ruled the former president and his company, committed years of fraud by exaggerating the value of Trump’s assets and net worth on the financial statements he gave to banks, insurers and others to make deals and secure loans.
https://www.perthnow.com.au/news/crime/trump-fraudulently-obtained-loans-ex-bank-official-c-12179794
Ex-chief of collapsed stockbroker BBY charged – 12 October 2023
The former chief executive of failed stockbroker BBY Arunesh Narain Maharaj of Sydney, New South Wales, has been charged with aiding, abetting, counselling or procuring fraud. According to the ASIC, the alleged fraud centers on BBY’s unauthorized drawing of additional funds from an overdraft facilitation account held with St George Bank. Each offence carries a maximum penalty of 10 years imprisonment.
https://www.moneymanagement.com.au/news/funds-management/former-ceo-failed-stockbroker-bby-charged
https://financefeeds.com/asic-charges-ex-bby-ceo-with-fraud/
Investigation & Fraud News – Week ending 6 October 2023
12 stories this week:
Vietnamese court jails environmental activist for tax fraud, Human Rights Watch raises concerns – 28 September 2023
A Vietnamese court has sentenced an environmental activist to three years in prison on charges of tax fraud, just days after the government discussed protecting human rights with US President Joe Biden during a state visit. Hoang Thi Minh Hong was accused of dodging tax payments worth 6.7 billion dong ($430,745) during the 2012-2022 and has pleaded guilty.
Shakira is accused of using an offshore company based in a tax haven to avoid paying tax. Here’s what we know – 30 September 2023
Singer Shakira will have her day in court after being ordered to stand trial on charges she failed to pay millions of dollars in income taxes. She accused of failing to pay 14.5 million euros ($21.6 million) in income tax between 2012 and 2014. Under Spanish law, people who spend more than six months in the country are considered residents for tax purposes. Shakira claimed that authorities only came after her, when they found out she was dating FC Barcelona soccer player Gerard Piqué, who is Spanish.
Who will benefit from AI? – 30 September 2023
MIT economist Daron Acemoglu states in this article that AI is often talked about as something that could replicate human intelligence and replace human work. But there is an alternate future: one in which AI provides “machine usefulness” for human workers, augmenting but not usurping jobs, while helping to create productivity gains and spread prosperity so they are more useful to humans.
https://www.miragenews.com/who-will-benefit-from-ai-1094892/
The challenge of forensic accounting in the digital economy – 1 October 2023
Owen Hawkes is the forensic practice partner at KPMG in Singapore and a former barrister with the British Government’s Serious Fraud Office. He discusses how digital technologies are helping to answer challenging questions during investigations, improves the quality of evidence, but can also produce new challenges.
https://intheblack.cpaaustralia.com.au/accounting/challenge-forensic-accounting-in-digital-economy
Should hybrid workers expect to be monitored? – 3 October 2023
Ever since the COVID-19 pandemic there have been questions over the acceptability of using surveillance technology on remote workers. Research from 2021 suggested a vast majority employees weren’t comfortable with having their activity remotely monitored. Still, there are legitimate – and non-punitive – reasons for monitoring remote workers, including for cyber security purposes. The important thing, is for employers to ensure their monitoring – if needed – is done “carefully and for the right reasons”. If employees are concerned about workplace surveillance practices, they should ask their employer for a full description of those practices and associated policies.
https://ia.acs.org.au/article/2023/should-hybrid-workers-expect-to-be-monitored-.html
Corruption Down Under (Part I): Australia, Not What It Seems – 3 October 2023
In Transparency International’s most recent report, Australia ranked 13th out of 180 countries (with a score of 75), up two places from the previous year. Corruption undermines a government’s ability to protect people and erodes public trust, provoking more and harder-to-control security threats In part one of this series, Calvin London explores corruption in Australia and its current anti-corruption efforts at a time when the country is becoming even more dependent on international trade.
https://www.corporatecomplianceinsights.com/corruption-down-under-australia/
PwC Australia tax scandal and its impact on governance – 3 October 2023
The Australian arm of PricewaterhouseCoopers (PwC Australia) has pledged to boost its corporate governance controls in response to firm-commissioned reviews faulting its culture for a leak of government tax plans. The firm has asked business executive Ziggy Switkowski and top law firms to examine how the leak had occurred and the firm’s wider approach to conflict management. The reports identify serious governance, structural and cultural problems and made recommendations for remediation.
Out of the shadows – 4 October 2023
Miles Mehta worked for years as a confidential source for Australian and American law enforcement agencies. He’s been on the run for the last three years. The 33-year-old’s aware of the risks of speaking out as an informant, but says he has nothing to lose. He believes the American agency he was introduced to by Australian law enforcement has turned against him. This is his story.
Maintenance man stole almost $200k from NDIS clients – 4 October 2023
Andreas Strepelias, a maintenance man admits he dishonestly obtained more than $191,000 from the Commonwealth through NDIS frauds, committed over a months-long period in 2018. He created false requests for payments for services he purportedly provided for 50 NDIS participants.
https://au.news.yahoo.com/maintenance-man-stole-almost-200k-031826861.html
Melbourne fraudster Terence ‘Rio’ Nugara jailed for a decade over property investments scam – 5 October 2023
Terence “Rio” Nugara was living a rich man’s dream, but it was funded by 38 victims of a $10 million fraud. The County Court heard he gained access to his victims’ bank accounts and self-managed superannuation funds, and then transferred their money to himself. He pleaded guilty to 35 charges of obtaining financial advantage by deception and two charges of theft and has been jailed for almost 10 years
FTX founder Sam Bankman-Fried is standing trial in Manhattan for fraud. Here’s how it’s unfolding – 5 October 2023
Former FTX CEO Sam Bankman-Fried’s trial has begun in Manhattan. He is facing eight criminal charges including wire fraud, money laundering, and conspiracy to commit fraud. He has pleaded not guilty. He could face decades in prison after being accused of stealing billions of dollars in FTX customer funds to plug losses at his hedge fund, Alameda Research.
https://www.abc.net.au/news/2023-10-05/ftx-founder-sam-bankman-fried-trial-manhattan/102937762
Hong Kong-based cryptocurrency exchange JPEX faces US$300 million fraud allegations – 5 October 2023
JPEX, the Hong Kong cryptocurrency exchange which collapsed owing more than $300 million and is the focus of a major fraud operation by the city’s financial authorities, marketed itself as an Australian-licensed operation and was registered to an apartment building in Sydney’s north. Hong Kong police have so far arrested 18 individuals in connection with JPEX and are working with Interpol to locate company executives.
Investigation & Fraud News – Week ending 1 October 2023
19 stories this week:
JPEX Files for Deregistration in Australia amid Fraud Charges – 21 September 2023
A recent filing has revealed that crypto asset platform JPEX is applying to nullify its registration with the Australian Securities and Investment Commission. Troubles began for the exchange on September 13 when its team had a run-in with Hong Kong police when authorities made no less than six arrests during the raid. Leading up to the arrests, however, the Hong Kong Securities and Futures Commission (SFC) claims that it received well over 1,000 complaints about the platform. Meanwhile, the employees who have been arrested so far have been slammed with fraud-related charges as well as operating an unlicensed crypto exchange.
https://www.coinspeaker.com/jpex-australia-fraud-charges/
Scams and phishing make up most online scams in 2023 – 21 September 2023
Norton experts identified some of the most prominent online scams people are facing today, including: E-Shop Scams: Scammers create fake online stores, offering products at unbeatable prices. Once a purchase is made, the product is never delivered, and the website disappears. Sextortion Scams: Cybercriminals threaten to release private or compromising information unless a ransom is paid. These scams often begin with phishing emails and exploit human emotions like fear and shame. Tech Support Scams: Fraudsters pose as tech support agents from reputable companies. They deceive victims into granting remote access to their computers, leading to data theft or ransom demands. Leveraging AI, criminals are creating scams that are not only more credible but alarmingly real, making scams more convincing and harder to detect, which is why it’s so important that consumers know what to be aware of.
https://securitybrief.com.au/story/scams-and-phishing-make-up-most-online-scams-in-2023
Former AUSTRAC CEO urgest holistic national anti-fraud strategy – 23 September 2023
During the 2023 Australian Financial Review (AFR) Cyber Summit, former Australian Transaction Reporting and Analysis Centre (AUSTRAC) CEO Paul Jevtovic urged an approach targeting the root causes of financial crime alongside recent regulator initiatives to compensate scam victims.
https://complyadvantage.com/insights/former-austrac-ceo-urges-holistic-national-anti-fraud-strategy/
An NYPD security robot will be patrolling the Times Square subway station – 23 September 2023
The New York Police Department (NYPD) is implementing a new security measure at the Times Square subway station. It’s deploying a security robot to patrol the premises. it will record video that can be reviewed in case of an emergency or a crime.
Bank Refuses To Reimburse $32,000 Stolen From Grandma With Terminal Illness in Text Message Scam: Report – 23 September 2023
A grandmother with a terminal illness says an Australia-based bank should have been able to stop a scam as it unfolded in real time. When the victim began to suspect she had been duped by a scammer, she immediately visited her local branch. Documents reportedly show it took the bank more than an hour before the accounts in question were labeled as “mule accounts” – accounts that are used to collect funds on behalf of criminals. By that time, however, the funds were already gone. She also says the bank should have flagged the highly unusual transfers from her account.https://dailyhodl.com/2023/09/23/bank-refuses-to-reimburse-32000-stolen-from-grandma-with-terminal-illness-in-text-message-scam-report/
Chinese students terrified as scammers reap millions – 24 September 2023
Chinese international students are being targeted by sophisticated scams that have so far resulted in nearly $8 million being handed over to con artists posing as Chinese police and officials. Students caught up by the scam have handed over amounts ranging from a few hundred to more than $400,000. The targeted nature of this scam is particularly worrying, with the majority reported from Chinese students and based on extortion and fear of arrest.
Research shows Australians are more scam-aware than 12 months ago as losses fall – 25 September 2023
Research released today by Commonwealth Bank shows the majority of Australians are becoming more “scam-aware” than ever before, with more than eight in 10 people saying they are confident in their ability to recognise and avoid scams, including a quarter who say they are very confident.
https://www.commbank.com.au/articles/newsroom/2023/09/commbank-scams-and-fraud-research.html
Deloitte partner stands down while ASIC carries out ‘confidential’ investigation – 26 September 2023
An Australian partner at a big four consulting firm has stood down from his role while the corporate watchdog carries out a “confidential” investigation. ASIC confirmed to news.com.au that they have placed a notation on the public record about the partner, an auditor, regarding the ongoing investigation.
Conversational AI trained to bust scammers’ business models using scam script patterns in Australia – 26 September 2023
Using machine-learning techniques based on more than 100 scam calls, artificial intelligence algorithms have been trained to follow the scammer’s language and script patterns, with the end goal of disrupting illicit actors’ business model and making phone scams economically unviable.
Judge rules Donald Trump defrauded banks, insurers while building real estate empire – 27 September 2023
A judge has ruled that Donald Trump committed fraud for years while building the real estate empire that catapulted him to fame and the White House. He found that the former president and his company deceived banks, insurers and others by massively overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing financing. Judge Engoron plans to hold a non-jury trial starting Oct. 2 before deciding on those claims and any punishments he may impose.
ASIC Fines Marketer of Crypto Investment Fund Amid Escalating Crackdown – 27 September 2023
ASCI has fined Bobbob Ltd. Wit a penalty of AU$53,280, one of the heftiest fines for a crypto-related violation in Australia in months. In ASIC’s view, the marketing of the product fell short of its standards in a number of ways. Certain representations from Goldberg and Bobbob fostered the impression that the product had ASIC approval. They also led customers to believe that an investment in the product worked basically like a bank account. In addition, Bobbob was not forthcoming about either the product’s risk profile or its probable returns, ASIC claims
https://beincrypto.com/asic-australia-regulator-crypto-marketing-fraud/
PwC to announce major overhaul alongside findings of investigation into tax leak scandal – 27 September 2023
PwC will today announce a major overhaul of governance, culture and accountability when it releases a long-awaited independent review into a tax leak scandal, that has badly damaged the firm’s reputation. The firm will also appoint three non-executive directors to its Australian governance board and will announce a management response and “action plan” in the latest attempt to rebuild trust and integrity.
Former Morwell MP Russell Northe to be sentenced over misconduct charges – 27 September 2023
Former regional Victorian MP Russell Northe will find out next month whether he will be jailed for using almost $180,000 of public money to fuel his gambling addiction. Northe has pleaded guilty. Judge says given Northe’s severe mental illness, a term of imprisonment may be “inappropriate”.
Thousands of Aussies hit in Romanian card-fraud scheme – 28 September 2023
Two men have been charged over an elaborate $3.75 million international bank-card skimming scheme that led to thousands of Australians being defrauded. The duo, who police say entered the country on false passports, are accused of being part of an organised crime syndicate based in Romania, whose operations span four continents. The men allegedly installed card-skimming devices in ATMs across Sydney to steal money and create fake bank cards.
https://au.news.yahoo.com/men-charged-over-3-75m-003927957.html
Investigation & Fraud News – Week ending 22 September 2023
19 stories this week:
Maurice Molan avoids conviction for role in $1.8m South West TAFE scandal – 12 September 2023
Maurice Molan. a former TAFE executive who pleaded guilty to misconduct in public office has avoided a conviction for his role in a scandal at an educational facility in south-west Victoria. Mr Molan entered Rebecca Taylor into South West TAFE’s database as being qualified to teach an engineering course, despite not having information to suggest she possessed the minimum certification.
Stopping the scammers who target online jobseekers – 13 September 2023
With more than 100 job applications submitted per second on LinkedIn and other websites, scammers are increasingly targeting jobseekers with fake job opportunities. The scams work in two main ways. You get a job offer with some basic information that sounds very interesting, and then you must give personal details which is then used to steal the jobseeker’s identity, or even to open bank accounts or apply for credit in their name. Another frequent scam is to ask “successful” job applicants to hand over money upfront, with a promise that they’ll be paid back – commonly known as an advance fee scam.
https://au.news.yahoo.com/stopping-scammers-target-online-jobseekers-000853774.html
WA businessman Chris Marco pleads not guilty to defrauding nine people out of $36.5 million – 13 September 2023
Chris Marco, a Perth businessman who is accused of defrauding nine investors out of $36.5 million has pleaded not guilty to all 50 charges he is facing and will fight the allegations at trial. The criminal charges relate to allegations he defrauded the nine investors out of the funds between July 2013 and October 2018. ASIC also took civil action in the Federal Court in 2020 to wind up the unregistered investment scheme run by Mr Marco.
https://www.abc.net.au/news/2023-09-13/chris-marco-fraud-charges-36-million/102850340
ESG investigations discussed in Governance Directions Journal – 14 September 2023
Organisations face pressure to show meaningful progress with Environmental, Social and Governance (ESG) initiatives. With ambitious net zero targets looming large, corporates and senior management are in the spotlight. Accountability and transparency are critical as regulatory scrutiny and public expectations rise. KordaMentha forensic expert, Matthew Flemings stated, “The growing prospect of being subjected to an Environmental, Social and Governance (ESG) investigation is creating fresh challenges for organisations and managers.
Australian Authorities Arrest Three In Alleged Romance Scam – 14 September 2023
Australian police have arrested three individuals on charges related to romance fraud. The suspects, two women and a man, allegedly attracted three victims using a newspaper dating ad, posing as a widowed 50-year-old woman. According to authorities, the victims paid nearly half a million dollars to the alleged fraudsters from June 2022 to February 2023. The romance scams in this investigation are an example of elder financial exploitation (EFE). EFE is the most common form of elder abuse and involves misusing (often illegally) older people’s finances, assets, or possessions.
https://complyadvantage.com/insights/australian-authorities-arrest-three-in-alleged-romance-scam/
Coles introducing new technology that tracks shoppers’ every move – 14 September 2023
Coles is “aggressively” rolling out new technology that will track shoppers’ every move from the moment they walk into a store. Once you get to a checkout, hi-tech cameras above the self-checkout machines ntrack all items being scanned and bagged. After that, smart gates will lock automatically to prevent anyone with unscanned items leaving the store, sounding an alarm in the process. The ultimate goal is to make it impossible to steal from a Coles store.
Alleged Fraud Prompts Special Administration for Bunurong Land Council – 14 September 2023
A significant Indigenous community organization, the Bunurong Land Council, has been placed under special administration following allegations of financial impropriety involving former leaders. The allegations, involve the misappropriation of funds totalling more than $150,000.
https://www.wyndhamtv.com.au/alleged-fraud-prompts-special-administration-for-bunurong-land-council/
AI enhances the security and value of video technology – 14 September 2023
Coupling AI analytics with video-surveillance systems helps organisations generate business intelligence through the easy capture and analysis of a vast range of information. While this interconnection is inherently powerful, it produces risks that require close monitoring. Systems and data must be accessible, but only to the intended users, and devices must be able to operate on the network without unauthorised intrusion or unintended exposure. Article provides tips for making sure your video-surveillance technology is safe and secure.
Sydney bank worker loses $157,000 in ‘pig butchering’ romance scam – 14 September 2023
A 44-year-old bank worker had fallen head-over-heels, not only for a man who wasn’t real, but a scam that swindled her out of $157,000. The type of scam the worker fell victim to is known for its remorselessness and goes by the aptly brutal term “pig butchering”. Pig butchering is a cross between a romance and cryptocurrency scam and alludes to the idea of victims being “fattened up for the slaughter” with the belief they are falling in love.
Ethereum users targeted in $11.5 million ‘sleepdropping’ digital fraud – 16 September 2023
Ethereum users have been targeted in a new form of digital fraud termed “sleepdropping,” with over $11.5 million stolen since December 2022. The scam involves sending seemingly legitimate ERC-1155 tokens, often disguised as non-fungible tokens (NFTs), to unsuspecting users. The fraudsters’ strategy is to lure users to deceptive websites where they are tricked into authorizing transactions that ultimately transfer their assets into the hands of the scammers. Despite ongoing investigations, the identities of those behind this operation remain unknown.
Banking Association head Anna Bligh sounds alarm over ‘explosion of scams’ amid growth of AI – 18 September 2023
Australian Banking Association CEO Anna Bligh has warned new AI developments could worsen the “explosion” of scams faced by Australian, but may also provide banks with new tools to fight against criminals. In April, the Australian Competition and Consumer Commission revealed households lost $3.1 billion to scams in 2022, with the average victim losing $20,000.
Are you being watched while working? What hybrid workers need to know – 18 September 2023
With the rise of remote and hybrid work, there has also been a boom in remote workplace surveillance technology. Companies may be monitoring their employees working remotely, raising questions about the ethics and legality of surveillance. The legality of monitoring employees who are working remotely varies from state to state in Australia. The article also goes on to explain “How to approach remote workplace surveillance”.
Whistleblower fund tackles ‘persecution by prosecution – 20 September 2023
Whistleblowers who face prosecution themselves after calling out crimes and injustice will receive backing from a new fund. Former senator Rex Patrick launched the Whistleblower Justice Fund, amid growing calls to drop the criminal case against Richard Boyle, who blew the whistle on aggressive collection tactics by the ATO and David McBride for his alleged role in leaking defence documents to the media revealing alleged war crimes. The fund’s goal is to pressure the federal government – in particular, the attorney general, Mark Dreyfus – to intervene and end the prosecution.
https://www.aap.com.au/news/whistleblower-fund-tackles-persecution-by-prosecution/
Scams – A Customer’s Rights, A Bank’s Obligations – 20 September 2023
Partners Andrew Eastwood and Peter Jones and Senior Associate David Curley from Herbert Smith Freehill discuss via a PODCAST, who is responsible when a bank’s customer is scammed.
Victorian man accused of stealing $800,000 through online scams – 20 September 2023
A 63-year-old man will face court after he was charged with allegedly stealing more than $800,000 through online scams, in Victoria. Police claim his alleged victims visited fake websites that purported to be legitimate financial institutions offering investment opportunities, between June and September last year.
Cracking the code: why people fall for scams – 20 September 2023
UNSW Business School experts explain the psychological factors that cause people to fall victim to scams – and what protection can be offered. The experts say financial desperation and a lack of awareness about evolving scam techniques contribute to why many individuals today are being taken in by scams.
https://newsroom.unsw.edu.au/news/business-law/cracking-code-why-people-fall-scams
Kraken failed to explain crypto product to customers, ASIC alleges – 21 September 2023
ASIC alleges that Bit Trade, which provides Kraken to Australian users, failed to give consumers the appropriate information about the risk of the product they were selling, and whether they would be suitable for it. The customers went on to lose $13 million. Cryptocurrency exchanges including Kraken, BTC Markets, Swyftx and Coinbase are still waiting for the government to introduce regulation to govern the sector.
Brothers charged for allegedly scamming more than $500k – 21 September 2023
Steven and Cameron Meneghetti, are two brothers who allegedly scammed more than $500,000 from hardworking Australians in a months-long financial crime spree. They have been charged with organising multiple funds transfers between March and July 2022 knowing money was from organised crime.
https://thewest.com.au/business/brothers-charged-for-allegedly-scamming-more-than-500k-c-11969479
Aussie Bishops, Paypals nuncios ignored complaints from whistleblowers – 21 September 2023
A confidential investigation authorized by Pope Francis into an Australian bishop has found that the prelate may have sexually abused and groomed 71 young aboriginal males dating back 50 years. Witnesses described Bp. Christopher Saunders as “a sexual predator” who sought “to prey upon vulnerable aboriginal men and boys” and groomed his victims, plying them with cash, alcohol, hotels, phones, phone credit, air and bus travel. In May 2021, police and prosecutors announced that because of “insufficient evidence,” they would not lay charges. In August, Saunders resigned as bishop of Broome but still holds his title and his entitlements as bishop.
https://www.churchmilitant.com/news/article/oz-bishop-abused-71-aboriginals
