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Baker made director of companies he’d never heard of in $100m tax scam, court hears – 27 August 2018
A baker had his identity stolen and was unwittingly convicted of corporations offences after falling into the clutches of a tax evasion syndicate. It is alleged the scheme involved stripping businesses of their cash and assets in order to cheat the tax office and other creditors, then starting them up under a different name. The dummy directors are installed to shield the real directors from liquidators, creditors and the Australian Securities and Investments Commission (ASIC). The practice is estimated to cost the Australian economy more than $5 billion a year and has been made possible by gaping holes in the regulatory system.
http://www.abc.net.au/news/2018-08-27/multi-million-dollar-tax-scam-hits-federal-court/10168322
Australians lost $4.4M to remote access scams – 27 August 2018
The national consumer watchdog has revealed that Australian citizens have lost $4.4 million to scammers trying to gain access to their computers and scams impersonating well-known brands or the police in order to steal money or banking information.
https://www.arnnet.com.au/article/645767/australians-lost-4-4m-remote-access-scams/
Investment fund directors borrowed clients’ money for personal use – 24 August 2018
Peter Daly, whose network of companies is being investigated by ASIC, has admitted to borrowing clients’ money to resolve personal financial difficulties and to settle a colleague’s divorce. ASCI stated that Mr Daly’s companies have mismanaged funds, misled investors, and breached the Corporations Act.
Shaver Shop hit by $327,000 daigou fraud – 23 August 2018
Shaver Shop has revealed it was defrauded $327,000 by a store manager who sold stock through daigou channels. These are shoppers who buy local products to sell to clients in China – at prices significantly below cost of goods. The manager falsified transactional records to conceal the fraudulent activity.
