10 stories this week:
Not-for-profit fraudster tells court she was catfished by American soldier – 24 June 2021
A mother-of-two who stole almost $150,000 from a community not-for-profit while employed as a financial controller and coordinator, says she was being catfished by a fake American soldier who romanced her online.
Pyrmont penthouse owned by former Nuix CFO raided in criminal probe – 24 June 2021
The Australian Federal Police raided the offices of Macquarie-backed tech group Nuix as well as an apartment, following the launch of a criminal investigation by ASIC. The subjects of the probe are the recently departed Nuix chief financial officer Stephen Doyle, 50, and his Swiss-based brother Ross.
(Access to SMH digital version required to read article.)
NT ICAC makes improper conduct findings over Darwin Turf Club grandstand grant – 25 June 2021
The Northern Territory’s anti-corruption watchdog has made findings of “improper conduct” against the Chief Minister’s former chief of staff, three members of the Darwin Turf Club and a company director over a $12 million government grant for a new grandstand.
What The Heck Is A Crypto Tumbler And Is It Even Legal? – 28 June 2021
A cryptocurrency tumbler – also known as a crypto mixer or crypto mixing service – is a paid service in which you can mix potentially traceable coins (for example, stolen coins) with other, clean coins in an effort to make it harder to trace them. There are no specific laws that prohibit cryptocurrency tumbling. However, using a cryptocurrency tumbler to conceal other illegal activity could still land you in hot water.
https://www.gizmodo.com.au/2021/06/cryptocurrency-tumblers-mixers-explained/
Trump family business may face charges – 28 June 2021
Legal attorneys are investigating “possibly extensive and protracted criminal conduct” at the Trump Organisation, including tax and insurance fraud, falsification of business records and corporate perks and gifts.
https://thewest.com.au/news/crime/trump-family-business-may-face-charges-c-3245432
Crypto scam losses rocket to record high – 28 June 2021
Investment scams of all types are on the rise. Money lost to scams involving bitcoin since the start of this year already equal the entire losses of 2020. The Australian Competition and Consumers Commission (ACCC) had $176 million in losses reported to it during 2020. In 2019, losses amounted to $143 million, up from $107 million in 2018.
https://www.smh.com.au/money/investing/crypto-scam-losses-rocket-to-record-high-20210625-p584du.html
(Access financial version of SMH required to read article.)
Since 2012, Australia has become “significantly” more corrupt – 29 June 2021
Transparency International Australia chief executive Serena Lillywhite shares a range of issues, which she believes are impairing Australia’s reputation as a democracy, which actively targets corruption. We are one of the 21 nations where perceived corruption has worsened “significantly”, over the past eight years.
Melissa Caddick convinced 72 investors to hand over $23m to ‘sham’ business, court told – 29 June 2021
In Federal court, it has been revealed that Melissa Caddick faked many documents in the “quite elaborate fraud”, she used to swindle trusting investors out of more than $23m. She operated 37 bank accounts, sent investors fictitious portfolio evaluations and kept “meticulous” records. Provisional liquidators have been appointed.
Former WA director charged with multiple offences – 1 July 2021
Joanne Jennifer Pellew from Western Australia, has been charged with breaching her directors’ duties, making a false or misleading statement to ASIC and managing a corporation while disqualified.
https://www.miragenews.com/former-wa-director-charged-with-multiple-588666/
Westpac detects huge potential fraud, bank to pay compo for deficient financial advice to share traders – 2 July 2021
Westpac has uncovered “sophisticated and externally perpetrated” potential fraud, estimated at about $200m and has kicked off court action in response. The proceedings are against ‘Forum Finance’ over a portfolio of equipment leases. ASIC announced Westpac would pay $87m in compensation to former clients of its financial advisers.
