12 stories this week:
ASIC warns about social media-driven ‘pump and dump’ scams – 2 July 2021
“Pump and dump” is a scam in which criminals artificially inflate the price of a stock, by promoting fake news or positive depictions of a company, in order to increase trading and profit by later selling the inflated shares. Melbourne trader Gabriel Govinda has appeared in the Magistrate’s Court faced with 23 charges of market manipulation and 19 charges of illegal dissemination of information.
Westpac alleges football tycoon’s firm engaged in $200m fraud – 2 July 2021
Federal Court proceedings have been filed against ‘Forum Finance’, after the discovery of allegedly fraudulent activity of $200 million involving a finance company controlled by the owner of the Sydney Olympic Football Club, Bill Papas.
‘Long-running, calculated and elaborate fraud’: Firm at the centre of Westpac scandal to be wound up – 9 July 2021
Dirty money: How the banks and AUSTRAC are fighting back against financial crime – 2 July 2021
Financial crimes watchdog AUSTRAC raised concerns about NABs compliance this week, as the financial industry is confronted with complex anti-money laundering, as criminals become more and more sophisticated.
Black Hats, tax havens: Australia’s biggest insider trading probe revealed – 3 July 2021
A questionable transfer of Nuix shares to Stephen Doyle’s Swiss-based brother Ross, is now part of an ASIC investigation into whether the family, may have pulled off one of the country’s biggest insider trading heists, using companies in offshore tax havens to disguise their tracks.
Senior cardinal, 9 others, face Vatican fraud tri – 3 July 2021
An influential Cardinal Angelo Becciu and nine others will be tried over alleged financial wrongdoing linked to the purchase of a plush London property. Becciu will be prosecuted over embezzlement, abuse of power and witness tampering.
https://au.news.yahoo.com/senior-cardinal-9-others-face-114840738.html
The Trump Organization has been charged with tax fraud. What could that mean for the former president’s company – 4 July 2021
Former US president Donald Trump’s company was hit with charges of criminal tax fraud this week, with allegations it helped executives cheat their own taxes.
https://www.abc.net.au/news/2021-07-04/donald-trump-organization-tax-fraud-charges/100266220
Alleged fraudster moved $8 million of clients’ money through Crown casino – 5 July 2021
Crown Resorts has called an immediate inquiry into claims an alleged fugitive corporate fraudster (Michael Gu) laundered millions of dollars through its Melbourne casino. Mr Gu then either withdrew the money or used it for gambling.
‘I smell a rat’: Westpac alleged fraud leaves trail of forged signatures, false documents – 6 July 2021
Westpac says at least seven major corporate customers including Coles, Woolworths, Veolia and WesTrac have been caught up in an alleged fraud involving fake invoices and forged signatures that could cost the bank more than $290 million.
Prison disciplinary hearings held ‘in the dark’ with little transparency – 7 July 2021
Victoria’s Ombudsman has found that prisoners were denied basic procedural fairness, because there was no formal requirement for written reasons for decisions and no internal review processes in place.
5 giveaway signs of stock market scams and how to avoid them – 7 July 2021
The Australian Competition and Consumer Commission’s (ACCC) Scamwatch reported recently that last year alone, Australians lost $176.1 million to scams, up by almost 23 per cent in 2019. Article details how investors spot stock market scammers and, more importantly, how to avoid them.
https://www.nestegg.com.au/save-money/scams/5-giveaway-signs-of-stock-market-scams-how-to-avoid-them
Family Court judge resigns amid sexual harassment investigation – 8 July 2021
Joe Harman a Family Court judge, based in Parramatta has resigned after an independent investigation found that he had sexually harassed two junior female court staff and had a history of breaching protocol. https://www.lawyersweekly.com.au/biglaw/31872-family-court-judge-resigns-amid-sexual-harassment-investigation
