12 stories this week:
Melbourne couple sentenced to prison for $54,000 COVID-19 fraud – 24 July 2021
A man and woman living in Melbourne have been sentenced to prison over a series of fraudulent COVID-19 Pandemic Leave Disaster Payments (PLDP), totalling $54,000
Who is Bill Papas, the man at the centre of Westpac’s ‘elaborate fraud’ allegations? – 24 July 2021
Westpac, Societe Generale and Sumitomo are said to have lost $400m due to alleged fraud by the Sydney businessman Bill Papas from Forum Finance. Westpac has now obtained freezing orders from the Federal Court and is trying to track down and seize any properties Mr Papas may own across the world.
Forum Group: The entity at the centre of staggering $400m fraud allegations is “open for business”https://greekcitytimes.com/2021/07/27/forum-group-the-entity-at-the-centre-of-staggering-400m-fraud-allegations-is-open-for-business/
Australians more gullible than most for tech support scams – Microsoft Survey – 26 July 2021
Australians are more likely than any other nation (except India) to be victims of tech support scams because we are an affluent target. A Microsoft report shows 31% of Australian Millennials (aged 24-37), 30% of Gen Xers (aged 38-53) and 16% of Gen Zers (aged 18-23) were the most susceptible and continued tech support scam interaction. 61% of these were males.
Growth at what cost? How CEOs of Australian banks are incentivised to take risk – 27 July 2021
The Monash University research team identified a direct link between ASIC investigating or penalising a company, and the way CEOs are paid. A recent study is among the first to directly link CEO incentive pay to adverse firm events such as fraud and money laundering of Australian banks. The research found that adverse firm events are 42% more likely to occur when the majority of CEO pay comprises stock options and shares.
When the fixer from Wagga met the conmen from Shanghai – 28 July 2021
An ABC investigation unravels how the former MP (Daryl Maguire) did favours for Mr Liu’s company, which allegedly swindled vast sums from Australians and became embroiled in a devastating international fraud.
New ASIC chair Joseph Longo warns about unregulated cryptocurrency trading and other economic threats to pandemic recovery – 29 July 2021
New ASIC boss Joseph Longo’s focus is helping people and businesses through COVID and shutting down pandemic scams. He is particularly worried about unregulated cryptocurrency investments and scams. Mr Longo says decisions to prosecute are ultimately up to the Director of Public Prosecutions.
ATM skimmers fleece millions from Melbourne bank customers – 29 July 2021
Police have released images of five men believed to be linked to an international ATM skimming scam, that has fleeced millions of dollars from Melbourne bank customers this year. At least 28 machines around Melbourne have been compromised since March, in an elaborate scheme believed to have links to Eastern European crime gangs.
(Access to the digital version of the Age required to read article.)
Premier’s office was warned about Maguire’s business associate two years before corruption inquiry – 29 July 2021
Businessman, Jimmy Yang, is accused of widespread fraud and entangled in a financial scam that took $46 million from more than 900 retirees.
https://www.abc.net.au/news/2021-07-29/premier-s-office-warned-of-liu-and-uwe-in-2018/100312594
Maptek founder accused of $38.5m tax fraud – 30 July 2021
The 74-year-old Adelaide-based mining tech entrepreneur Bob Johnson, has been charged with hiding overseas assets over 15 years to avoid $38.5 million in income tax. The Australian Federal Police (AFP) will allege that Dr Johnson failed to disclose overseas trust assets in his income tax returns, in an effort to evade income tax in Australia between 1999 and 2013.
https://www.accountantsdaily.com.au/tax-compliance/15989-maptek-founder-accused-of-38-5m-tax-fraud
ASIC sues AMP companies over fees for no services allegations – 30 July 2021
ASIC has commenced Federal Court proceedings against six companies that are, or were, part of AMP Limited (ASX: AMP), alleging the entities charged fees for no service on 1500 corporate superannuation accounts.
High-flying accountant with multiple Block properties jailed over ‘calculated’ GST fraud – 30 July 2021
David Brandi, a wealthy accountant and property-owner, whose purchased homes from ‘The Block’ and a high-profile nightclub, learned his fate in the County court, over a complex GST fraud committed more than 10 years ago. It is alleged that he ended up pocketing $135,248.67 in false GST refunds in statements lodged with the ATO.
