13 stories this week:
Nudie co-founder tax fraud claims near $250m – 29 July 2021
Australian liquidator John Sheahan has launched new legal action in Israel against members of the Binetter family, which if successful would lift the total he has realised from tax fraud claims to nearly a quarter of a billion dollars. The pursuit of the Binetters is a 15-year saga that began in July 2006 when the Tax Office began auditing companies set up by Emil and Erwin Binetter, who had built a property group as well as co-founding the Nudie Juice business.
https://www.afr.com/policy/tax-and-super/nudie-co-founder-tax-fraud-claims-near-250m-20210728-p58dvd
ASIC sues AMP for corporate super rip off – 30 July 2021
ASIC has started civil proceedings in the Federal Court against six AMP companies that charged fees on corporate superannuation accounts, where no services were provided. The regulator estimates more than 1500 customers were charged more than $600,000 in fees for financial advice even though those customers were told they were no longer able to access the service.
Mining magnate accused of hiding assets overseas in order to avoid $38.5m in income tax – 30 July 2021
Bob Johnson, the founder of leading mining technology provider Maptek, faced the Adelaide Magistrates Court, after being charged last week in relation to an alleged taxation fraud, spanning 15 years and totalling more than $38.5 million. He is accused of hiding assets overseas.
US man pleads guilty over attempted $430m COVID fraud on NSW – 30 July 2021
A man in Texas has pleaded guilty to attempting to swindle $430 million from the NSW government by offering to sell 50 million COVID-19 protective masks he did not have. Arael Doolittle, could face up to five years in jail.
(Access to digital version of SMH required.)
Risk compliance for business critical as security industry evolves – 2 August 2021
Following recent high profile cyber-attacks, cyber security has become a top-of-mind issue for many CEOs and COOs. The nation’s $6 billion security industry is expected to grow 3 per cent a year over the next five years. The growth is part of shifts in the industry towards a more tailored, integrated and risk-based approach, where human capital is combined with the latest technology to provide more effective and compliant security solutions.
Immense Support Shown for Whistleblowers at Historic Three-Day Event – 2 August 2021
National Whistleblower Day 2021 was the largest gathering of whistleblower supporters in history, and stretched across three days. Day one focused on global whistleblowers and the urgent need for countries to adopt effective whistleblower laws and protections. Panels included experts from Australia and the United Kingdom, as well as industry whistleblowers.
https://www.natlawreview.com/article/immense-support-shown-whistleblowers-historic-three-day-event
Former Weston Creek Children’s Centre director Emma Morton now facing 80 fraud charges – 2 August 2021
Emma Morton is accused of stealing money from the Weston Creek Children’s Centre. Ms Morton allegedly made payments from the centre’s bank account into her own.
It is the second time more charges have been laid against Ms Morton, who is now accused of 80 counts of fraud.
The sophisticated scam that cost Julia $100k – 3 August 2021
There have been about 7,000 reports of remote access scams this year, according to the ACCC’s Scamwatch, with more than $8 million lost. This is Julia’s story and how she lost 100k.
https://www.abc.net.au/everyday/losing-to-remote-access-scam/100334824
Directors Under Pressure – New Australian Standard In Play – 3 August 2021
Standards Australia published their new guide to “Fraud and Corruption Control” (Australian Standard AS8001:2021) in June, their first significant update in the area since 2008. The Standard is intended to apply to all organisations operating in Australia, both for-profit and not-for-profit.
In recognition of the new cloud-based infrastructure, organisations must now plan to prevent, detect, and respond to external attacks, particularly cyber attacks. The act also provides new guidance on the accountabilities of boards and senior management in controlling organisational fraud and corruption risk.
https://which-50.com/directors-under-pressure-new-australian-standard-in-play/
Nephew allegedly distributed $1.3 million in fraud proceeds for Michael Ibrahim – 3 August 2021
A nephew (Abraham Sayour) of drug kingpin Michael Ibrahim, has been charged for his handling of $1.37 million in an alleged fraud and money laundering scheme, led by construction boss George Alex. It is alleged that Mr Sayour used two bank accounts to receive and distribute funds, from a scheme using labour hire and payroll companies, to siphon money that should have gone to the Australian Taxation Office.
Michael Gunner confirms investigations underway into alleged misconduct within territory’s ICAC – 3 August 2021
Multiple investigations are underway into allegations of misconduct within the Northern Territory’s anti-corruption watchdog. The investigations follow a series of exclusive Sky News stories, that detail complaints about the handling of conflicts of interest in the Office of the Independent Commissioner Against Corruption, and other allegations about the leaking of confidential information.
Bill Papas suffering from ‘extreme anxiety’ after getting sued by Westpac – 4 July 2021
Article provides an update on Bill Papas and the alleged long running and calculated and elaborate fraud against several banks in excess of 400 billion.
https://www.abc.net.au/news/2021-08-05/bill-papas-westpac-extreme-anxiety-assets-fraud/100327992
Number of investment scams soars during COVID pandemic – 4 August 2021
ASIC has revealed that the number of investment scams reported during the COVID-19 pandemic has “increased dramatically” since pre-pandemic. It is believed the increase in scams is due to more people spending time online during lockdowns, while over 75 per cent of reports were related to crypto-asset scams.
