9 stories this week:
Former Courgette chef James Mussillon jailed for money laundering and perjury – 11 April 2023
A renowned Canberra chef has been sent back to jail for laundering hundreds of thousands of dollars through his restaurant for an alleged drug dealer, as well as perjury and dishonesty charges. The court heard that Mussillon pretended that his co-accused was an employee at the restaurant, and laundered more than $350,000 disguised as payments for work, over a period of about five years. James Mussillon pleaded guilty to five charges, including one of perjury, last year.
Sydney family lose $200k life-savings in Suncorp spoofing scam – 11 April 2023
The Sydney family are “devastated” by the disappearance of almost $250,000 and can’t afford groceries and even face having to sell their home. Scammers are making it appear as if customers are receiving communication from the bank’s number. The victims believe Suncorp’s security process appeared “inadequate” and also claims the fraud department told him the hackers “were a step ahead” of the bank.
Next step in $36.5m investment scheme fraud case – 12 April 2023
Chris Marco allegedly defrauded nine investors out of $36.5m between July 2013 and October 2018 through an unregistered investment scheme, with at least one investor conned out of $10m. The charges stem from an ASIC investigation into Mr Marco and his company AMS Holdings (WA) Pty Ltd. He was also banned from carrying on a financial services business without an Australian Financial Services Licence.
Theranos’s Elizabeth Holmes loses bid to stay out of prison during appeal of sentence – 12 April 2023
A US district judge has denied Elizabeth Holmes’s bid to remain free on bail while her lawyers try to appeal her November prison sentence. The Theranos founder will have to surrender to authorities on April 27 to start the more than 11-year jail term. It comes 10 months after a jury found her guilty on four counts of fraud and conspiracy against the Theranos investors.
Homeowner wins fire dispute after insurer alleges fraud – 13 April 2023
A claimant whose property was severely damaged by fire will be compensated after successfully challenging an insurer’s decision to decline the claim over allegations of fraud. The Australian Financial Complaints Authority (AFCA) accepted that there was reasonable cause for the insurer to investigate the claim, but said there was insufficient evidence to show that the fire was deliberately lit. It required the insurer to accept the claim and award the homeowner $2000 for non-financial losses caused by the insurer’s handling of the claim as well as a $5000 contribution to his legal costs.
https://www.insurancenews.com.au/daily/homeowner-wins-fire-dispute-after-insurer-alleges-fraud
Australian court bans social media influencer ‘ASX Wolf’ from giving financial advice – 13 April 2023
Queensland justice Kylie Downes has issued an order forbidding Tyson Robert Scholz from hosting paid online groups in which messages are exchanged about share trades without an Australian Financial Services Licence.
Trump spends day in New York under questioning in state civil fraud case – 14 April 2023
Forrmer U.S. President Donald Trump returned to New York to answer questions under oath on Thursday in a $250 million business fraud lawsuit brought against him by the state attorney general. The lawsuit claims Trump, three of his adult children and others participated in a decade-long scheme to manipulate property values and his net worth to obtain favorable loans and tax and insurance benefits.
https://www.reuters.com/legal/trump-due-back-new-york-questioning-state-civil-fraud-case-2023-04-13/
How to stop internal fraud – 14 April 2023
Forensic accounting and corporate investigations firm Warfield and Associates investigated 102 cases in Australia between 2012 and 2022, revealing more than $350 million was stolen by internal fraud. The research from the report discovered that ‘lifestyle improvement’ was the main motivating factor in 44 cases (43%) while gambling addiction was responsible for another 39 cases (38%). Article aslo explains signs to watch out for and controls and checks to prevent internal fraud.
https://www.hcamag.com/au/specialisation/employment-law/how-to-stop-internal-fraud/442701
Government pledges to find ways to stop technology-facilitated abuse – 15 April 2023
The Australian Office of the eSafety commissioner says nearly all victims of domestic and family violence – more than 99 per cent of them – have experienced technology-facilitated abuse. The federal government has pledged to tackle the issue, announcing a grants program which aims to put a stop to that technology-based abuse.
