15 stories this week:
What are the relevant statutes and which government authorities are responsible for investigating and enforcing them? – 19 November 2021
An Informative article outlining the Australian legislative framework and the Corporations Act 2001. It also outlines the role of ASIC and other regulatory bodies and what powers they have. The article also details what conduct is most commonly the subject of securities enforcement and the legal issues that commonly arise, in enforcement investigations.
Former WA public servant Paul Whyte sentenced to 12 years in jail for stealing taxpayer millions – 19 November 2021
Paul Whyte has been sentenced to 12 years in jail for masterminding the theft of $27 million of taxpayers’ money and using it to fund a lavish lifestyle. He committed his crimes over 11 years, while he was one of WA’s top public servants, in the state government department that looks after public housing. The funds were taken through an elaborate fake invoice scheme, which involved three shell companies.
https://www.abc.net.au/news/2021-11-19/disgraced-public-servant-paul-whyte-sentencing/100630840
Court orders Melissa Caddick’s financial services company Maliver to be wound up – 22 November 2021
Dozens of investors, who were swindled out of millions of dollars by missing Sydney businesswoman Melissa Caddick, are a step closer to getting some of their money back. ASIC has been pursuing court action to recoup more than $23 million left owing to 72 clients.
ASIC boss urges ‘great caution’ to cryptocurrency investors – 22 November 2021
Corporate regulator Joe Longo, has urged consumers to show a high degree of caution towards the cryptocurrency craze, urging people to be careful about putting their savings into an unregulated asset class that many do not fully understand.
https://7news.com.au/business/cryptocurrency-not-a-fad-minister-warns-c-4645697
Watch out for fake online deals and avoid scammers this sales season – 22 November 2021
Australians have already lost about $12.9 million to online shopping including classifieds scams so far this year, and the ACCC is urging consumers to watch out for dodgy deals as pre-holiday sales approach.
https://www.miragenews.com/watch-out-for-fake-online-deals-and-avoid-677894/
Woman who stole $940k from employer left gambling app on auto while she slept – 23 November 2021
Rachel Naomi Perri pleaded guilty to stealing $940,000 from her employer, whilst working as an account manager at the Tasmanian Veterinary Hospital. The money was used to fund her addiction to an online gambling game that does not pay out real money.
How migration fraud works and ways to avoid visa scams in Australia – 23 November 2021
Pre-pandemic data showed the Department of Home Affairs received an average of around 500 visa scam reports per year, from people who use unregistered ‘migration agents.
Former Palm Island mayor Alf Lacey’s fraud charge dropped, magistrate claims lack of evidence – 23 November 2021
Alf Lacey has been charged with fraud amounting to at least $100,000 and failure to correct a register of interests, while serving as mayor of Palm Island in 2020.
Before Richard Ludwig’s company went bust, he and his pre-insolvency advisers smuggled more than $740,000 out of the business – 24 November 2021
With the advice of two pre-insolvency advisers, Richard Ludwig arranged to illegally smuggle more than $740,000 out of his company Cap Coast Telecoms before it went into liquidation. ASIC has admitted the pre-insolvency industry is largely unregulated.
Scamwatch: Dodgy investment scams are doing the rounds – 24 November 2021
Scam awareness week is this week. Article outlines the most common and recent scams targeting Australians. Fake bond offers and Job offers, threats, Osko payments and investment scams are the most common.
https://www.manningrivertimes.com.au/story/7520435/all-the-online-scams-you-need-to-avoid/?cs=12
What will the ATO do if you are scammed out of your crypto? – 24 November 2021
Article discuss how the Australian Taxation Office (ATO) view crypto losses and the chances of getting your money back if your scammed. With more and more Australians holding crypto, this area is only going to become more mainstream over the next few years.
https://www.smartcompany.com.au/finance/tax/ato-scammed-out-of-your-crypto/
Former MP Barry Urban sentenced to three years in jail over fake medals, lies about qualifications – 25 November 2021
Disgraced former West Australian MP Barry Urban, has been sentenced to three years jail, for an elaborate series of lies he told over two decades about his university qualifications and military service.
Adelaide Brighton Cement employee Glenda Burgess deceived previous employer, court told – 25 November 2021
Glenda Burgess (a Senior Accounts Manager) at Adelaide Brighton Cement has been found guilty of deceiving her employer out of $12 million. She made false entries allowing a customer to only pay $20 million for $32 million worth of cement and hid ”Concrete Supply’s” debts, increased their credit limits without authorisation and had created several large manual entries benefiting ”Concrete Supply’. Concrete Supply was not complicit in the crimes.
Fake volunteer firefighter Sharon Tully Hill jailed over Black Summer relief payments fraud – 25 November 2021
Sharon Tully Hill who posed as a volunteer firefighter, despite never being one, fraudulently claimed disaster relief funds from the Black Summer bushfires has been sent to jail. She received $190,000 through bushfire relief payments but has never volunteered for the RFS.
https://www.abc.net.au/news/2021-11-25/woman-sentenced-for-black-summer-bushfire-fraud/100649066
Leaked emails reveal how Macquarie Bank became entangled in an $80 billion scandal – 26 November 2021
Australia’s largest investment bank Macquarie is among 100 banks and financial institutions under investigation over a scheme estimated to have cost governments $80 billion. Leaked documents reveal that, inside Macquarie, their practices were thought to be a legal loophole which was tolerated – although not endorsed – by the German tax authorities.
https://www.abc.net.au/news/2021-11-26/macquarie-bank-cum-ex-tax-scheme-germany/100643674
