10 stories this week:
‘Everyone thinks I’m a criminal’: The Millennial money manager and the missing millions – 22 July 2023
Article details ASIC’s investigation into the failure of the Magnolia Group and missing millings. Magnolia operated a private lending business, sourcing capital from private investors when approximately $40 million in investor losses became unaccounted for.
Trevor Crawford, a decorated public servant, made allegations of government corruption. He says it cost him his career – and almost his life – 22 July 2023
Former public servant Trevor Crawford, who gave evidence to the Coaldrake review (Report into the culture and accountability in the Queensland public sector), said his career was subject to vexatious allegations and bullying after reporting an allegation of high-level corruption. Mr Crawford was quoted in the Coaldrake report and he has now raised serious concerns about how Queensland government whistleblowers are treated.
Bitcoin bonnie and clyde to plead guilty – 23 July 2023
Ilya Lichtenstein and Heather Morgan are reportedly preparing to plead guilty for their involvement in an alleged cryptocurrency laundering scheme worth $4.5 billion. The alleged cryptocurrency laundering scheme was a complex operation, and the couple is accused of attempting to move a vast sum of money through digital assets while concealing its origin.
https://tickernews.co/bitcoin-bonnie-clyde-to-plead-guilty/
AI misinformation attacks are inevitable, warns US expert – 23 July 2023
According to Kris Lovejoy, the global security and resiliency leader for Kyndryl, businesses and public agencies need to rehearse their responses to large-scale AI-powered misinformation and cyberattacks, so they can quickly bounce back. This means running tabletop exercises on scenarios regularly and planning responses.
Joint ATO operation smashes $137m fraud and exploitation ring – 24 July 2023
An ATO taskforce has smashed a $137 million fraud, money laundering and worker exploitation ring with the sentencing of a fourth Chinese national. Collectively, the criminals had withdrawn more than $137 million since arriving in Australia to facilitate cash payments for foreign workers being exploited in NSW and the ACT while avoiding tax.
Alleged money mule laundered $176k from fraudulent emails – 25 July 2023
A 23-year-old Melbourne man has been charged with allegedly laundering more than $176,000 stolen from businesses targeted by cyber criminals. The AFP claims the man acted as a money mule and facilitated the movement of money obtained through business email compromise (BEC) fraud and other cyber crimes.
Eight telcos breach consumer protection rules – 26 July 2023
The Australian Communications and Media Authority (ACMA) has taken action against eight telcos after they failed to provide adequate safeguards that help customers to avoid service restrictions, suspensions or disconnections. Non-compliance could lead to significant consequences, with potential penalties of up to $250,000 for failing to comply with an ACMA direction.
https://www.acma.gov.au/articles/2023-07/eight-telcos-breach-consumer-protection-rules
Tottenham’s billionaire owner Joe Lewis charged with insider trading in US – 26 July 2023
British billionaire Joe Lewis, owner of the Tottenham Hotspur soccer club and majority owner of Australia’s biggest premium beef producer AACo, has been charged with insider trading in the US. Federal prosecutors alleged in an indictment in New York that the 86-year-old passed on inside information from companies in which he was a large investor to friends, including his personal pilots, assistants, and romantic partners. Lewis, the founder of the investment firm Tavistock Group, faces more than a dozen charges, including securities fraud.
Digital access required to read SMH
ATO reveals more than $557 million claimed by fraudsters exploiting security loophole – 26 July 2023
The Australian Tax Office (ATO) has admitted to the ABC, that more than half a billion dollars has been claimed over the past two years, by fraudsters exploiting a glaring security gap in the agency’s identity checking system. Fraudsters create bogus my Gov accounts and stolen information (bank statements, a previous ATO assessment, PAYG summaries etc.) to switch your ATO account to theirs. Once they’ve established the link they can replace your bank details and then submit refund claims while pretending to be you.
https://www.abc.net.au/news/2023-07-26/ato-reveals-cost-of-mygov-tax-identity-crime-fraud/102632572
Ibac report could result in criminal charges after finding property developer paid MPs and councillors – 27 July 2023
Prosecutors will consider criminal charges after Victoria’s anti-corruption watchdog found millionaire property developer, John Woodman paid councillors Geoff Ablett and Sameh Aziz and made political donations to influence planning decisions in his favour. Acting commissioner says any evidence collected will be sent to Office of Public Prosecutions.
