10 stories this week:
Nuix insider lifts the lid on share market float disaster, as ASIC faces hearings into its role – 21 August 2023
A parliamentary inquiry into the performance of the ASIC, kicks off this week and it promises to be explosive. One of its case studies will be the scandal-ridden tech company Nuix, which torched billions of dollars of shareholder value. A former global vice-president at one of the country’s most disastrous share market floats in years has broken his silence and says he wasn’t surprised when the share price crashed, wiping billions of dollars from the fortunes of investors.
https://www.abc.net.au/news/2023-08-21/asix-nuix-senate-inquiry/102749880
Adam Cranston jailed over $105 million Plutus Payroll tax evasion scheme – 22 August 2023
Adam Cranston, the son of a former Australian Taxation Office (ATO) deputy commissioner, has been jailed for a maximum 15 years over his role in a $105 million tax evasion conspiracy. Between 2014 and 2017, a company called Plutus Payroll collected gross wages from employers, that should have gone to the ATO by way of GST and Pay As You Go (PAYG). They used fake subsidiary companies to carry the tax debt to give Plutus a “clean” appearance.
National Anti-Corruption Commission’s real challenge is leadership. Will it learn the lessons of the Robodebt investigation? – 22 August 2023
Finally a reality, the NACC must now prove its worth. It won’t be a test of design, nor of its powers, but rather a test of leadership. In the first 24 days of operation, the National Anti-Corruption Commission took receipt of almost 500 referrals.
https://www.abc.net.au/news/2023-08-22/national-anti-corruption-commission-robodebt/102749720
Foreign bribery: High Court rejects ‘net benefit’ approach to monetary penalties – 22 August 2023
The maximum monetary penalty for a company which bribed, or conspired to bribe, a foreign public official should not include a deduction for costs incurred in performing the contracts, according to the High Court of Court of Australia following its decision in The King v Jacobs Group (Australia) Pty Ltd [2023] HCA 23, handed down on 2 August 2023. This decision reinforces the significant monetary penalties that may apply to businesses found to have committed a foreign bribery offence.
Operation Elbrus: Trio jailed over tax fraud – 22 August 2023
Three men have been jailed for their roles in a large-scale tax fraud and money laundering syndicate, responsible for defrauding the Australian tax system of more than $105 million over three years. Operation Elbrus revealed that a group of people used payroll services companies to divert pay-as-you-go withholding tax and goods and services tax owed to the Australian Taxation Office.
https://www.miragenews.com/operation-elbrus-trio-jailed-over-tax-fraud-1069535/
Hisense Executive Jailed Over Multi Million Dollar Fraud – 22 August 2023
Aphrodite Myron, a former senior Hisense executive who was accused of stealing $3.4 million over several years to feed her gambling addiction, has been jailed. Hisense ended up paying $3,383,56 into 35 separate bank accounts set up by Myron under her and her family’s names. The call centre boss had falsified documents with payment details linked to bank accounts in her or her family’s name.
Are Aussie banks adequately addressing fraud concerns? – RFI Global – 23 August 2023
RFI’s study reveals that one in five Australians have been victims of banking fraud. Older Australians appear to be especially at risk, with about 63% having encountered communications with scammers. It’s a balancing act for banks as whilst customers demand rigorous security, they also expect a seamless banking journey.
Scammers buying Australians’ personal details on the dark web for as little as $38, research finds – 23 August 2023
The Australian Scam Culture Report by financial services firm BDO reveals 2.7 million people use the dark web each day – and scam-based activity, including accessing credit card, email and social media details, as well as corporate data, accounts for up to 23 per cent of trades over online black marketplaces. Scammers can access Australians’ hacked credit card details for just $38 on the dark web, while unauthorised Facebook and Instagram access are on sale for just over $100.
ICAC granted exemption to use illegally recorded conversations during Toplace investigation – 24 August 2023
An exemption until 2025 has been granted, that will allow the corruption watchdog in New South Wales, to listen to illegally recorded conversations during its investigation into development company Toplace. The attorney-general told NSW parliament the amendment would help ICAC’s statutory functions.
How to blow the whistle on your employer and avoid reprisal – 24 August 2023
The world of whistleblowing is treacherous. People who dob in an employer or the government run the very real risk of losing their job, going bankrupt or going to prison. The Human Rights Law Centre (HRLC) estimate that 80 per cent of whistleblowers in Australia report suffering personal reprisals for speaking up. The Whistleblower Project legal service will help guide people through the process and represent their interests as they attempt to expose misconduct.
