14 stories this week:
William O’Dwyer sentenced to four years’ jail over Ralan collapse – 2 February 2024
Former high-flying Sydney and Gold Coast property developer William O’Dwyer was handed a four-year jail term on Friday after pleading guilty to six fraud-related charges following the $560 million collapse of his Ralan Group in 2019. The charges that O’Dwyer pleaded guilty to, related to a period between April 17, 2015, and June 6, 2018, when by deception, he dishonestly obtained for companies in the Ralan Group the ability to draw down on finance facilities totalling $251 million.
WA Police crack alleged international money laundering racket – 2 February 2024
WA Police have foiled an alleged international money laundering operation, finding a multimillion-dollar haul of luxury items in Perth’s north-west. Among the items seized was an $80,000 Louis Vuitton trunk. There was also a $42,000 clutch by the designer and $6500 monogrammed teddy bear. It is alleged that the money and cards to commit money laundering offences and the proceeds of these offences were used to buy the luxury items and land.
Westpac cops puny fine for insider trading. What’s the scam? – 2 February 2024
Westpac has been fined a paltry $1.8 million for a trade that netted the bank over $20M in behaviour akin to insider trading. The scam was all in a day’s work back in September 2016 for the Westpac traders, who themselves netted $3.7M in bonuses to the detriment of the buyers. When ASIC took Westpac to the court in 2021, the bank accused Westpac and their merry band of brokers of insider trading, a crime punishable by massive fines for the company and up to ten years in jail for the individuals involved.
https://michaelwest.com.au/westpac-puny-fine-insider-trading/
On-site learning for AI systems set to change up the surveillance industry – 2 February 2024
Article details the evolving landscape of artificial intelligence, and how there is a significant surge in AI adoption within the physical security market. While AI has already made substantial contributions to security through advanced monitoring features like human and vehicle detection, Missing Object alerts and more, the next leap forward lies in the realm of customisable on-site learning for AI systems. This advancement is expected to revolutionise how businesses utilise data for security and operational purposes.
Wanted Sydney property developer Jean Nassif sends millions to Lebanon, Nigeria in potential fraud, administrators say – 3 February 2024
A report into Jean Nassif’s company Toplace reveals he used millions of dollars to buy land in Lebanon and warehouses in Nigeria. The administrators’ report also alleges he transferred $10 million to an account likely owned by his brother. Police say an investigation into Mr Nassif, who is believed to be in Lebanon, is ongoing.
Aussie billionaire Andrew Forrest targeted in a deepfake scam promoting a fraudulent crypto platform – 3 February 2024
Aussie billionaire Dr Andrew Forrest has lashed at Facebook’s parent company Meta after he was featured in a deep fake crypto video scam. The businessman and mining magnate, nicknamed Twiggy, had his identity used to spruik a get-rich-quick scheme with the ad circulating on Instagram. The manipulated video, that surfaced late last month on the Meta-owned platform, shows ‘Dr Forrest’ urging users to sign up for a fraudulent platform that promises to make “ordinary people” thousands of dollars daily.
Whistleblowers should have possibility of their risks being federally covered – 5 February 2024
If staff knew they could be compensated for losing their jobs when they reported fraud with public money, they would have the option to go with their best instincts and speak up rather than turn a blind eye to their livelihoods. A great paper that advocates that whistleblowers should be rewarded for speaking up whilst highlighting the difference in legislation around whistle blowing in the US.
Final person sentenced over Operation Elbrus tax fraud – 5 February 2024
A Sutherland man was jailed for 4 years and 6 months with a non-parole period of 2 years and 3 months by the Supreme Court of NSW for his role in a $105 million tax fraud, becoming the final person to be sentenced under Operation Elbrus. The operation 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.nationaltribune.com.au/final-person-sentenced-over-operation-elbrus-tax-fraud-2/
Finance worker at global firm conned into transferring $38 million after deepfake scammers impersonate his boss – 5 February 2024
A finance employee at a global company has been deceived into transferring $38.8 million to scammers who used advanced deepfake technology to stage a fake meeting with his boss. Scammers were able to use cutting-edge technology to impersonate the Hong Kong’s firm’s chief financial officer during a video call. The finance worker was successfully hoodwinked, and transferred the eight-figure sum straight into their pockets. This complex fraud saw the employee lured into a fake video conference under the impression of meeting with various colleagues.
Clive Palmer loses bid to halt criminal proceedings over alleged fraud and dishonesty – 6 February 2024
Queensland’s court of appeal dismisses applications by Clive Palmer and his Coolum resort relating to charges brought by corporate watchdog. Some charges relate to an allegation that Palmer and Leisure Coolum broke the law over a proposed buyout of timeshare investors in the Sunshine Coast resort without making an offer within the required two-month time limit. Palmer is also accused of improperly transferring more than $12m through his company Mineralogy to Media Circus and Cosmo Developments, and ultimately using the funds for the 2013 federal election campaign for the Palmer United party, now known as the United Australia party.
Former Launceston General Hospital head allegedly falsified medical certificates of death, inquiry hears – 6 February 2024
Launceston General Hospital nurse and midwife Amanda Duncan has told an inquiry the hospital’s former head of medical services allegedly falsified medical certificates of death. Ms Duncan told the committee she had received 11 reports from doctors and nurses who had disclosed alleged misconduct relating to the death of a patient, including falsified medical certificates of death. Ms Duncan is calling on the department to investigate the allegations she has raised, and for a commission of inquiry to investigated health system failures in Tasmania.
Former Renewal SA staffer fined for tipping her bosses off to an ICAC investigation against them – 7 February 2024
Stephanie Hardy was given a fine for disclosing information about an anti-corruption investigation against her bosses.
The court heard that the woman felt obligated to let her bosses know even though it was illegal to release information about an ICAC matter. Hardy avoided a conviction but was handed a $1,000 fine.
Report unveils emerging AI challenges in financial crime
ComplyAdvantage, a leader in artificial intelligence-driven fraud and anti-money laundering risk detection, has researched and reported on fraud, money laundering, and financial crime in the world of AI. Their recent report details key insights on AI’s role in combatting fraud.
NSW government to rewrite ministerial code in wake of Berejiklian ICAC findings – 7 February 2024
The state’s corruption watchdog recommended new guidelines for selflessness, integrity, honesty, and leadership which now will be included in the ministerial code of conduct. Parliamentarians will be forced to disclose more information in the wake of investigations into Gladys Berejiklian and John Sidoti. The changes will be made from July 1, after the government consults with parliamentary committees.
https://www.abc.net.au/news/2024-02-07/nsw-government-icac-findings-berejiklian-sidoti/103436156
