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Westpac accuses Forum and Papas of 100 frauds

Westpac alleges colourful soccer identity Bill Papas and his company Forum Finance orchestrated more than 100 allegedly fraudulent transactions that siphoned off over $340 million from the bank during a near three-year period. The details of the extent of Mr Papas’s fraud were detailed in a statement of claim filed… Read More

Australian accountants, lawyers being recruited by crime bosses: corruption watchdog

Accountants, lawyers and real estate agents are being lured to the “dark side” by organised crime bosses. Crime and Corruption Commission chair Alan MacSporran said he had hoped high-profile charges in recent years against individual lawyers would be a significant deterrent to others against wrongdoing. But Mr MacSporran said it… Read More

ANZ breaks off innovation unit to appeal to fintechs

ANZ Bank has spun its innovation unit ANZi out of the group and renamed it 1835i, flagging its desire to partner more closely with fintechs and accelerate its own technology transformation. ANZ managing director Ron Spector will remain head of the unit, which will no longer formally be part of… Read More
20th July 2021
National Australia Bank has been accused of frustrating investigations by rival bank Westpac into an alleged $400 million fraud orchestrated by colourful soccer identity Bill Papas due to its long-standing relationship Forum Finance. News of the bad blood between the two banks came as Mr Papas’ business… Read More
20th July 2021
Australian casino operator Crown Resorts Ltd should be stripped of the gambling licence for its main Melbourne resort due to insufficient and uncertain efforts to reform its culture and stamp out money laundering, an inquiry heard on Tuesday. The lawyer running the inquiry also expressed “little confidence” in the former… Read More
18th July 2021
The colourful soccer identity and business partner accused of defrauding Westpac by almost $400 million allegedly funnelled tens of millions of dollars of proceeds into high-end residential properties in Melbourne and near Sydney and a portfolio of petrol stations in small Victorian towns. The alleged $360 million fraud by Bill… Read More
15th July 2021
AP — Federal law enforcement officials said Wednesday that they dismantled a key international cocaine and money-laundering hub in an ongoing investigation that began six years ago in Las Vegas and has involved more than 30 other countries. The top federal prosecutor and the FBI chief in… Read More
13th July 2021
The largest lender in the Pacific, BSP Financial Group, has been ordered to remove senior managers following breaches of anti-money laundering laws in Papua New Guinea, putting further pressure on Commonwealth Bank of Australia and National Australia Bank to cut ties with the troubled institution. BSP, which listed on… Read More
12th July 2021
Companies and individuals still owe the Australian Taxation Office (ATO) hundreds of millions of dollars for trying to rort stimulus payments such as the JobKeeper wage subsidy, being declared ineligible or being overpaid. An ATO spokesman told ABC News that as part of its JobKeeper compliance program, the agency had… Read More
12th July 2021
A fleet of private jets, unparalleled access to the corridors of power, an honour bestowed by royalty, and stratospheric wealth — Australian Lex Greensill was every inch the corporate titan. With a company valued in the billions of dollars, Mr Greensill mixed with the rich and powerful on a grand… Read More
7th July 2021
Victoria’s opposition will attempt to establish a fresh inquiry into the state’s embattled gaming regulator after new allegations the regulator failed to properly police criminal conduct at Crown casino. When Parliament returns next month, the opposition will call on the crossbench to support a parliamentary probe into regulatory issues left… Read More
6th July 2021
Victoria Police has embedded an investigator and an analyst in the state’s racing industry to explore possible links with organised crime. The two officers will be seconded to the Office of the Racing Integrity Commissioner, Sean Carroll, for six months to explore what, if any, criminal connections may exist in… Read More
4th July 2021
Earlier this year in the National Australia Bank’s Docklands headquarters, a fraud officer noticed a suspicious pattern of transactions made by a 70-year-old woman. The officer opened the bank account and saw more than 20 transfers to Coinspot, an Australian cryptocurrency exchange. The customer’s transaction history showed the woman had… Read More