Category: Corporate Crime

‘They’re madly checking their payrolls’: the ugly truth of Australia’s underpayment epidemic | Australia news | The Guardian

Entrance to a Woolworths store

Employers claim the system is too complex, but others say the problem is that the rewards of ripping off staff outweigh the risks

via ‘They’re madly checking their payrolls’: the ugly truth of Australia’s underpayment epidemic | Australia news | The Guardian

Oracle and EY: 42 breaches of the Corporations Act and counting – Michael West

Oracle and EY: 42 breaches of the Corporations Act and counting

Despite being a serial law breaker, the Oracle Corporation is the beneficiary of government contracts from the likes of the Department of Finance, the Australian Securities and Investments Commission (ASIC) and the Australian Taxation Office (ATO). Oracle is currently a key player in Australian Visa Processing Pty Ltd, one of two consortia bidding for the privatisation of Australia’s visa system.

Oracle cheats on Australian income tax but boasts the ATO on its client list. Oracle treats Australian laws with contempt but has various government departments fawning all over it. Imagine a shoplifter stealing from Woolworths and then being rewarded with employment shifts at the store on double time. This is the story of Oracle in Australia.

via Oracle and EY: 42 breaches of the Corporations Act and counting – Michael West

Insider trading ‘rife’ among company directors on the ASX: ANU study finds – Business – ABC News (Australian Broadcasting Corporation)

red and green digits from the ASX reflected on a window with people behind it

via Insider trading ‘rife’ among company directors on the ASX: ANU study finds – Business – ABC News (Australian Broadcasting Corporation)

Five pillars of financial crime (part 3) – » The Australian Independent Media Network

has anyone been charged or will this process be put aside like the GFC, the Panama Papers and allow everyone to keep the spoils? (ODT)

While the scale of illegality and unethical behaviour in the Australian financial sector might be news to many Australians, the scale of fee-gouging, profiteering and the terrible treatment of customers should be no surprise to our regulators or politicians.

What s likely to remain, as a primary cause of the decade-old malpractice governing the industry and surrounding collaborators – as eloquently shown by K. Lee is ‘The incestuous relationship between government, the financial sector, the regulators, and the legal firms the use’, theaimn.com, 3 October 2018).

via Five pillars of financial crime (part 3) – » The Australian Independent Media Network

Five pillars of financial crime (part 2) – » The Australian Independent Media Network

Australia’s big four banks are among the most profitable in the world. In fact, the profits of the big four banks account for 2.4% of gross domestic product. Think about that: of every $100 produced in Australia, $2.40 goes to the shareholders of the big four banks.”

via Five pillars of financial crime (part 2) – » The Australian Independent Media Network

Australians lost nearly half a billion dollars to scammers in 2018, says ACCC – Business – ABC News (Australian Broadcasting Corporation)

Animation of a laptop screen showing the words 'Fraud Alert'.

Were Banks included in these figures along with other corporate bodies?

However even forget that, the greatest scammers that targeted Australia were actually Captain Cook from the very first moment of discovery and it continued from then until invasion day and thereafter till now. Conservatives want all of this history written out of the Australian narrative? Far too inclusive for them it seems and it might lead to TREATY and RECOGNITION. We can’t have that!! Why is NZ so different to us when it comes to an honest and shared history of their nation? Why is it that it threatens Conservatives in the IPA, LNP and News Corp so much? Their paid for News Corp voice simply calls shared historical fact as “fake”  but not so the ABC that opens these stories to be shared to us all? (ODT)

via Australians lost nearly half a billion dollars to scammers in 2018, says ACCC – Business – ABC News (Australian Broadcasting Corporation)

Wealth managers’ costs for fixing scandals are set to soar – Business – ABC News (Australian Broadcasting Corporation)

Cash seized by police from a car in Sydney's west on November 20, 2009.

 

Remediation costs for Australia’s scandal plagued wealth mangers could more than double to $6b from current provisions
The modelling from Macquarie analysts is based on a figure of $750,000 remediation cost per advisor, dervived from Westpac’s experience
The biggest upgrades in provisions are expected to be made by AMP, ANZ and IOOF

via Wealth managers’ costs for fixing scandals are set to soar – Business – ABC News (Australian Broadcasting Corporation)

Criminalisation of wage theft likely to backfire, say experts

Professor John Howe from the University of Melbourne.

Do we need proof of the unfair bias in our laws when an indigenous Australian can be jailed for the theft of a Mars Bar and his employer can’t be charged fo underpaying him? (ODT)

“The Fair Work Act contains very hefty civil penalties for wage underpayments. The penalties were increased by up to 20 times last year,” he said. “Therefore, any view that the previous penalties were not tough enough has already been very comprehensively addressed.

“Any civil case relating to back-pay would be put on hold by the Courts until the criminal case is heard and determined. Therefore, workers would be waiting years for back-pay.”

Victorian Attorney-General Jill Hennessy said the existing legal regime has failed to prevent underpayment of workers in low paid industries such as hospitality.

“The new laws will be drafted carefully to address any potential constitutional inconsistency issues,” he said.

via Criminalisation of wage theft likely to backfire, say experts

Financial planning rot more than just a few bad apples – Analysis & Opinion – ABC News (Australian Broadcasting Corporation)

Unidentifiable financial planner sits with unidentifiable client in office

For the financial planning industry, 2018 will go down as the year where there was nowhere to hide.

“Just a few bad apples”, the industry had constantly told us as scandal after scandal was revealed, and people’s financial futures were ruined.

The banking royal commission showed that up for what it was — a bald-faced lie.

via Financial planning rot more than just a few bad apples – Analysis & Opinion – ABC News (Australian Broadcasting Corporation)

‘Robin Hood in reverse’: Finance companies taking $31 million in alleged Viewble small business TV scam

Thousands of small businesses around Australia have been caught in the alleged scam which involves paying $430 a month to a finance company, under a three-year contract which will cost up to $15,500.

Small business owners like Harvey Levy, who owns lawn mower repair business Help Gardener, were told Viewble and its associated business The Shoppers Network would pay them $430 a month in advertising revenue for displaying the television which showed ads for local businesses.

Mr Trent said he became alarmed when he realised Viewble’s clients thought they were receiving the television for free because they would receive a rebate through advertising.

via ‘Robin Hood in reverse’: Finance companies taking $31 million in alleged Viewble small business TV scam

‘Epidemic of time theft’: Australians work two months’ unpaid overtime a year | Australia news | The Guardian

Workers in their early and mid-career do the most unpaid overtime – 7.85 hours a week for those aged 25-34 and 7.4 hours a week for those aged 35 to 44, AI says.

Australia Institute finds employers get six hours’ free work a week from each employee, while thousands are underemployed

via ‘Epidemic of time theft’: Australians work two months’ unpaid overtime a year | Australia news | The Guardian

Not one rotten apple, it’s the whole barrel: Crunchtime for banks

“Companies are often so concerned with appearance and damage control that they are unwilling to engage in the degree of examination required to root out the entrenched causes of trust violations,” the study says. For instance, BP allowed its Texas refinery explosion in 2005 to be followed by the oil spill in the Gulf of Mexico in 2010. News Corp had an employee jailed for phone hacking in 2007, but endured another phone-hacking scandal in 2011.

Source: Not one rotten apple, it’s the whole barrel: Crunchtime for banks

Unclaimed wages likely to top one billion dollars

 

A landmark study has found a silent underclass of vulnerable Australian workers is owed an estimated billion dollars with almost a third paid $12 per hour or less – almost half of their legal entitlements.

The University of NSW (UNSW) and Univerity of Technology Sydney (UTS) research found that fewer than one in ten migrant workers has taken action to recover unpaid wages, even though they know they are being underpaid. The remaining nine in ten suffered wage theft in silence.

via Unclaimed wages likely to top one billion dollars

Fake honey found in Australian-sourced brand Capilano and more

One in five samples of local honey sourced along the eastern seaboard of Australia, including boutique brands, has been found to be fake, deepening the global scandal over the impurity of honey.

The study, which tested five raw samples of honey and 95 local and global-branded honey, found 27 per cent were adulterated. But the big shock was Australian honey. Of the 38 honey samples sourced from supermarkets and markets, 18 per cent, or almost one in five, detected adulteration. The states implicated in the scandal include Victoria, Queensland, NSW and Tasmania.

via Fake honey found in Australian-sourced brand Capilano and more

Australia’s largest consumer credit reporting agency, Equifax, has joined the finance sector’s disgrace list

Australia’s largest consumer credit reporting agency, Equifax, has joined the finance sector’s disgrace list after being hit with a $3.5 million fine for misleading, deceptive and unconscionable conduct following legal action by the Australian Competition and Consumer Commission (ACCC).

This includes asking consumers to pay for their own credit histories, which they have the legal right to obtain for free.

Equifax admitted to breaching Australian Consumer Law when its representatives made false or misleading representations to consumers during phone calls.

via Australia’s largest consumer credit reporting agency, Equifax, has joined the finance sector’s disgrace list

‘Scared and furious’: Woman shocked to discover she has $36,000 education debt

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When Pay for No Service occurs when government outsources companies and pays them for not educating not findinf employment just simply signing people up. Collecting signitures for payment doing nothing has been common practice that has remained hidden for years but known by the participants involved except those that they were meant to benefit,why? It wasn’t in anyones interest to get busted.(ODT)

The 58-year-old Wodonga woman had just discovered she owed the federal government $36,000 for a tertiary qualification she’d never received. She was also told she had to immediately repay $2000.

This created a perverse incentive for some colleges to enrol as many people as they could, sometimes luring them with laptops and other incentives to sign up to often substandard online courses.

via ‘Scared and furious’: Woman shocked to discover she has $36,000 education debt

Rebel, Supercheap Auto owner says it underpaid workers by $8m

https://screenshotscdn.firefoxusercontent.com/images/63d19435-6352-4e43-aed3-713eb906de49.png

Corporate Fraud and Tax Cuts money for nothing and no ICAC support from the LNP (ODT)

The retail group that owns Rebel Sports, Supercheap Auto and Macpac has admitted to underpaying workers by almost $8 million after incorrectly calculating overtime pay and allowances.

via Rebel, Supercheap Auto owner says it underpaid workers by $8m

Cybercrime a $2 trillion threat for business

If only concern was given to threats faced by the Individual citizen from both business and the business of cyber crime.We speak of  market “freedoms” with little emphasis of “safety” other than “Buyer Beware” were not about to “teach” you the traps witch are increasing daily with data farming. Crime, Punishment are after all a class apart. (ODT)

Unfortunately, with around 3.5 billion internet users globally and well over 10 billion devices in use, cyber security will remain a major headache confronting business and government globally for years to come. For example, over the past year, the size of the global cybercrime economy has grown to more than $2 trillion annually, making it the world’s 13th largest economy by revenue, according to the Into the Web of Profit (Understanding the Growth of the Cybercrime Economy) study recently released by the University of Surrey in the United Kingdom.
Advertisement

via Cybercrime a $2 trillion threat for business

The Linc stink: Queensland’s biggest environmental disaster

Why wasn’t this News Corp headline news(ODT)

In April, following a 10-week trial, Linc Energy Limited was found guilty by a jury of five counts of wilfully and unlawfully causing serious environmental harm at its underground coal gasification plant at Chinchilla in the western Darling Downs.

Linc’s mine at Hopeland was described by Environment Minister Stephen Miles as potentially the biggest environmental disaster in Queensland history. Appropriately, Judge Michael Shanahan handed down a $4.5 million fine — the largest environmental penalty in Qld history, but still well short of the enormous clean-up costs needed.

The mining technique, which Linc practiced at Hopeland, was an extreme form of fracking known as underground coal gasification.

via The Linc stink: Queensland’s biggest environmental disaster

The hard-nosed investors behind the Rockpool empire

Related image

When is Corporate theft deemed a crime. Steal off a Corporation it’s a jailable offense? A Corporation steals off it’s enmployees it’s “hard nosed business” someting is seriously wrong and its systemic because our system allows it to happen. (ODT)

It is what Quadrant is doing with Rockpool Dining Group, which is expanding rapidly, has become heavily indebted and according to former senior management has a ruthless focus on costs and wages.

The downside is the mountains of evidence of systemic issues at Rockpool Dining Group around the underpayment of workers through the heavy use of unpaid overtime.

via The hard-nosed investors behind the Rockpool empire

Super funds treat customers with contempt? That’s putting it lightly | Greg Jericho | Business | The Guardian

Fingers crossed

Over a decade my CBA Super Fund has yeild a total of 25%. There is absolutely nothing about a fund thats annual average has been a loss. The self managed portion of my fund has had a yeild of well over 100% and I’m certainly not a professional. Dear Agony Aunt have I been “ripped off”?  (ODT)

Of the 74 funds with MySuper products, the commission found that 20 were underperforming – worth about 4.6m member accounts. Of those 20, nine were retail funds, six industry, three corporate (ie funds set up to cover employees of a company) and two public sector funds.

But that breakdown wrongly suggests the retail and industry sectors are almost equally as bad.

What those numbers hide is that the nine retail funds are among the biggest of their kind and the six poor-performing industry funds are among the smallest.

In reality, most people in dud MySuper funds are in retail funds, and most of the people in retail MySuper funds are in dud funds.
The biggest losers: Productivity Commission finds super funds wanting

via Super funds treat customers with contempt? That’s putting it lightly | Greg Jericho | Business | The Guardian

When CEO’s Earn 5,000 Times as Much as a Company’s Workers

Mattel is one of the largest toy-making companies on earth. Turns out it’s one of the biggest manufacturers of income inequality, too.

Last year, the Barbie doll manufacturer paid its CEO nearly 5,000 times as much as its median worker.

via When CEO’s Earn 5,000 Times as Much as a Company’s Workers

Crime Really Does Pay: Telstra’s $10 Million Fine Is $50 Million Less Than What It Stole – New Matilda

Crime Really Does Pay: Telstra’s $10 Million Fine Is $50 Million Less Than What It Stole

via Crime Really Does Pay: Telstra’s $10 Million Fine Is $50 Million Less Than What It Stole – New Matilda

Push to jail employers for up to 10 years for ‘wage theft’

Unions will campaign ahead of this year’s state election for the Andrews government to make ‘wage theft’ a crime and punishable by up to 10 years in jail.

The move by the Victorian Trades Hall Council and its Young Workers Centre is part of a growing legislative push in Australia to try to turn the deliberate underpayment of wages into a criminal offence.

Push to jail employers for up to 10 years for ‘wage theft’

The way banks are organised makes it hard to hold directors and executives criminally responsible

The Financial Services Royal Commission has seen evidence that bank directors and executives deliberately put in place policies to ignore the law.

But research suggests the very organisational structure of banks makes it difficult to hold directors and senior executives criminally responsible for systemic misconduct.

via The way banks are organised makes it hard to hold directors and executives criminally responsible

Banking royal commission hears of cash bribes, conflicts of interest and hidden fees – Analysis & Opinion – ABC News (Australian Broadcasting Corporation)

A graphic shows four men in suits and ties that match the colours of the 'Big Four' banks.

A tailor pushing $122 million in home loans, gym owners assessing peoples’ finances, paper envelopes filled with cash bribes, and a bank chief executive revealing his own customers are getting a raw deal.

via Banking royal commission hears of cash bribes, conflicts of interest and hidden fees – Analysis & Opinion – ABC News (Australian Broadcasting Corporation)

Property sellers pay mortgage brokers, financial planners and accountants for client referrals – Business – ABC News (Australian Broadcasting Corporation)

Apartments recently built and under construction in Sydney

via Property sellers pay mortgage brokers, financial planners and accountants for client referrals – Business – ABC News (Australian Broadcasting Corporation)

No ‘Paradise Lost’ for multinationals’ tax evasions| Self-allocated subsidies| We pay

These trillions are kept out of sight, locked away by the capitalist rulers, and workers are told that cut backs to health care, education and pensions are needed to balance the government budget. The “Paradise Papers” confirm that the capitalist economic system we live under is bankrupt as far as the working class is concerned. It is the workers who create value – surplus value – and the capitalist class skims it off, demonstrating the fact that capitalists are parasites, who are not necessary for human development and production.

No ‘Paradise Lost’ for multinationals’ tax evasions

Government shields directors after taxpayers foot $1.6bn wage dues | When Criminal Employers are called entrepreneurs

Minister for employment Michaelia Cash

The employment department is refusing to reveal the identities of the directors who contributed to a total unpaid wage bill of $1.6bn over 10 years, which was left to taxpayers to pick up.

Government shields directors after taxpayers foot $1.6bn wage dues | Australia news | The Guardian

Company Town: ‘quiet tragedy’ of an Arkansas community vs the Kochs | US news | The Guardian

A new film tells the story of Crossett, Arkansas – a small town dominated by a Koch brothers-owned paper mill, blamed for dumping cancer-causing chemicals

Source: Company Town: ‘quiet tragedy’ of an Arkansas community vs the Kochs | US news | The Guardian

Adani mining giant faces financial fraud claims as it bids for Australian coal loan | World news | The Guardian

Exclusive: Allegations by Indian customs of huge sums being siphoned off to tax havens from projects are contained in legal documents but denied by company

Source: Adani mining giant faces financial fraud claims as it bids for Australian coal loan | World news | The Guardian

School cleaning contracts to be slashed in Victoria after workers routinely exploited – ABC News (Australian Broadcasting Corporation)

Victorian public school cleaning contracts are being slashed in a bid to stop staff being routinely underpaid and exploited by rogue operators.

Source: School cleaning contracts to be slashed in Victoria after workers routinely exploited – ABC News (Australian Broadcasting Corporation)

‘Reasonable grounds’ to suspect Grenfell tower fire was corporate manslaughter – London police — RT UK

Police investigating London’s Grenfell Tower disaster, in which 80 people were killed in rapidly spreading fire, have sent a letter to survivors and families of victims saying there are “reasonable grounds” to suspect it was a case of corporate manslaughter.

Source: ‘Reasonable grounds’ to suspect Grenfell tower fire was corporate manslaughter – London police — RT UK

Aveo: How elderly Australians are being ripped off in retirement villages

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Source: Aveo: How elderly Australians are being ripped off in retirement villages

Source: Aveo: The retirement villages that swallow vulnerable people’s money

Source: Bleed them dry until they die: the Aveo residents who suffer cruelty and neglect

Mining report finds 60,000 abandoned sites, lack of rehabilitation and unreliable data – ABC News (Australian Broadcasting Corporation)

More than 60,000 mines have been abandoned across Australia, according to a report that raises concerns about how land rehabilitation is managed.

Source: Mining report finds 60,000 abandoned sites, lack of rehabilitation and unreliable data – ABC News (Australian Broadcasting Corporation)

7-Eleven: More workers speak out about ‘cash back’ scams – ABC News (Australian Broadcasting Corporation)

More 7-Eleven workers are speaking out about the so-called cash back scam, in which employees are forced to hand back part of their pay to franchisees of the convenience chain.

Source: 7-Eleven: More workers speak out about ‘cash back’ scams – ABC News (Australian Broadcasting Corporation)

Add-on insurance products sold by car dealers are failing consumers: ASIC

The Australian Securities and Investments Commission has described them as “expensive” and “poor value”.

Source: Add-on insurance products sold by car dealers are failing consumers: ASIC