Category: White Collar Crime

Serial conman Eddie Kang up to old tricks ripping off vulnerable students – Business – ABC News (Australian Broadcasting Corporation)

Eddie Kang

ABC investigation uncovers evidence a convicted fraudster is continuing to take tens of thousands of dollars off foreign students
He promises them visas and jobs, but they never eventuate and one woman found herself deported without a visa
Students say federal immigration authorities have failed to act against Eddie Kang despite complaints, which Kang says are “unfounded”

via Serial conman Eddie Kang up to old tricks ripping off vulnerable students – Business – ABC News (Australian Broadcasting Corporation)

‘A travesty of justice’: Job seekers stripped of payments by private companies

 

Private job-seeking operators are stripping people of unemployment benefits without consulting government departments, leaving them with few avenues of redress despite up to 1 million mistakes being made last year.

via ‘A travesty of justice’: Job seekers stripped of payments by private companies

The unspoken crimes of the ASX

I WORKED AS a prison officer in a maximum security prison from 2010-2013. In that time, I met a lot of criminals. I left that job because I had an opportunity to pursue a career investing in the Australian stock market. I did so thinking I was leaving behind a world of criminal behaviour.

Actually, what happened was the opposite.

via The unspoken crimes of the ASX

Royal commission: Is this the best take on the insurance ‘shonks’? – Business – ABC News (Australian Broadcasting Corporation)

Why is Sky News after Dark so silent on this and other elite class crime? (ODT)

Royal commission: Is this the best take on the insurance ‘shonks’? – Business – ABC News (Australian Broadcasting Corporation)

Ex-APRA manager accused of rorting credit union while pocketing six-figure salary, court documents reveal – Business – ABC News (Australian Broadcasting Corporation)

Onetime senior banking watchdog manager Lyndon Kingston and his wife Anna Kingston.

A former senior manager at Australia’s banking watchdog APRA is accused in a lawsuit of running an array of scams, including engineering sham payouts for his wife and ripping off the credit union that headhunted him as chief executive.

Lyndon Kingston allegedly lined his pockets by rorting expenses and taking kickbacks from uncommercial contracts before he was sacked from a job he claims entitled him to up to $1 million a year.
Key points

The credit union Lyndon Kingston ran alleges he took kickbacks from $2.5 million in dodgy contracts
Court documents claim the former APRA manager gave his wife a $340,000 “sham redundancy” and rorted expenses
It alleges Mr Kingston offered the credit union’s chairman a $1.25 million consultancy to get his job back
ASIC is investigating the claims, which Mr Kingston denies

via Ex-APRA manager accused of rorting credit union while pocketing six-figure salary, court documents reveal – Business – ABC News (Australian Broadcasting Corporation)

Financial sector slow to clean up its act despite royal commission revelations – Business – ABC News (Australian Broadcasting Corporation)

Former NAB superannuation chair Nicole Smith looks down walking outside court

The man running the banking royal commission, Kenneth Hayne, certainly comprehended what was going on when he questioned the head of the trustee responsible for NAB’s superannuation funds.

“Did you think yourself that taking money to which there was no entitlement raised a question of the criminal law?’ he asked.

“I didn’t,” responded Nicole Smith.

Ms Smith’s answer says a lot about the culture of Australian banking, where it seems that profit at any cost is king.

via Financial sector slow to clean up its act despite royal commission revelations – Business – ABC News (Australian Broadcasting Corporation)

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.
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via Cybercrime a $2 trillion threat for business

White collars, dirty secrets

Not a African among these Immigrants and good old Aussie boys Andrew Bolt and Peter Dutton. Further none lived in Dandenong yet they ran a war in Melbourne with the aid of our Banks (ODT)

Whether the pinstripe-suited money people are corrupt, don’t care or don’t ask hardly matters, for drug money is not much good unless you can spend it. And the best way to do that is to put it through some form of spin cycle.

via White collars, dirty secrets

Where white-collar crime meets a wet lettuce leaf

Brisbane Magistrates Court in Queensland.

“It really does require a sentence to be imposed that will provide adequate deterrence to ensure that investors, who these days often are retired people who have no other means of earning a livelihood except for their investments … are adequately protected,” McLennan told a gobsmacked court.

via Where white-collar crime meets a wet lettuce leaf

Macquarie bank faces class action over advice on worthless Brazilian mine project

Macquarie Group faces a major class action over allegations some of its investment advisers artificially inflated the price of a small mining company before a sudden collapse wiped out many of its investors.

Source: Macquarie bank faces class action over advice on worthless Brazilian mine project

Staggering number of alleged crimes in massive tax scam – ABC News (Australian Broadcasting Corporation)

What is phoenixing? When a director strips cash and assets before hiding them and liquidating the company, then restarting Usually restarted under a different name, “like a phoenix from the flames” Done to deny creditors and ATO the money owed to them

Source: Staggering number of alleged crimes in massive tax scam – ABC News (Australian Broadcasting Corporation)

Scandal-ridden Careers Australia, a Liberal major donor, back in spotlight

Legendary investigative journalist Bob Burton shines the spotlight on scandal-ridden private training company, Careers Australia —​ a major Liberal Party donor.

Source: Scandal-ridden Careers Australia, a Liberal major donor, back in spotlight

The cocaine-snorting businessman the ATO conspirators hoped would be their patsy

By February 7 this year, the syndicate which allegedly ran the Plutus Payroll scam had become very nervous about the future of their massive, $165 million fraud.

Source: The cocaine-snorting businessman the ATO conspirators hoped would be their patsy

Rich-list tycoons accused of fraud and shocking vilification

Businessman Atkinson Prakash Charan (left) pictured with his brother.

Rich-list tycoons behind a vocational training empire that collapsed after receiving $100 million in government funding have been implicated in series of fraud allegations, predatory conduct towards vulnerable students and shocking vilification of business associates.

Source: Rich-list tycoons accused of fraud and shocking vilification

Australian corporate fugitive Abraham ‘Abe’ Goldberg dies in Poland, owing more than $1.3 billion

One of Australia’s most notorious corporate fugitives, Abraham “Abe” Goldberg, has died in Poland more than 25 years after his textile empire collapsed with debts of $1.3 billion debts and warrants were issued for his arrest.

Source: Australian corporate fugitive Abraham ‘Abe’ Goldberg dies in Poland, owing more than $1.3 billion