Category: Fraud Charges

NAB Executives May Face Criminal Prosecution


By Zeb Holmes and Ugur Nedim The National Australia Bank (NAB) is the latest financial institution to come under fire during the Banking Royal Commission over its alleged part in the estimated $850 million ‘fees-for no service’ scandal, whereby financial institutions systematically charged their customers fees for services that were never provided. Money for nothing ...

Cheating on Gambling in New South Wales


The New South Wales government strictly regulates gambling in our state. There are mountains of rules and regulations dictating when, where and how people are allowed to gamble. Those rules make it illegal to conduct a betting event without a licence or authorisation– even betting money on a coin toss between friends amounts to an ...

What is the Offence of Perjury in New South Wales?


Perjury can be generally defined as knowingly telling an untruth during judicial proceedings when under a legal obligation to be honest. It was a common law offence in New South Wales until abolished by section 341 of the Crimes Act 1900 (NSW) and codified in Part 7, Division 4 of that Act, which also contains ...

Big Banks Get Away With Fines Despite Allowing Money Laundering to Flourish


By Zeb Holmes and Ugur Nedim The global drug trade is estimated to be worth half a trillion US dollars every year, which accounts for around 1% of all worldwide trade. Those in the higher echelons of drug enterprises are constantly looking for ways to launder the proceeds of their criminal activity; in other words, ...

CBA Fined $700m, while ANZ to Face Criminal Charges for Alleged Cartel Conduct


By Sonia Hickey and Ugur Nedim It was reported this morning that the Commonwealth Bank has agreed to pay a $700 million fine after admitting to systemic breaches of anti-money laundering and counter-terrorism financing laws. The proposed settlement comes after an investigation by the federal government’s financial intelligence gathering agency AUSTRAC, which commenced last year. ...

Ford Fined a Fiesta


The Federal Court has ordered car manufacturer Ford to pay a $10 million fine after finding the way it responded to consumer complaints about PowerShift transmission systems (PST) was “unconscionable”. It has been reported that around 10,000 complaints were made to Ford about issues arising from the transmission systems. Under the Federal Court’s ruling, at ...

AMP May Face Criminal Charges


By Zeb Holmes and Ugur Nedim Senior Council Rowena Orr QC says financial services provider AMP could face criminal charges for making misleading statements to the Australian Securities and Investments Commission (ASIC). Misconduct findings The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (‘the Banking Royal Commission’) heard that AMP made a deliberate ...

Woman Who Defrauded Victims by Claiming to Have Cancer Imprisoned


A 24-year old woman who convinced her parents, friends and neighbours to give her tens of thousands of dollars by falsely claiming that she required the money for lifesaving cancer treatment has been sentenced to three months in prison and a 12 month community corrections order, in a case reminiscent of the Belle Gibson fraud. ...

10 Years in Prison for Multi-Million Dollar Tax Fraud


By Sonia Hickey and Ugur Nedim A 12-year investigation has culminated in the sentencing of a businessman behind what has been described as Australia’s biggest tax fraud. The NSW Supreme Court has sentenced Gold Coast businessman Michael Issakidis to a full term of ten years in prison, with a minimum term of 7 and a ...

NSW Lawyer Struck Off and Prosecuted For Fraud


By Paul Gregoire and Ugur Nedim When applying to be admitted into the Australian legal profession, law graduates are required to undergo a character test to determine whether they are a “fit and proper person” to engage in legal practise. However, there are lawyers who – in the course of practising the law – breach ...