Knowledge hub for financial crime data for the benefit of business, government and law enforcement sectors.
The McGrathNicol Financial Crime Exchange (FCX) is a knowledge hub for financial crime data for the benefit of business, government and law enforcement sectors. It aims to reduce the risks and impact of financial crime in modern business by leveraging and applying past experience to contemporary business practice.
Financial crime cuts across all industry sectors and talks to the heart of business, culture, profitability, trust and confidence. McGrathNicol FCX aims to assist businesses in their understanding, awareness and identification of risks which undermine the successful operation of business. FCX also aims to reduce the risks and impact of financial crime in modern business by leveraging and applying past experience to contemporary business practice.
High-flying accountant with multiple Block properties jailed over ‘calculated’ GST fraud
30 July 2021
David Brandi, a wealthy accountant and property-owner, whose purchased homes from ‘The Block’ and a high-profile nightclub, learned his fate in the County court, over a complex GST fraud committed more than 10 years ago. It is alleged that he ended up pocketing $135,248.67 in false GST refunds in statements lodged with the ATO.
ATM skimmers fleece millions from Melbourne bank customers
29 July 2021
Police have released images of five men believed to be linked to an international ATM skimming scam, that has fleeced millions of dollars from Melbourne bank customers this year. At least 28 machines around Melbourne have been compromised since March, in an elaborate scheme believed to have links to Eastern European crime gangs.
New ASIC chair Joseph Longo warns about unregulated cryptocurrency trading and other economic threats to pandemic recovery
29 July 2021
New ASIC boss Joseph Longo's focus is helping people and businesses through COVID and shutting down pandemic scams. He is particularly worried about unregulated cryptocurrency investments and scams. Mr Longo says decisions to prosecute are ultimately up to the Director of Public Prosecutions.
Who is Bill Papas, the man at the centre of Westpac's 'elaborate fraud' allegations?
24 July 2021
Westpac, Societe Generale and Sumitomo are said to have lost $400m due to alleged fraud by the Sydney businessman Bill Papas from Forum Finance. Westpac has now obtained freezing orders from the Federal Court and is trying to track down and seize any properties Mr Papas may own across the world.
Revealed: Alleged Westpac fraudsters in multimillion-dollar property binge
16 July 2021
The alleged $360 million fraud by Bill Papas’ Forum Finance against Westpac has been described by a judge as “a long-running, calculated and elaborate fraud which would rank high in the catalogue of corporate misfeasance”. The fraud is alleged to have been conducted between 2018 and 2021.
Bigwig in the big house: Ex-education boss jailed for school funds rorts
16 July 2021
Former Education Department chief Nino Napoli, is in prison after being jailed this week after he and family members defrauded school funds in calculated rorting over a period of seven years. Napoli approved fake invoices and dodgy contracts totaling $500,000 by concealing his connections to relatives’ businesses, and either used department money or directed banker schools to pay invoices.
McGrathNicol’s Financial Crime Exchange (FCX) is currently collaborating with the University of New South Wales in a two year project to research occupational fraud in Australian business. Find out more about it here.