FRAUD – LAW AND LEGISLATION – AUSTRALIA

Charges laid over $110m loan fraud

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Original article by Chris Vedelago, Georgia Wilkins
The Australian Financial Review – Page: 5 : 7-Jan-15

The Australian Securities & Investments Commission has issued details on a case of two men allegedly committing fraud against the four main banks and other mortgage lenders. It is being claimed that the accused used the Footscray branch of Myra Financial Services to lodge loan applications with sham documents, causing a loss of a total $A110m across 350 mortgages. Prison terms of up to 15 years each may be imposed, on a charge of obtaining financial advantage by deception

CORPORATES
MYRA FINANCIAL SERVICES, WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, CIGNA FINANCIAL PTY LTD, AUSTRALIAN FINANCE GROUP PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MELBOURNE MAGISTRATES’ COURT, PREMIUM FINANCIAL SERVICES, RAMS HOME LOANS PTY LTD

Accused Myer fraud ‘left CV at home’

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Original article by Pia Akerman
The Australian – Page: 22 : 17-Dec-14

Melbourne Magistrates Court was on 16 December 2014 told of the deceptions allegedly perpetrated by Andrew Jeffery Flanagan. He was made group GM strategy and business development at department stores chain Myer in mid-2014, but lasted just one day in the role before it emerged that he had faked the qualifications and experience on his resume. Flanagan has been granted bail ahead of a directions hearing on 17 December, and has been committed to stand trial on seven counts of fraud and theft. He had also duped the Australia Arab Chamber of Commerce & Industry, Bendigo Health and Specialty Fashion Group

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, MILLER’S FASHION CLUB, SPECIALTY FASHION GROUP LIMITED – ASX SFH, RIVERS (AUSTRALIA) PTY LTD, BENDIGO HEALTH, ZARA, INDITEX SA, AMERICAN CHAMBER OF COMMERCE IN AUSTRALIA, AUSTRALIA ARAB CHAMBER OF COMMERCE AND INDUSTRY INCORPORATED, MELBOURNE MAGISTRATES’ COURT

Palmer in bid to stop fraud ruling

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Original article by Sarah Elks
The Australian – Page: 2 : 27-Nov-14

Supreme Court of Queensland judge David Jackson is hearing a claim by Chinese state enterprise Citic Pacific against its iron ore mining joint venture partner, federal politician Clive Palmer. Citic alleges that he improperly accessed an account and withdrew $A12.167m to fund his election campaign. Simon Couper QC, acting for Palmer, has formally conceded some of the points and argues the case should now be dropped. Andrew Bell SC, for Citic, says the admissions merely show that fraud did occur

CORPORATES
MINERALOGY PTY LTD, CITIC PACIFIC LIMITED, COSMO DEVELOPMENTS PTY LTD, MEDIA CIRCUS NETWORK PTY LTD, SUPREME COURT OF QUEENSLAND, SINO IRON PTY LTD, PALMER UNITED PARTY

Mighty slip-up as former speaker guilty of dishonesty

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Original article by Megan Gorrey
The Sydney Morning Herald – Page: 1 & 5 : 29-Jul-14

The Australian Capital Territory Magistrates’ Court will sentence Peter Slipper on 22 September 2014. The former speaker of the federal lower house has been convicted of dishonestly using government taxi vouchers on three separate occasions in 2010. His lawyer had argued that the prosecution had failed to prove that Slipper had not been on parliamentary business at the time. Slipper had pleaded not guilty

CORPORATES
AUSTRALIAN CAPITAL TERRITORY MAGISTRATES’ COURT, CLONAKILLA WINES PTY LTD, POACHERS PANTRY, DOONKUNA ESTATE PTY LTD, YASS VALLEY WINES, SHAW ESTATE VINEYARD, GALLAGHER WINES, AUSTRALIA. DIRECTOR OF PUBLIC PROSECUTIONS

Myer sacks exec over false employment claims

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Original article by Michael Bennet
The Australian – Page: 21 : 25-Jun-14

Australian department stores chain Myer in mid-June 2014 appointed Andrew Flanagan its new strategy and business development GM. It pointed out at the time that he had a wide-ranging background in the retailing sector, including a role at the Inditex Group of Spain that owns clothing stores business Zara. However the latter then said it had never employed Flanagan, and Myer on 24 June announced Flanagan’s dismissal. Court action is also possible over the deception

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, ZARA, INDITEX SA, TESCO PLC, WAL-MART STORES INCORPORATED, QUEST PERSONNEL, DEUTSCHE BANK AG, PREMIER INVESTMENTS LIMITED – ASX PMV, SPECIALTY FASHION GROUP LIMITED – ASX SFH