WHITE COLLAR CRIMES – AUSTRALIA

Leightons fraud inspires whistleblowing app

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Original article by Paul Smith
The Australian Financial Review – Page: 24 : 1-Sep-15

Whistleblowing is as simple as filling in an online questionnaire with Fraudsec, the idea of a technology start-up founded by Sylvain Mansotte, the key whistleblower in a fraud case at Leighton Contractors in 2013. His system, which allows a whistleblower to anonymously create a report and attach files, is being trialled by several major organisations. The New South Wales Department of Education has also made inquiries about modifying it to combat bullying in schools.

CORPORATES
FRAUDSEC, LEIGHTON CONTRACTORS PTY LTD, NEW SOUTH WALES. DEPT OF EDUCATION AND COMMUNITIES, AMAZON WEB SERVICES LLC

Jackson ordered to repay $1.4m to health union

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Original article by Lucille Keen
The Australian Financial Review – Page: 8 : 20-Aug-15

The Federal Court has found the former head of the Health Services Union, Kathy Jackson, misused union funds. She has been ordered to repay $A1.4 million. Justice Richard Tracey said Jackson had improperly used her position to gain personal advantage, spending union funds on shopping trips, divorce payments and holidays overseas. Jackson declared bankruptcy on the first day of the court case.

CORPORATES
FEDERAL COURT OF AUSTRALIA, HEALTH SERVICES UNION OF AUSTRALIA, VICTORIA POLICE, AUSTRALIAN FEDERAL POLICE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF EDUCATION, EMPLOYMENT AND WORKPLACE RELATIONS, AUSTRALIA. FAIR WORK COMMISSION

Ex-Sigma CEO faces jail for falsifying company accounts

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Original article by Sarah Danckert
The Australian Financial Review – Page: 3 : 3-Jul-15

Two former senior executives of Australian-listed Sigma Pharmaceuticals will return to court in September 2015, after pleading guilty to charges of falsifying the group’s financial accounts. Elmo de Alwis was CEO until 2010, while Mark Smith stepped down as CFO in the same year. They have also been charged with providing false and misleading statements to the group’s board of directors and auditors.

CORPORATES
SIGMA PHARMACEUTICALS LIMITED – ASX SIP, COUNTY COURT OF VICTORIA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

ASIC in probe of senior trader

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Original article by Leo Shanahan
The Australian – Page: 16 : 6-Jan-15

The alleged manipulation of the bank bill swap rate by financial institutions, including ANZ Bank, is being looked into by the Australian Securities & Investments Commission. Seven ANZ staff were stood aside on full pay by the bank in November 2014, pending the outcome of the inquiry. It has now emerged that among those accused of wrongdoing is interest rate derivatives pricing executive Paul Woodward, who joined ANZ from Deutsche Bank in 2008. Balance sheet trading head Etienne Alexiou is said to be another of the seven

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, DEUTSCHE BANK AG, AUSTRALIAN FINANCIAL MARKETS ASSOCIATION INCORPORATED, ROYAL BANK OF SCOTLAND GROUP PLC, UBS AG, BNP PARIBAS SA

ASIC bid for tougher fines on corporate crime

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Original article by Anthony Klan
The Australian – Page: 21 : 27-Aug-14

The Australian Securities & Investments Commission (ASIC) has lodged a submission with the new financial system review conducted by David Murray for the Federal Government. The watchdog argues that harsher penalties should be rolled out for white-collar crimes, to ensure the perpetrators do no profit. ASIC also says it is not convinced that mandatory minimum balances should be introduced for self-managed superannuation fund accounts, and it seeks increased powers to ban unethical financial planners

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. JOINT STATUTORY COMMITTEE ON CORPORATIONS AND FINANCIAL SERVICES, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA