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Showing 521 - 530 of 792 results for "fraud"

110 years prison for ex-SIB chief

BEN COLLINS  |  THURSDAY, 21 JUN 2012
... Chairman of Stanford International Bank has been sentenced to 110 years imprisonment in the US for orchestrating a 20-year fraud scheme in which he misappropriated $7 billion. Evidence showed that Allan Stanford, who owned Stanford International bank ...

SMSF Trustees want compensation: SPAA

BEN COLLINS  |  THURSDAY, 21 JUN 2012
... Australia has rejected calls for a levy to be imposed on SMSF trustees to fund a compensation scheme. In the wake of the Trio fraud there has been a misconception as to what the legal standing of SMSFs is when frauds occur, said Andrea Slattery, chief ...

ASIC warns against fake investment group

LINDA HAUSKEN  |  TUESDAY, 12 JUN 2012
... said Tanzer. This alert follows ASIC and State and Territory police services urging consumers to be alert to investment fraud, having seen an increase in cold-calling activity across Australia.

Ponzi scheme operators plead guilty

LINDA HAUSKEN  |  TUESDAY, 12 JUN 2012
Brian Wood and Jimmy Truong have pleaded guilty in the Downing Centre Local Court, in Sydney, to operating a Ponzi scheme called the Integrity Plus Fund. According to ASIC, between December 2004 and December 2007 the Integrity Plus scheme raised in ...

Trio investor secures damages from adviser

BEN COLLINS  |  FRIDAY, 8 JUN 2012
... NSW woman has successfully claimed damages from her former financial adviser, after losing substantial savings in the Trio fraud. Wollongong-based legal firm RMB Lawyers told the ABC it has been representing the woman, who has a terminal illness and ...

FSS responds to Privacy Commissioner's Report

RACHEL DAVIS  |  FRIDAY, 8 JUN 2012
The trustee of First State Super has responded to the Privacy Commissioner's report into a data security breach last year, when a member was able to download the details of nearly 600 other members. Patrick Webster, First State Super (FSS) member, ex-NSW ...

APRA: Third line of defence in Trio-style fraud

BEN COLLINS  |  FRIDAY, 1 JUN 2012
... superannuation APRA acts as a third line of defence after trustees and auditors." Jones said that the impact of the Trio fraud on individuals has been made greater by the failure of some self managed superannuation funds to have appropriate risk diversification. ...

Financial adviser sentenced on fraud charges

LINDA HAUSKEN  |  WEDNESDAY, 23 MAY 2012
James Patrick Hobson, a former senior financial adviser has been convicted and sentenced on fraud charges in the Sydney District Court, following an ASIC investigation. Hobson was a senior financial adviser employed by Binma which operates the North ...

Industry questions RE concept after Trio collapse

MELANIE TIMBRELL  |  WEDNESDAY, 23 MAY 2012
... Responsible Entity (RE)," said Kalman, who argues that an independent Responsible Entity would have been more likely to prevent fraud and loss of funds in addition to increasing the chance for investors to recover funds. "Clearly the bar needs to be ...

SPAA: Last resort compensation scheme needed

LINDA HAUSKEN  |  WEDNESDAY, 23 MAY 2012
... according to Self-Managed Super Fund Professionals' Association of Australia chief executive, Andrea Slattery. "Superannuation fraud affects ordinary Australians saving for their retirement. Any solution must address a problem that impacts the whole ...