Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 41 - 50 of 59 results for "Ponzi"

Couple faces prison over ponzi-style scam

ELIZABETH MCARTHUR  |  FRIDAY, 10 MAY 2019
A ponzi-style investment scheme that defrauded Collingwood Magpies fans out of more than $800,000 has seen one man convicted on dishonesty charges while his wife is already serving time for fraud offences. Douglas Johnston was found guilty on nine dishonesty ...

ASIC bans AFSL chief executives

ELIZABETH MCARTHUR  |  MONDAY, 29 APR 2019
... Grant Thornton, said in its report to the Supreme Court of NSW in November last year that Courtenay House was operating a ponzi scheme. The liquidators found in their investigation that the Courtenay House companies were operating a ponzi scheme since ...

Ponzi scheme fined $1.4bn

KANIKA SOOD  |  WEDNESDAY, 30 JAN 2019
A Ponzi scheme that allegedly duped 8400 retail investors in the US has been ordered to pay US$1 billion in penalties and disgorgement. Woodbridge Group of Companies LLC and its former owner and chief executive Robert H. Shapiro lured retail investors ...

Beware the fintech Ponzi scheme

MICHELLE BALTAZAR  |  FRIDAY, 26 OCT 2018
Not to rain on the fintech parade but financial advisers and investors in Australia must stay alert against Ponzi schemes posing as P2P platforms. In a paper released by the SWIFT Institute titled "Quo Vadis? A comparison of the fintech revolution in ...

DeVere helped US press expose investment fraud

ALEX BURKE  |  WEDNESDAY, 25 MAR 2015
... according to its website. OffShoreAlert found, it said, "funds that are blatantly fraudulent, including a current $130 million Ponzi scheme in Cayman... [As well as] funds that simply disappear or fail in dubious circumstances, including the A£400 million ...

SMSFs stung by $1M property Ponzi scheme

LAURA MILLAN  |  FRIDAY, 18 JUL 2014
Barry John Patrick, a 71-year-old man from Victoria, has been charged for illegally obtaining more than $1 million from self-managed super fund (SMSF) investors to fund property development. Patrick obtained the money from 14 investors between 2007 ...

Aussie super, a tempting catch for organised crime

LAURA MILLAN  |  WEDNESDAY, 31 JUL 2013
... states. "Australians are being targeted for mass marketed fraud, including 'boiler-room' or cold-call investment fraud and Ponzi schemes, with organised crime also seeking to exploit and manipulate the legitimate securities and share market for criminal ...

ASIC drops charges against Westpoint directors

MARK SMITH  |  WEDNESDAY, 15 MAY 2013
... ASIC said. The situation relates to the collapse of property investment brand Westpoint Corporation, which was running a Ponzi scheme that collapsed in January 2006. Around 3,500 investors invested a total of $304 million across seven mezzanine funds. ...

ASIC slaps biggest fine ever

BEN COLLINS  |  FRIDAY, 22 FEB 2013
... described as the "mastermind" behind more than a dozen unregistered offshore managed investment funds, including a $30 million Ponzi scheme, was yesterday ordered to pay $500, 000. Along with his wife Jacqueline Hobbs and 12 other people, he operated ...

Judgment reserved for accused Ponzi head

MELANIE TIMBRELL  |  MONDAY, 17 SEP 2012
... judgment in the long-running case against New Zealand businessman David Hobbs, who stands accused of heading a US$42 million Ponzi scheme. ASIC first took action against the unlicensed operators of 14 unregistered offshore managed investment funds operating ...