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

Search Results

Showing 51 - 60 of 66 results for "Ponzi"

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 ...

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 ...

Westpoint directors face charges

ELISE BURGESS  |  MONDAY, 4 JUL 2011
... Investments Commission (ASIC), which alleges the two parties breached their duties under the Corporations Act. Westpoint was a Ponzi scheme where investor funds where used to pay their interest. Around 3,500 investors invested a total of $304 million ...

Chartwell dir Hoy jailed 13 yrs

ELISE BURGESS  |  THURSDAY, 24 MAR 2011
Failed Ponzi-scheme Chartwell Enterprises director, Graeme Hoy, sentenced to 13 years and nine months imprisonment after pleading guilty to 44 deception charges totalling almost $22 million. Hoy originally faced 148 counts of obtaining a financial advantage ...