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Showing 51 - 60 of 63 results for "Ponzi scheme"

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
Well-resourced and sophisticated international organised fraud networks are increasingly targeting the large pool of compulsory superannuation savings in Australia. While traditionally the greatest threat to super savings came from opportunistic individuals ...

ASIC drops charges against Westpoint directors

MARK SMITH  |  WEDNESDAY, 15 MAY 2013
... 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. The ...

ASIC slaps biggest fine ever

BEN COLLINS  |  FRIDAY, 22 FEB 2013
... 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 unlicensed funds ...

Judgment reserved for accused Ponzi head

MELANIE TIMBRELL  |  MONDAY, 17 SEP 2012
... 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 in 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 ...

Westpoint directors face charges

ELISE BURGESS  |  MONDAY, 4 JUL 2011
... 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 across seven ...

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 ...

Ponzi scheme operator jailed

ELISE BURGESS  |  FRIDAY, 28 JAN 2011
... occurred between 2004 and 2006, involved Bucello repaying the investors with their own money, as per usual with a ponzi scheme, and depending on new funds being invested to meet the promised interest payments. VFBS collapsed in June 2006 with Bucello ...

ASIC targets alleged Ponzi scheme

ASIC RELEASE  |  WEDNESDAY, 14 APR 2010
ASIC has obtained court orders freezing $14.6 million in assets of four men from Victoria and Western Australia, due to concerns about the possible operation of a Ponzi-style scheme. The orders are against Peter van de Steeg, Jonathan Ezzy, Peter Berlowitz ...