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Showing 1 - 10 of 46 results for "Ponzi"

Courtenay House director faces court for alleged fraud offences

CHLOE WALKER  |  WEDNESDAY, 1 DEC 2021
ASIC brings criminal charges against former Courtenay House director and contractor for an alleged $196 million Ponzi scheme. Tony Iervasi and Athan Papoulias have today appeared in the Downing Centre Local Court charged with criminal offences for their ...

Bond scam defrauds SMSFs $2.8m

KARREN VERGARA  |  MONDAY, 15 NOV 2021
... figure is expected to double by the end of the year with increased reports of cryptocurrency scams, imposter bond scams and Ponzi schemes. The 4763 investment scams recorded have jumped 53.4% compared to the 3104 reported in the first half of 2020.

Investment scams set to double

ANNABELLE DICKSON  |  TUESDAY, 24 AUG 2021
... that is expected to double by the end of the year with increased reports of cryptocurrency scams, imposter bond scams and Ponzi schemes, according to the ACCC. New data from Scamwatch revealed there has been a 53.4% increase in reports about investment ...

Bernie Madoff dies in prison

ELIZABETH MCARTHUR  |  THURSDAY, 15 APR 2021
The architect of the largest Ponzi scheme in US history has died in prison aged 82. Bernie Madoff had been serving his sentence at FMC Butner, an administrative security federal medical centre for male offenders located in North Carolina, at the time ...

AFCA left toothless on Mayfair complaints

ELIZABETH MCARTHUR  |  MONDAY, 22 MAR 2021
... with money raised from other M Core noteholders. During court proceedings, ASIC suggested this model was not far from a Ponzi scheme. ASIC could not comment on this issue as its action against Mayfair is ongoing. Consumer Action Law Centre chief executive ...

Mawhinney not dishonest, just irresponsible: ASIC

ELIZABETH MCARTHUR  |  FRIDAY, 12 MAR 2021
... During the hearing, ASIC repeated its accusation that elements of Mayfair 101's business model were not dissimilar to a Ponzi scheme. The regulator alleged that funds raised from investors in Australian Property Bonds, the last product Mayfair launched ...

Ponzi schemer succeeds at appeal

ELIZABETH MCARTHUR  |  FRIDAY, 12 FEB 2021
... card debts, transferred it straight into Maureen Johnston's personal account and paid deposits in what ASIC labelled a "Ponzi-style" operation. When Maureen Johnston was sentenced, the presiding judge said Maureen Johnston was "intentionally dishonest ...

ASIC winds up Mayfair 101 debenture issuer

ELIZABETH MCARTHUR  |  MONDAY, 1 FEB 2021
... to a lesser extent, from investors in unsecured debentures also promoted by Mayfair 101 - in a model not dissimilar to a Ponzi scheme. However, Mawhinney has aggressively defended the company against the Ponzi scheme allegations. "The Ponzi claims made ...

Financial crime victims fume at Shipton, Crennan

ELIZABETH MCARTHUR  |  WEDNESDAY, 28 OCT 2020
... of fraud, while overseas regulators manage to see victims compensated. Telford pointed to the example of Bernie Madoff's Ponzi scheme - victims managed to recover 78% of losses thanks to the actions of US authorities. "That the financial cop on the beat ...

Mawhinney lashes out at regulator

ELIZABETH MCARTHUR  |  TUESDAY, 29 SEP 2020
... report," the liquidator said. The report also contained findings that parts of Mayfair 101's business essentially operated as a Ponzi scheme. "It is my opinion that distributions and redemptions paid to M Core noteholders were funded out of funds raised ...
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