Forum Finance director Vince Tesoriero has lost a battle to stop receivers from selling luxury properties in which he and Bill Papas hold a stake pending the outcome of Westpac’s fraud case against him.
The Federal Court has issued a worldwide freezing order over the assets of Bill Papas’ partner, which includes the proceeds of the $1.13 million sale of her home in Sydney’s inner west.
Forum Finance director Bill Papasâ cousin has hit back at Westpacâs allegations he wrongfully received $720,000 from the alleged fraudster in violation of freezing orders made in the bankâs lawsuit, which seeks to recoup $294 million paid into an alleged fraudulent scheme.
Westpac is facing a lawsuit by a 67-year-old former manager, who alleges a colleague began a bullying campaign against him, including by asking him ‘When are you going to retire?’, after he complained that she was responsible for a backlog of declined insurance cases.
A group of banks that failed to prove steel giant Arrium falsified representations on loan drawdown notices ahead of its $2.8 billion collapse have been ordered to pay indemnity costs after a court found they rejected $10 million settlement offers three days into the trial.
A judge has criticised the Australian Securities and Investments Commission for treating timetabling orders in its insider trading case against Westpac over a $16 billion interest rate swap as though they were âtraffic lights in Naplesâ.
Forum Group’s liquidators are seeking to wind up an entity owned by founder Bill Papas that received over $2.6 in “loans” from the alleged fraudster, as they work to recoup almost $400 million allegedly defrauded from three banks.
The former chief financial officer of beleaguered Forum Group has been dragged into a lawsuit by Westpac seeking to recoup $294 million in funds paid into an alleged fraudulent scheme.
Banking giant Westpac has admitted to allegations in six new cases by the Australian Securities and Investments Commission alleging widespread compliance failures across multiple businesses, and will agree to pay a combined $100 million penalty.
A judge has scolded Slater & Gordon and two Westpac subsidiaries for a “disgraceful” privilege spat in a class action over allegedly excessive superannuation fees that he said had “gone badly off the rails”.