Madgwicks

A Chinese businessman behind the Latitude indoor trampoline park chain has failed in a lawsuit against his Australian co-investor, after claiming a share sale agreement between the two was breached when his partner decided to sell the business to competitor Bounce. 

Bill Papas’ business partner Vince Tesoriero has won the release of $1.25 million to pay for his legal fees in Westpac’s fraud case against him, despite a judge’s finding that disclosure concerning his true financial position was “less than ideal” and included “staggering” discrepancies.

Forum Finance director Vince Tesoriero has been caught out for failing to declare over $150,000 to the court, as he took the stand to defend evidence given about his financial position in Westpac’s fraud case against him.

A judge has told Forum Finance director Vince Tesoriero to “revisit” evidence about his true financial position if he wants to win the release of $1.25 million to pay for his defence in Westpac’s fraud case against him, amid concerns about whether he has made full disclosure to the court.

A lawyer for Forum Finance director Bill Papas has argued the alleged fraudster should be able to shield documents held by his former lawyer under a claim for legal professional privilege despite being a “fugitive” from contempt charges.

Westpac has yet to commence extradition proceedings against Forum Finance director Bill Papas due to concerns that the alleged fraudster may face only contempt charges if he is brought back to Australia prematurely.

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.

Forum Finance director Vince Tesoriero has raised concerns about the validity of the sale of a $4 million home in Sydney inner-West suburb Rozelle where company founder Bill Papas and his girlfriend lived, but a judge has indicated any attempt to block the sale would be “hopeless”.

Forum Finance director Bill Papas’ cousin has hit back at Westpac’s allegations he wrongfully received $720,000 from the alleged fraudster in violation of freezing orders made in the bank’s lawsuit, which seeks to recoup $294 million paid into an alleged fraudulent scheme.

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.