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Westpac stalls on extradition of Forum Finance’s Bill Papas
White Collar 2022-03-10 5:17 pm By Miklos Bolza

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.

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AUSTRAC launches court action against Crown for ‘systemic’ compliance failures
Gaming 2022-03-01 10:25 am By Christine Caulfield

The financial crimes watchdog has brought enforcement action against Crown Mebourne and Crown Perth for what it describe as widespread and serious non-compliance of anti-money laundering and counter terrorism laws.

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CDPP spent $1.26M on cartel case against banks
Competition & Consumer Protection 2022-02-16 2:11 pm By Cat Fredenburgh

Commonwealth Director of Public of Prosecutions Sarah McNaughton has defended her office’s decision to drop all criminal cartel charges over a $2.5 billion ANZ share raising, revealing the CDPP has so far spent $1.26 million in external costs in pursuing the case.

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Ill-fated cartel case shows ACCC should stay out of financial markets, ex-Deutsche Bank CEO says
Competition & Consumer Protection 2022-02-11 7:23 pm By Cat Fredenburgh

The CDPP’s decision to drop all criminal cartel charges against two banks and four individuals in a “test case” over a $2.5 billion ANZ share placement shows the ACCC “lacks expertise and objectivity” on the financial markets and should leave them to ASIC to regulate, according to one of the former accused.

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Charges dropped in landmark criminal cartel case over $2.5B ANZ share placement
Competition & Consumer Protection 2022-02-11 11:03 am By Cat Fredenburgh

In a stunning reversal, the Commonwealth Director of Public Prosecution has dropped all criminal cartel charges against two investment banks and four individuals in relation to a $2.5 billion ANZ share placement, four years after the charges were brought following an allegedly questionable investigation by the ACCC.

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IOOF class action to get ASIC files on abandoned insider trading probe
ASIC 2022-02-08 4:00 pm By Sam Matthews

The corporate watchdog has been subpoenaed for its investigation files in the latest development in a protracted discovery fight in a shareholder class action over alleged misconduct by wealth manager IOOF.

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ASIC grills brother of former Nuix CFO as part of insider trading probe
Securities 2022-02-07 10:01 pm By Christine Caulfield

The corporate regulator has confirmed it has questioned the brother of former Nuix CFO Stephen Doyle and might seek further examination as part of its ongoing investigation of the troubled tech company.

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Forum director Tesoriero questions sale of Papas’ Sydney residence
Restructuring & Insolvency 2022-02-04 12:34 pm By Cat Fredenburgh

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”.

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Money transfer business directors face jail in first criminal cartel sentencing of individuals
Competition & Consumer Protection 2022-02-03 1:47 pm By Christine Caulfield

The directors of two money transfer businesses will be the first individuals to be sentenced for criminal cartel offences after pleading guilty Thursday to charges over the fixing of foreign exchange rates.

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Andrew ‘Twiggy’ Forrest launches private criminal case against Facebook over crypto scam ads 
White Collar 2022-02-03 3:12 pm By Sam Matthews

Australian mining magnate Andrew ‘Twiggy’ Forrest has filed private criminal proceedings against Facebook over cryptocurrency investment scams that used his name and image.

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