Aussie Grandmother’s Ponzi Scheme

Someone who looks as harmless as a gerbil can do a frightful amount of damage.

Like me, you were probably raised to respect your elders. If, like me, you are now firmly in the “elder” category, it has probably occurred to you that many of your fellow elders are not very nice people. While it might surprise youngsters, it is no surprise to those of us in the back half of life that many investment scamsters are in their 60’s and 70’s. And it’s the same all over the world, as a story from Australia proves. According to The Newcastle Herald: (more…)

Another Aussie Ponzi?

Cautionary thoughts don’t stand a chance in the presence of all of that positive feedback.

Recemtly, we learned of yet another alleged Ponzi from Australia. According to PerthNow: (more…)

Kiwi to Face Aussie Charges in June

It is rare these days for a scamster to confine his operations to a single jurisdiction.

One of the more satisfying things about hosting InvestorsWatchblog is seeing where our readers are from. More than half are from outside the United States. We therefore love to cover stories of alleged investment fraud beyond the States. Our brothers and sisters down under will be treated to headlines this summer from a case that spans the globe. According to Stuff.co.nz: (more…)

Another Fraud Down Under

There are ways to protect yourself from characters like Brown and Forster.

A few months ago Medical Life magazine in Australia published my article on how doctors — frequent scam targets — can protect themselves from investment fraud. I appreciated the opportunity to spread the word about meaningful due diligence on the other side of the globe. Unfortunately, we are reporting today on a story about another fraud in Australia. According to Money Management: (more…)

Ponzi Schemes Surge Down Under

A better restatement of a widely known axiom is, “If it seems too good to be true, you are talking to an amateur scam artist.”

For the past two years, Investor’s Watchdog has been warning that there is tsunami of investment fraud breaking over the world.  We call it the Worldwide Scamdemic.  Officials in Australia are warning citizens that they are living under the shadow of that wave.  According to the International Business Times: (more…)

Sometimes They Try to Hide Here

With regulators closing in and civil lawsuits piling up, Bangaru fled to the United States in July 2005.

Australian authorites have secured the conviction of Kovelan Bangaru, a former director of Streetwise, on 13 counts of fraud.  According to the Australian Securities and Investments Commission (ASIC), Bangaru obtained $9.1 million in fraudulent loans from banks including National Australia Bank, and $3.5 million from investors, before fleeing to the United States.  Writing about the case for The Sydney Morning Herald, journalist Ben Hills says: (more…)

According to an article in smartcompany.com the Australian Securities and Investment Commission (ASIC) has won court approval of a proposal to wind up 13 companies associated with a possible Ponzi scheme.  The ASIC is concerned that the companies may have defrauded $16 million from more than 100 investors in the Victoria area.   The ASIC’s court victory allowed the ASIC to appoint an insolvency expert to wind up the affairs of the companies, including Meloka Pty Ltd, Contango Investments Pty Ltd, DIX-Walker Pty Ltd and Teronte Pty Ltd..  According to the ASIC, Peter van de Steeg, Jonathan Ezzy and Peter Berlowitz of Victoria and Scott Walker of Western Australia are  ”associated with the companies,” which promised profits from real estate investment and foreign currency trading. (more…)

Australian Securities and Investment Commission Secures Conviction of Market Manipulator

Market manipulators monkey with the market price of the shares, pumping the price up through misinformation, then selling out once innocent purchasers snap up the apparently rising shares.

Securities fraud is as widespread as human nature. It happens down under as often as it does in the States, in Europe as often as Canada, in South America as often as Asia. Worldwide, regulators and prosecutors are chasing down those who violate the laws designed to protect investors. The Australian Securities and Investments Commission (“ASIC“) has succeeded in running to ground one such violator. (more…)

Australian Ponzi Scamster Pleads Guilty

Australian Ponzi Scamster Pleads Guilty

Ponzi schemes are as prevalent down under as they are the United States in Europe.  The Australian Securities and Investment Commission (“ASIC”) has shut down a scamster operating in Kew, Victoria.  Mrs Hazel Bernice Bucello, who operated Victorian Finance Broking Services Pty Ltd (“VFBS”), pleaded guilty to defrauding more than $2.5 million from five investors by promising them that their money would be used to provide “birdge financing” and that investors would receive four to five percent per month in interest payments.  Rather than use the money as promised, Bucello used the money of later investors to make payments to earlier investors to lull them into believing that the scam was legitimate. (more…)

Australian Ponzi Illustrates Why Ponzi Schemes Grow So Quickly

Back in 2004 the Australian Securities and Investments Commission (ASIC) began investigating Westpoint Corporation Pty Ltd (Westpoint), a property development company that was offering investors a high rate of interest on investments in its development projects.  The ASIC ultimately learned that Westpoint was a gigantic Ponzi scheme.

Back in 2004 the Australian Securities and Investments Commission (ASIC) began investigating Westpoint Corporation Pty Ltd (Westpoint), a property development company that was offering investors a high rate of interest on investments in its development projects.  The ASIC ultimately learned that Westpoint was a gigantic Ponzi scheme. (more…)

 

Australian Securities and Investments Commission Shuts Down Alleged $16 Million Scam

The United States is not the only country plagued by investment fraud.  We are in the midst of a worldwide scamdemic.  The Australian Securities and Investments Commission (ASIC) is fighting the good fight down under.  The UK’s Serious Fraud Office (SFO) is fighting the good fight in the UK.  Securities enforcers in every country are [...]

The United States is not the only country plagued by investment fraud.  We are in the midst of a worldwide scamdemic.  The Australian Securities and Investments Commission (ASIC) is fighting the good fight down under.  The UK’s Serious Fraud Office (SFO) is fighting the good fight in the UK.  Securities enforcers in every country are trying to help baby boomers and senior citizens keep what they have worked so hard to save.  This month the ASIC is taking action against an alleged scamster.  It’s press release regarding the matter reads in part:  (more…)

 

Australian Authorities Propose Drastic Curbs on Investment Advisers’ Compensation

The Australian Securities and Investments Commission (ASIC) has made a recommendation to the Australian Parliament that the U.S. Securities and Exchange Commission (SEC) should review carefully.  A similar change here would go a long way toward giving investors necessary information about how an investment adviser’s advice might be driven by the pursuit of large [...]

The Australian Securities and Investments Commission (ASIC) has made a recommendation to the Australian Parliament that the U.S. Securities and Exchange Commission (SEC) should review carefully.  A similar change here would go a long way toward giving investors necessary information about how an investment adviser’s advice might be driven by the pursuit of large commissions rather than by the clients’ best interests.

(more…)

 
professional wordpress themes