54-year-old indicted in $ 20 million money laundering case



A 54-year-old man from west-central Sydney will now become the 14th person to face charges related to a $ 20 million fraud and money laundering operation.

The Earlwood man is scheduled to appear in Downing Center local court today on charges of recklessly dealing with proceeds of crime valued at $ 100,000 or more. The maximum penalty for the offense is 10 years imprisonment.

“It will be alleged in court that the man received and possessed a total of $ 456,150 which was the proceeds of an illegal scheme to siphon money that should have been turned over to the ATO, and that he was reckless that the money was the proceeds of crime ”, said a Serious Financial Crime Taskforce statement issued jointly by the Australian Federal Police (AFP), the Australian Taxation Office (ATO) and the Australian Securities and Investments Commission (ASIC).

He allegedly used two personal bank accounts to receive money from five other legal entities created to facilitate the fraud scheme.

“It will also be alleged that the man was the sole director and secretary of a legal entity that received payments from another entity established by the union to launder money illegally embezzled as part of the scheme.”

AFP Detective Commissioner Matthew Ciantar said the growing list of those indicted in Operation Bordelon underscored the tenacity of AFP investigators to uncover the full extent of criminal offenses committed by this union.

“AFP understands that the sole purpose of organized crime is to make money, and our best chance of inflicting lasting damage on those who seek to accumulate significant wealth at the expense of the Australian community is to target their efforts to legitimize their proceeds of crime, “he said.

“We issued a warning in August 2021 that anyone involved in this scheme should be concerned as we would lay new charges if the evidence permitted. These new charges underscore our commitment to ensuring that serious criminal activity is prosecuted and are yet another warning for other players in the professional services sector seeking to facilitate organized crime activities. “

ATO Deputy Commissioner and SFCT Chief Will Day said that one of the common features of serious financial crime is that businesses may appear legitimate on the surface, but when you take the layers off you find out. networks of criminal activity.

“Financial crimes cause real damage to people’s livelihoods and line the pockets of criminals. The SFCT takes these matters very seriously, and this latest accusation shows that we are taking strong action against those who think they will not be caught, ”he said.


Previous HOLOGIC INC: Conclusion of a Material Definitive Agreement, Creation of a Direct Financial Obligation or Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (Form 8-K)
Next Bragar Eagel & Squire, PC Reminds Investors Class Actions Have Been Filed ... | Your money