The report pointed to allegedly deliberate attempts by Papas and others to avoid the scheme being uncovered, including intentionally omitting entries into the accounts of Forum Finance to conceal the funds obtained manipulating financial accounts establishing FGFS outside the Forum Group to account for the alleged fraud and using various tactics to disguise the source of funds. “FSFG was set up in 2017 as the scheme was escalating, predominantly to disguise the source and applications of the funds that had been obtained under the scheme within the group.” “The extent of the alleged fraudulent activity and scheme escalated throughout the period of focus between 2018 to 2021, with new financiers being introduced to meet ongoing operation and financial obligations,” the report said. While the investigation focused on the period from 1 July 2018 to 30 June 2021, the liquidators also discovered materials dating as far back to 2013. In a detailed report lodged with the Australian Securities and Investments Commission (ASIC), the liquidators poured over 110,000 transactions across 150 bank accounts held by Forum Finance, Forum Group Financial Services (FGFS) and related entities, persons and beneficiaries. Jason Preston and Jason Ireland of McGrath Nicol were appointed as provisional liquidators on 15 July by the Federal Court.
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