Staffer who stole $250,000 from Bank gripped by ‘chronic gambling’

7 December 2012 By
Forensic Accountants Sydney Bank Fraud

Forensic Accountants commonly investigate frauds such as the one commiitted by an employee of a Sydney Bank.

A former Commonwealth Bank employee who stole almost $250,000 from customers’ accounts has been described by a magistrate as intelligent and resourceful but gripped by “chronic gambling”.

Karen Myhanh Chau, 40, stole almost $250,000 from wealthy clients, including author Thomas Keneally, and transferred the funds into a personal account.

She committed the crimes between October 2010 and January of this year.

Chau pleaded guilty in August to six counts of dishonestly obtaining financial advantage by deception and in October was sentenced to 18 months’ imprisonment with a non-parole period of one year.

In Downing Centre Local court on Wednesday, Deputy Chief Magistrate Jane Mottley ruled that Chau could serve out her sentence in home detention.

“She is clearly a resourceful and intelligent woman,” Ms Mottley told the court.

“She is likely to find it difficult to get employment in the financial industry as a result of this offence.”

Chau took the money from the clients in 72 separate transactions and put some funds back into some of the victim’s accounts to indicate interest was being earned.

The Commonwealth Bank has said it had refunded all the money to the clients.

Ms Mottley said Chau had endured tough personal circumstances in the early 2000s, including a miscarriage, and this had led to depression, contributing to her gambling addiction.

She said Chau was “gripped by a chronic gambling problem” and gambling had become a coping strategy for her.

“This offence is a clear manifestation of an unresolved addiction” she said.

Chau has no prior convictions and was described as a “model citizen” during sentence submissions in October.

The court heard she has been making excellent progress at gambling counselling sessions.

Her minimum home detention period expires in October next year.

(Source: AAP, 28 November 28 2012)

Further Information – Forensic Accountant

If you would like further information about using our forensic accounting services for a financial investigation or other expert witness matter, then please contact us for an obligation free discussion.

We provide services to corporations, law firms and individuals in Sydney, Brisbane, Melbourne, Adelaide, Perth and across Australia.

 

Filed Under: Forensic Acccountant, Uncategorized Tagged With: ,

Coal seam gas pipeline in Queensland could result in compulsory acquisitions of land

19 July 2012 By

Graziers in compulsory acquisition of land dispute with coal seem gas companies

Graziers may have to surrender parts of their land for a coal-seam gas pipeline after the Queensland government granted compulsory acquisition powers to a consortium of international energy giants.

The Queensland Governor-in-Council approved the pipeline for the $18.5 billion GLNG project as an “infrastructure facility of significance” on Friday, providing approval for compulsory acquisition if negotiations between gas company Santos and landholders break down.

The 420km underground pipeline will require a 40m-wide corridor through 177 properties to transport coal-seam gas from the Surat Basin to a liquefied natural gas facility in Gladstone.

Cabinet approved the Santos request for the approval, following similar agreements with two other international gas companies, as it ramps up construction to meet its deadline of export production by 2015.

Santos GLNG Pipeline manager Greg Jones said 87 of the 92 agreements were in place.

“We are currently in advanced negotiations with the remainder and we are confident that we will secure these agreements through our current landholder engagement process” he said.

A spokesman for Deputy Premier Jeff Seeney said the company could apply for compulsory acquisition only as a last resort, and that landholders were compensated and had the right to object to the Co-ordinator-General.

Companies must provide extensive evidence they had taken reasonable steps to secure land agreements, he said.

“IFS approval can only be sought for projects which meet the strict definition of a significant infrastructure facility that has the potential to contribute to the state through economic growth or new jobs and provide wider economic and social benefits to Australia, Queensland or the region” Mr Seeney said.

The GLNG project, a joint venture between Santos, Malaysian gas company Petronas, international resources firm Total and South Korea’s KOGAS, is expected to boost the state’s revenue by $4.1bn each year until 2033 and create 5000 jobs during construction.

In its application, lead partner Santos said the project would have a significant impact on Australia’s balance of trade, with agreements to total $120bn.

But AgForce president Brent Findlay urged all stakeholders to “negotiate in good faith” with realistic expectations.

He said the impact of clearing the easements could have a major impact on landholders’ farms.

“We know that they’re rushing to get the pipelines in place from the gas fields so they can start to move the gas and earn money for the state” he said.

“They need to compensate and respect the landholder.

“It’s a big impost on landholders and every piece of land is different.”

Mr Findlay said it was “absolutely unforgivable” to cut fences or leave holes on properties where stock could fall, as some landholders had reported.

(Source: Rosanne Barrett, The Australian, 17 July 2012)

About Rushmore Forensic – Compulsory Acquisition Valuations

Andrew Firth is a director of Rushmore Group. He is a forensic accountant and business valuer. Andrew has conducted business valuations across a wide range of businesses and for different court jurisdictions. This includes compulsory acquisition valuations.

He is a member of the Institute of Chartered Accountants, and the ICAA Special Interest Group in Business Valuations. He has appeared as an Expert Witness in numerous jurisdictions.

Filed Under: Uncategorized

Court orders proceeds of crime confiscations of more than $650,000

1 June 2012 By

Proceeds of Crime confiscation tops $650,000

A court has ordered more than $650,000 that is suspected of being linked to an international drug cartel to be turned over to authorities.

Australian Federal Police allegedly seized the cash in March when they raided the homes of two Gold Coast men suspected of heading the operation.

Ryan Thomas Litchfield, 26, allegedly had $37,500 stashed in a safe and a Louis Vuitton box at his Tweed Heads home.

Police allegedly found more than $600,000 at the Coolangatta home of co-accused Daniel Nunes Negrine, 30.

These and other alleged cash finds at both men’s homes totalled more than $650,000.

Queensland District Court documents allege some of that cash was found in the lining of a couch, while most was in the boots of two cars parked outside an apartment.

A District judge ordered this week that the cash, confiscated under the Proceeds of Crime Act, be surrendered to the Official Trustee of Bankruptcy.

Both men have been charged with conspiring to import cocaine between August last year and March of this year.

It’s alleged they used mules to bring drugs from Brazil into the Gold Coast.

Police allege Litchfield and Negrine can be linked to a man caught at Sydney International Airport and another at the Gold Coast International Airport.

These two mules allegedly had 12 kilograms of cocaine hidden in suitcase linings and windsurfer handles.

A third man, who was allegedly carrying 2kg of cocaine and had links to Litchfield and Negrine, was arrested in New Zealand in February as he was about to board a flight to Australia.

Litchfield and Negrine will both face court at a later date.

Source: AAP, The Gold Coast , May 31, 2012

About Rushmore Forensic

Andrew Firth is a forensic accountant who has conducted numerous investigations and other forensic accounting engagements in both Australia and overseas.

He specialises in financial investigations and provides expert witness reports for court purposes.  He is a member of the Institute of Chartered Accountants and has appeared as an Expert Witness in numerous jurisdictions.

Filed Under: Proceeds of Crime, Uncategorized Tagged With: ,

Class action over hepatitis C scandal

18 May 2012 By

The AHPRA is a party to the proceedings

Fifty women who contracted hepatitis C after undergoing procedures at a Melbourne clinic have launched a class action in the Victorian Supreme Court.

The action is against three parties – the Australian Health Practitioner Regulation Agency, the director of the now-defunct Croydon Day Surgery and anaesthetist James Latham Peters.

The law suit, filed on Wednesday by Slater and Gordon, is believed to be the first time a personal injury class action has been lodged against a medical practitioner regulator in Australia.

The women had all attended the Croydon Day Surgery between January 2008 and December 2009.

Peters, 61, is also facing dozens of criminal charges, including conduct endangering life, negligently causing serious injury and recklessly causing serious injury over the hepatitis C scandal.

Source: AAP, SMH, May 16, 2012

About Rushmore Forensic

Andrew Firth is a director of Rushmore Group. He has conducted numerous investigations and other forensic accounting engagements in both Australia and overseas.

He specialises in economic loss calculations, personal injury compensation and other forensic accounting services for commercial disputes.  He is a member of the Institute of Chartered Accountants and has appeared as an Expert Witness in numerous jurisdictions.

 

Filed Under: Uncategorized

High Court rules on potato chip: $580,000 for slip injury

18 May 2012 By

The High Court has found retail giant Woolworths negligent in failing to remove a greasy potato chip from the floor of one of its shopping centres.

As a result Kathryn Strong, an amputee who walked with the aid of crutches, fell heavily to the floor of a food court area at the Centro Taree Shopping Centre in September 2004.

She suffered a serious spinal injury.

Ms Strong sued Woolworths in the NSW District Court, claiming its negligence caused her injury as the area was inspected more than four hours before the accident.

She was awarded damages of $580,299.

Woolworths took the case to the NSW Court of Appeal, disputing its responsibility for the injury.

That court ruled in favour of Woolworths, finding Ms Strong had failed to prove on the balance of probabilities that its negligence caused her fall.

As the chip was probably deposited at lunchtime it could not be concluded that, had there been a dedicated cleaning of the area every 15 minutes, the accident might not have occurred, the court found.

The High Court today ruled the NSW Court of Appeal finding was wrong.

In a majority decision, four of the court’s judges said reasonable care required inspection and removal of slipping hazards at intervals not greater than 20 minutes in the sidewalk sales area, which was next to the food court.

On the balance of probabilities, Ms Strong would not have fallen but for the negligence of Woolworths.

The decision restores the original verdict from the NSW District Court.

Commenting on the decision, Majed Issa, a personal injury lawyer with Maurice Blackburn, said the High Court decision had wide-reaching implications for people injured in public places who under the law must show that their injury was caused by negligence of a third party.

“In this case the High Court agreed that shopping centres and stores should have in place a reasonable inspection and cleaning system that would detect and remove hazards that could cause injury within a reasonable timeframe.” Mr Issa said.

In this case, the court determined that a hazard should be identified and removed if it has existed for at least 20 minutes or longer.

“This obligation also exists if stores have merchandise outside their own physical store, especially in an area where food and drinks are being consumed.”

Mr Issa said Ms Strong, who was injured almost eight years ago, would have spent enormous sums of money in medical and rehabilitation costs.

“Injuries in shopping centres are more common than you would imagine and there is a big cost to the community and individuals when people are injured through no fault of their own” he said.

(Source: SMH, March 7, 2012, AAP & Louise Hall)

About Rushmore Forensic

Andrew Firth is a director of Rushmore Group. He has conducted numerous investigations and other forensic accounting engagements in Australia, Singapore, the UK, Thailand, Hong Kong, Vanuatu, and the USA.

He specialises in economic loss calculations, personal injury compensation and other forensic accounting services for commercial disputes.  He is a member of the Institute of Chartered Accountants and has appeared as an Expert Witness in numerous jurisdictions.

 

Filed Under: Personal Injury, Uncategorized Tagged With: , ,