Posts Tagged ‘Corporate fraud’

Failed firm’s boss speaks out


FAILED finance company boss Graeme Hoy broke his silence last night after being in hiding since the $70 million collapse of Chartwell Enterprises.

The man, who had not been seen since last Monday night when he allegedly fled through the back door of the Geelong company’s offices, denied channeling millions of dollars overseas before the firm collapsed.

“I am absolutely devastated at the impact of these events on so many wonderful people,” Mr Hoy said.

But he was unable to answer the key question of where the money in his collapsed firm had gone.

“Well, the investigation will disclose everything about the money,” he told Channel 9.

He could not say how much the hundreds of investors could hope for.

Asked if people would get any back, Mr Hoy said: “I think that’s Mr (administrator Bruno) Secatore’s position to be disclosing.

“Can I say absolutely – because I know I won’t be contradicted by the discoveries – that no money went offshore.

“This is absolutely the hardest thing that I’ve ever had to face in my life.”

Mr Hoy said he would not go back to Geelong.

“Not at the moment. I’ve had threats of physical violence and worse, and I’ve had to take protective measures,” he said.

Mr Hoy said he believed he had not acted illegally.

“It’s quite possible (there could be criminal or civil charges) but I’m ready for whatever life throws at me,” he said.

Mr Hoy said the most difficult part of the collapse was that many investors were friends.

“(I’m) completely hollowed out,” he said.

Mr Hoy said he came forward out of a willingness to be accountable, despite living in fear after receiving death threats.

Herald Sun 28 Apr 2008.



Rene Rivkin – Corporate Fraud, reward.

One name that comes easily into mind when one thinks of corporate fraud in Australia is that name, Rene Rivkin.
Being a person of influence one would expect one to have friends like doctors, lawyers, judges, politicians and the like, of course naturally some if not all being part of the boys club. This becomes more evident as more sequence of events unfold.

One of Rene’s rises to fame was that of a transaction which included the purchase of a company not its worth of $3 million dollars, then insuring it for $50 million, and then burning it down, naturally collecting on the way out.

An operation of such complexity cannot be carried out by one’s lonesome, and has to involve all sorts of people. Since there was no other option, than to lodge an inquiry into the matter, prior to Rivkin’s testimony (which would implicate others, eg. Politicians, insurers, etc), he conveniently committed suicide.

One of the most important facts that the mainstream media puts an unconditional blanket on is that the Anglo-Masonic law system, together with its peers realistically ‘rewards’ those so called ‘individuals’ who commit crimes against the ‘commoners’. In Rene’s case, he defrauded the Australian public of monies, through insider trading. The punishment served on Rivkin can only be described as a joke. The court system ‘punished’ Rivkin, with a weekend jail sentence, for nine months, which was postponed most of the time, supported by claims, with a doctor’s certificate, that he was unfit to serve jail time, yet he was not unfit to commit fraud.

The banning of his stock broking license mean absolutely zero, as he could entrust anyone to carry on his business deals.

This is a classic example of how corrupt the Australian legal system is, to the detriment of the Australian public, but to the benefit of the chosen few.


IBM GSA – Employment Agency Fraud

IBM-GSA (a Telstra /Lend Lease Joint venture) is involved in a large scale monetary fraud together with its suppliers i.e. the labour hire agencies. These agencies are some of the larger employment firms in Australia.

The primary objective for any employment agency, like in any business, is to create profit. This is achieved by selling a resource with a profit margin. To distance themselves from the human element of the trade, agencies commonly refer to people as resources. The resource has to be a sellable commodity otherwise profit cannot be generated by the agency. The recruiter is not concerned by the need for employment of an individual, rather a profit margin dictated by the agency.

IBM-GSA has fraudulently underpaid it workers through the agencies. This procedure has been detailed and passed on to one of Australia’s largest law firms, Slater and Gordon, that specialises in rights of the disadvantaged worker. A response was given as a positive, that the matter falls within the definitions of Corporate fraud. This as it is a practice that is still occurring to this day.

The firm was then asked when it could start a class action law suit against the companies involved, the response given was that they are too busy, it is not financially viable for them, and that the prospective litigant would have to undertake the matter of their own financial accord.

Australia’s Anglo-Masonic court system dictates the success of any court matter brought forward. It is not in the interest of many corporations to have this matter made public, let alone the commencement of a class action law suit, from an individual who is not of the Anglo-Masonic background.

In a similar matter, an individual, who rounded down the cents of employee’s pays, was discovered, and convicted. In the example mentioned above, the figure is far greater than that of the convicted individual.