Impressive Frauds!

[steve fleming]

Following on from the lady who accumulated a property portfolio courtesy of Clive Peeters, http://sharetrader.co.nz/showthread.php?t=7100 comes ING accountant Ms Subramaniam.

http://www.smh.com.au/national/woman-in-court-over-45m-spending-spree-20091218-l5p9.html

"Her spending spree allegedly included more than $13 million at Bulgari, $1 million at Chanel and nearly $300,000 at Tiffany & Co" -that would be quite a jewellery box.

What is it with female accountants?

[Huang Chung]

How could you nick that much and expect to get away with it?

With so much designer bling, it makes it a bit hard to argue you did it to pay for an operation for your sick mother.

[steve fleming]

How could you nick that much and expect to get away with it?

With so much designer bling, it makes it a bit hard to argue you did it to pay for an operation for your sick mother.

A better story - http://www.dailytelegraph.com.au/news/accused-fraudster-swaps-designer-life-for-prison-green/story-e6freuy9-1225811899054

"Paspaley, for example, sold her $16 million worth of pearls."!!!

Apparently "nobody - not ING, nor her husband - had the faintest clue about what she was allegedly up to".

So she turns up with $20mil of jewelry and another $20m of waterfront property and no one gets suspicous??

[Huang Chung]

"Subramaniam admits lending a Paspaley assistant $1.3 million to help her buy a house, as well as giving a woman who worked at Hugo Boss $245,000 for her house purchase."

Looks like there might be other people having a bleak Christmas as well.

As the old saying goes...If it seems too good to be true, it probably is.

[Lizard]

Pearls, yummy! A worthy cause, since she had good taste! :p

Still, I knew there had to be an easier way... getting too old for the usual...

... am off to become an accountant :rolleyes:

[Dr_Who]

Not as impressive as billions of dollars of wealth transfer in the finance industry in NZ. Goes to show, you dont have to be an accountant to live off other people's money.

[Huang Chung]

Who said accountants are boring :rolleyes:.....

[macduffy]

Don't be too hard on accountants.

The trouble is that 95% of them give the others a bad name!

:D

[Huang Chung]

Don't be too hard on accountants.

The trouble is that 95% of them give the others a bad name!

:D

C'mon macduffy, we're not lawyers.....

[Financially dependant]

Don't be too hard on accountants.

The trouble is that 95% of them give the others a bad name!

:D

I vote this post of the week.......sorry HC.....:)

[COLIN]

I'm not sure why this thread is on the NZX sub-forum but it looks as though today's news about an NZ$18m fraud over 9 years on 30 wealthy ASB customers by one Stephen Versalko could be added to the list.

[The Big Ease]

i have just done a 2 year reconciliation of Purchase Orders at work and found 10 million pounds (20m AUD) or received/receipted but uninvoiced funds.

Anyone with an inside man at an approved supplier could arrange to have those funds without anyone at my company having a clue because these funds would have already hit the P&L.

I am a consultant there and would not be surprised to learn there are many other instances of funds floating around, let alone loopholes.

Most companies are not very good at doing business and pay even less attention to risk management.

I must confess to being impressed by this latest one though. Question has to be asked, why wouldn't you just stop at a few million and then disappear?

[drillfix]

Just Lop their heads off and say create a total example of them, end of story.

Why is it the common hungry man can steel a Loaf of frigging bread at the corner shop and do 5 years for armed robbery and these Suits can do what they like up to 10 million times Worst and nearly walk away like nothing has happened.

Now, I know most of you couldn't care less what I think, however I would vote in favour of a new law called Coporate Be-Headings, that are also made public!

[Huang Chung]

Drilly, I think you we're born about 400 years too late.

It will be interesting to see what the sentence is (apparently the max is 20 yrs), assuming she's found guilty of course.

[tricha]

Is this rally a fraud, we will find out soon, what happened in 1929, is it going to repeat .:confused: It could.
Is the US out of the woods, hmm, personally I think not.

So to maintain my sanity, 60 % cash and 40 % shares.
A Brief Market Update

BY TIM W. WOOD | december 18, 2009 http://www.financialsense.com/Market/wood/images/twood.jpg

The Dow theory bullish trend confirmation that occurred earlier this year remains intact. Cyclically, the higher degree low that began at the March low also still remains intact. Longer term, I maintain, based on my data, that this is nonetheless a bear market rally. Once this rally has run its course the big surprise will be the Phase II decline and history shows us that Phase II declines are the most destructive. One reason for this is because with everyone believing that the bear market has ended, the Phase II decline takes everyone by surprise and as the realization begins to set in so does the panic.
In the first chart below I have included the Dow Jones Industrials and the Transports. From a Dow theory perspective there are no non-confirmations and all appears fine. It is the longer-term aspects of Dow theory, which are not shown on this chart, that are problematic. Those problematic issues being the traditional bull and bear market relationships and values, both of which I have written about in recent postings here.

http://www.financialsense.com/Market/wood/2009/images/1218_clip_image002.gif

Next I have included a daily chart of the S&P 500 along with my Intermediate-Term Total Market Advance Decline line. The issue here is that the internals are beginning to break down in that the price action over the last 3 months has not been confirmed by this indicator. As a result, a divergence or non-confirmation has formed. These non-confirmations are not sell signals in and of themselves. Rather, they are warnings that something is not right. It is my intermediate-term Cycle Turn Indicator that I watch in order to trigger intermediate-term buy and sell signals.

http://www.financialsense.com/Market/wood/2009/images/1218_clip_image004.gif
In the next chart below I have included a daily chart of the S&P 500 along with my Intermediate-Term Total Market Volume Indicator. Again, the issue here is that the internals are breaking down in that the price action is not being confirmed by this volume indicator. In this case we have two divergences or non-confirmations that have together grown into an even longer-term non-confirmation. Note that the September high failed to exceed the previous high. Then, from that point, this indicator has continued to weaken even further and has recently moved to an 8 month low. As a result, an even longer-term divergence or non-confirmation has formed. Again, these non-confirmations are not sell signals in and of themselves. They are warnings that price is no longer being confirmed by the internals. It is because divergences are only warnings that I rely on my Intermediate-term Cycle Turn Indicator to trigger intermediate-term buy and sell signals.

http://www.financialsense.com/Market/wood/2009/images/1218_clip_image006.gif
Next I have included a chart of the Banking Index. Note that this index lead at the 2007 top and that it is now showing less relative strength than the broader market. Again, this is not in and of itself a sell signal, but yet another warning.

http://www.financialsense.com/Market/wood/2009/images/1218_clip_image008.gif
Next, I’ve also included a chart of the Philadelphia Housing Index and here too, we are beginning to see a softening.

http://www.financialsense.com/Market/wood/2009/images/1218_clip_image010.gif
My point here is that all is not well when we look beyond the surface. There are signs for those with the eyes to see them. The internals are no longer confirming the market. Banking and housing are but a couple of examples of relative weakness, which also serve as warnings. Yet, the mainstream media and politicians have the masses lulled to sleep. In my opinion this is a great disservice as it only helps to set the stage for the slaughter that will ultimately follow once the Phase II decline begins. In the meantime, the longer this bear market rally lasts, the more damaging it will ultimately be once it is over. You have been Warned!
Tim W. Wood

[drillfix]

Drilly, I think you we're born about 400 years too late.

It will be interesting to see what the sentence is (apparently the max is 20 yrs), assuming she's found guilty of course.


LOL Huang, a little bit later than what some call Old School hey :D

It sure will be interesting what unfolds, I hope the punishment sets an example.

ps: Mods, is this post in the right thread?

[POSSUM THE CAT]

The biggest off the lot & still continuing Global Warming

[The Big Ease]

The biggest off the lot & still continuing Global Warming

nah, that cigarettes cause lung cancer. :rolleyes:

[sharer]

nah, that cigarettes cause lung cancer. :rolleyes:

Sorry, i feel it is wrong to contradict my elders & betters, but i think you are dead wrong there.
Lung cancer is indeed a serious consequence of tobacco smoking.
To say nothing of bladder cancer, mouth & pharynx cancer, & more.

It is far too serious to joke about.

[COLIN]

Sorry, i feel it is wrong to contradict my elders & betters, but i think you are dead wrong there.
Lung cancer is indeed a serious consequence of tobacco smoking.
To say nothing of bladder cancer, mouth & pharynx cancer, & more.

It is far too serious to joke about.

I agree with you entirely, Sharer, although I rather suspect that the comment was "tongue-in-cheek". - I certainly hope so.

[steve fleming]

And another one....this time Specialty Fashion Group Limited (SFH) the victim of a $17m fraud through the issuing of dummy invoices to a third party who was colluding with SFH's head of property.

http://www.smh.com.au/business/hunted-businessman-on-run-leaves-trail-of-extravagance-20100101-llq4.html

"SFG has now revealed that Mr Bamford had a fondness for mahogany furniture and boats, leather Chesterfield sofas, Victorian reproduction antiques, a ''Victorian tea pot and jug collection'' worth $5000 and numerous sculptures, Hindu god statues and Tibetan Buddhas, as well as a taste for paintings of nudes."

Perhaps, most worryling the comments of SFH chairman, Geoff Levy "The saga had shown ''all too clearly'' that a concerted and premeditated scheme would challenge any system or procedure."

[drillfix]

Bahhh, Off with their Heads :mad:

[The Big Ease]

Sorry, i feel it is wrong to contradict my elders & betters, but i think you are dead wrong there.
Lung cancer is indeed a serious consequence of tobacco smoking.
To say nothing of bladder cancer, mouth & pharynx cancer, & more.

It is far too serious to joke about.

tongue firmly in cheek sharer.

I am a non-smoker and think the habit is quite disgusting.

There are vested interests using the same copy book from those who denied smoking caused lung cancer. History will judge them.

[sharer]

Kia ora The-Big-Ease, & all the best for 2010.


... I am a non-smoker and think the habit is quite disgusting. Me too.


There are vested interests using the same copy book from those who denied smoking caused lung cancer. History will judge them.
You are right again.

The subject came up, & it was a good chance to again plead with people (well, friends anyway) to make 2010 the year they give up smoking for good.

With all the money saved they could have much more fun joining Sharetrader:)

[steve fleming]

http://stocknessmonster.com/news-item?S=ZHE&E=ASX&N=373960

This is one of the more impressive frauds on the ASX in recent times.

ZHE listed on the ASX in September 2010, with approx 22 mil cash.

By February 2012, $19 mil of the cash ( basically 95% of shareholder's equity) had been misappropriated.

Suspended from trading and the wife of the now-deceased fraudster now controls the company

[Skol]

It's not the accountants you have to be worried about, it's the lawyers.

There's more lawyers in jail than there are car dealers.

[Skol]

There'll be an interesting court case soon, Jacquie and the late Michael Bradley. A friend of mine lost $500,000 in this one, but I don't entirely blame the Bradley's, there was a certain amount of greed involved as there is in all Ponzi schemes.