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A judge has approved $32 million in penalties against Westpac in two cases brought by the corporate regulator accusing the bank of misleading thousands of “vulnerable” customers about their debts and failing to manage the accounts of deregistered companies.
A lawyer for Forum Finance director Bill Papas has argued the alleged fraudster should be able to shield documents held by his former lawyer under a claim for legal professional privilege despite being a “fugitive” from contempt charges.
A judge has hit Westpac with a $1.5 million penalty for misleading 141 customers into believing they had purchased add-on insurance.
Westpac has agreed to pay $1.5 million to settle proceedings brought by ASIC for misleading 141 customers into believing they had purchased add-on insurance.
The founder of whitegoods distributor Kleenmaid, who won a retrial after being sentenced to nine years for fraud and insolvent trading, will not spend any more time in jail after being resentenced by a judge who called him "a man of greed".
Westpac has yet to commence extradition proceedings against Forum Finance director Bill Papas due to concerns that the alleged fraudster may face only contempt charges if he is brought back to Australia prematurely.
Forum Finance director Vince Tesoriero has lost a battle to stop receivers from selling luxury properties in which he and Bill Papas hold a stake pending the outcome of Westpac's fraud case against him.
The Federal Court has issued a worldwide freezing order over the assets of Bill Papas' partner, which includes the proceeds of the $1.13 million sale of her home in Sydney's inner west.
Forum Finance director Bill Papas’ cousin has hit back at Westpac’s allegations he wrongfully received $720,000 from the alleged fraudster in violation of freezing orders made in the bank’s lawsuit, which seeks to recoup $294 million paid into an alleged fraudulent scheme.
Westpac is facing a lawsuit by a 67-year-old former manager, who alleges a colleague began a bullying campaign against him, including by asking him 'When are you going to retire?', after he complained that she was responsible for a backlog of declined insurance cases.