Commonwealth Bank staff implicated in alleged fraud: report
TWO men are reportedly due to face court after they allegedly masterminded a $76 million Ponzi scheme in which Commonwealth Bank staffers have been implicated.
The staff received secret commissions for their role in the alleged fraud, which was ignored by management at Australia’s biggest lender, Fairfax Media reports.
The two men who allegedly concocted the scam, professional poker player Bill Jordanou and accountant Robert Zaia, are accused of using forged documents to borrow millions of dollars for several property developments that never got off the ground.
The pair are also accused of siphoning money from clients’ accounts without their knowledge or consent.
Documents obtained by Fairfax reveal the extent of the Commonwealth Bank’s involvement, revealing the bank knew about the alleged fraud in 2007 but did not report the pair to police until 2011.
The CBA documents and emails were obtained by Melbourne property developer Nick Fotopoulos, who lost more than $5 million and has launched a civil action against the bank.
Mr Jordanou and Mr Zaia are due to face court in February 2017 and have reportedly indicated they will plead not guilty to almost 100 fraud and deception offences.
[Source:- News.com]