Investors are the biggest victims of major fraud in Australia / File Source: Supplied
- Investors latest fraud victims
- Greater than money lost by banks
- Fraudsters posing as financial advisers �
INVESTORS have overtaken insurance companies and financial institutions as the biggest victims of major fraud in Australia.
According to the latest analysis of fraud cases by forensic accountant KPMG, investors lost $32 million in fraud rip-offs and thefts during the past six months, compared with $25 million lost by financial institutions.
The analysis found financial advisers were generally responsible for stealing investors' money, accounting for $22 million of the total pool. People posing as financial advisers were responsible for the remaining $10 million.
The shock surge in fraud against investors meant it was the first time since the survey began in 2008 that investors had lost more money than financial institutions and commercial businesses.
"The survey found an alarming rise in fraud against investors in the past six months and suggests that fraudsters are targeting investors," said KPMG Forensic national head Gary Gill.
"There was nothing specific about these victims although probably following the global financial crisis many investors could have been looking to recoup their losses and were perhaps less diligent about choosing an adviser," Mr Gill said.
The survey analyses major fraud cases - those involving sums of more than $100,000 - that have come before criminal courts in Australia.
In the cases of fraud against companies, senior managers were the most likely to rip off their employer, however the latest survey also highlighted a new trend of employees teaming up with external parties to commit fraud.
The cost of all fraud cases fell in the latest study. According to KPMG, fraud before the courts totalled $91 million in the six months to June, compared with $132 million in the prior six months. However, the average case value remains the same at $1.8 million each.
Slater & Gordon practice leader Ben Phi said yesterday the law firm was experiencing a "spike" in fraud complaints by investors.
"Generally they're ordinary mum and dad investors who typically relied on advice given to them," Mr Phi said.
Source: http://www.news.com.au/money/banking/investors-are-the-latest-target/story-e6frfmcr-1226127019065
accountant rancho cucamonga accounting firms in rancho cucamonga ca rancho cucamonga cpa
No comments:
Post a Comment