6o Minutes recently aired a segment that covered the investigation into and the raid on a group running several scams including the Timber Hill scam, which was a clone of a real business.
The investigation work leading to the raid and arrests was done by private investigator Ken Gamble and his company, IFW Global, in the Philippines.
The scammers also used Australian bank accounts to lure their victims into thinking their investment would be safe.
They reckon as much as 13 million AUD was scammed just in January this year alone.
They highlight how this is major financial fraud/crime and Australian authorities do extremely little to combat it.
Was a victim of this scam
Lodged a complaint with NSW police in Dec18. No action taken till Oct19 where the case was transferred to Vic police on the grounds that the crime was Vic related and NSW police had no jurisdiction.
A few people have taken the culprits on via a legal suit. Police advised me they are dropping the case and consider it a civil matter. So you can form a fraudulent company, defraud people and then pretty much get away with it.
Maybe, being so moral and ethical is not the way forward in this life, I was always taught by my parents to be straight, crime never pays. But the real world says otherwise I can imagine what the lawyers will make in all this. And guess who has funded all legal fees. The money from the victims. Its hiliarious how the system works.
Even the banks are not held responsible (In this case it was ANZ bank) even though the money was being laundered through them!
Yes, the law seems favoured to fraudsters. If they ever get charged, it’s more like a slap on the wrist for punishment.
Thanks for your comment. The police were actually quite critical over both 60 minutes and IFW and actually got quite agitated when I suggested they contact the two for info. The police claimed that IFW and 60 minutes was detrimental to the case as it has given both people involved in the scam in Australia a chance to hide behind a lawyer. (Mario Merlo is the lawyer).
What gets me is the police would have done nothing and the true heroes are IFW and 60 minutes. I tried to see if anyone had raised this whole issue on scamming on change.org but found nothing. I can’t believe there’s nothing I can do to initiate change. Scamming needs to be seen for what it is. It is as bad if not worse than drugs. With drugs it’s willing buyer willing seller but very bad social impacts. With scams it’s willing seller unwilling buyer and bad social impacts. Why is it not obvious to the Australian government to do more? Surely there’s got to be a way to effect change.
That was a great report. I was also pleased that 60 Minutes highlighted how disinterested Australian authorities are in relation to serious fraud/financial crimes. But then, many politicians and fat cat public servants in this hideously overgoverned country obliviously rob Australian taxpayers of millions of dollars every year to fund their lavish lifestyles and retirement funds, so why would they care?