Commonwealth Superannuation Scheme Fraud

In 2010 a member of one of Australia’s most notorious crime groups pleaded guilty to his role in a $150 million bank fraud, dubbed Australia’s very own Ocean’s Eleven.

The conspiracy was so named after federal police charged 11 men over the theft of $150 million from the Commonwealth Superannuation Scheme. The men include: a Sydney nightclub owner; an international banker; a fraud investigator; a Telstra worker; and a pensioner.

Jamieson Vincent, 40, pleaded guilty to money laundering on the first day of a four-week trial. The guilty plea came more than six years after he committed the crime.

He is part of a crime group. Members of that group ran strip clubs, were associated with the Bandidos Motorcycle Club and worked with the late Sydney Mr Big Leonard Arthur ”Lennie” McPherson.

The funds the men tried to pilfer were held by the investment bank JP Morgan. On Christmas Eve 2003 a fake request to transfer $150 million was sent from three members of the group, including a JP Morgan employee.

The money was moved to four accounts in Hong Kong, Switzerland and Greece. Federal police were alerted by a mistake during the Greek transfer and they froze all four accounts.

All the money – except for $3.4 million that was gambled away on a casino boat off Hong Kong – was recovered.

Eight men have since been convicted over the fraud.

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