Meet valued team member of Biteriot & Caernarvon Cherry – Bruce Johnston.
Bruce was once described this way:
Bruce Alan Johnston was a senior accountant for Newcrest Mining Limited, involved in the development of the Cadia East Mine.
Between 1 July 2010 and 27 August 2013, Mr Johnston prepared 156 invoices in the name of Bramph Consultancy Services. But no such entity existed, and the funds were placed into bank accounts controlled by Johnston.
The invoices were purported to be for consultancy services in relation to the Cadia Mine project. The total amount of money Johnston transferred into his accounts was $1,257,847. He gradually gambled the funds away.
Johnston used online betting agencies, and a phone app to place his bets. At the height of his gambling spree, Johnston was placing up to 100 bets a day on several sports.
The fraud was discovered when someone noticed that no GST was being charged on the invoices. Newcrest senior management spoke with Johnston about the matter on 21 November 2013.
The father-of-two confessed to the crime, and was arrested and charged on 25 July 2014.https://nswcourts.com.au/articles/gambling-addiction-does-not-lead-to-a-reduced-sentence/
To read more about Bruce’s career – please follow this link: click here.
Bruce, who partially succeeded Pamela Hall in accounts, was a trusted member of the Biteriot and Caernarvon team – handling accounts and dealing with grower payments and receipts and worked alongside fellow convicted fraudster Paula Neill, plus Fiona Hall & others.
It is unknown if Bruce met and knows the identity of the mysterious Claudio Brown?
Would you like to tell us confidentially about your experiences?
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DC Partners (Solutions) Pty Ltd working with a financier client recently had collections dealing with an estate agent where the agent alleged it could not pay ‘factored monies’ because of Covid-19.
In December 2019, the agent factored its rent-roll management cheque for March 2020, expecting to receive around $52,000.
Factoring is the business of purchasing accounts receivables.
In this instance, the estate agent ‘sold’ its March 2020 receivable in exchange for an upfront sum paid in December 2019.
At the end of March 2020, the agent then said it was unable to repay the factor the money (or any of it, despite banking it for themselves at the end of March) “because of Covid-19“.
Factoring ‘discounts’ the purchase price of the receivable. The price paid upfront in December 2019, was based upon the time value of money with the expectations that the funds would be banked in March 2020. Obviously, the funds do not have the same value if the funds are not banked until June or later.
The agent is a well known agent from WA.
If a crime was committed, it was a crime of fraudulent appropriation. Alternatively, as was pointed out to the agent in collections discussions, the agent runs the very real risk that the estate agent continues to trade whilst insolvent, exposing the directors to personal liability. In those instances the agent’s personal assets are exposed to creditors.
If your business is in a similar position, being unable to meet obligations to creditors, there are some important steps that you and your company need to take to protect your personal AND business assets. These can be discussed on 1300-327123 if you find yourself if this position (call anytime till late 5 days).