Westpac loses $290 million to 'long-running' and 'calculated' fraud

yup criminal by the looks of it 👎

🤔 I guess if you are going to do something, do it right 😄

Prolly in North Cyprus

So we know that bill pappas stole $290 million from westpac but we don’t know why Tongyik isn’t at the olympics..

Isn’t he a Greek coach, having coached in Melbourne?

https://neoskosmos.com/en/204523/bill-papas-reportedly-in-greece-for-xanthi-fc-and-top-lawyer-alexis-kougias-set-to-make-an-announcement/

Greek Celebrity Lawyer Alexis Kougias, known for his representation of high-profile clients and major shareholder of AE Larissa FC, told Greek sports outlet SportTime that he is set to make a statement concerning Mr Papas’ role in the scandal reported on in the Australian media.

You're thinking of Arthur Papas, not Bill Papas. Arthur recently took charge of the Newcastle Jets, and has extensive coaching history within Australia, and abroad.

What will become of Xanthi and, more specifically, Izzo and Brillante?

I was wondering this and I had a look at their squad and pretty much all of their foreigners have left. They have two Croats (One of which has been linked with Victory) and Izzo from last season while the only foreign players they signed this season have been NPL players.

All of their new recruits have been free transfers as well but I don't know how good any of the players are.

Lol banks complaining about criminal activity - pot calling the kettle black

West.pac.au perhaps misunderstood?

Gone from one basket case to another

Bill Papas's companies earned $500 million from fraud, liquidators allege

By business reporter David ChauPosted 3h ago3 hours ago

Alleged fraudster Bill Papas may have committed criminal offences according to liquidators, after allegedly siphoning off more than $500 million from Westpac and other major banks over the past eight years.That was the key finding of a damning liquidators' report looking into the failure of his equipment leasing company Forum Finance and its related entities.The Sydney businessman left the country in June, and is currently residing in in the seaside city of Thessaloniki, in Greece — where he owns several luxury apartments through his Greek-registered company Mazcon.His departure occurred around the same time Westpac discovered it had lost $290 million as a result of Forum's scheme (allegedly involving fake leasing contracts and forged signatures)."Mr Papas engaged in dishonest and deceptive conduct in setting up and perpetrating the fraudulent scheme," liquidators from McGrathNicol alleged in their report.They concluded that he "did not exercise his power and discharge his duties in relation to Forum Finance in good faith or for a proper purpose".“We consider that: the real reason for the companies' failure was the business they [Mr Papas and his business partner Vincenzo Tesoriero] were operating included the preparation of false customer contracts, which were then financed by third parties."

Alleged fraud dating back to 2013

The liquidators pored through more than 110,000 transactions across approximately 150 bank accounts (held by Forum, its related entities and beneficiaries) to reach their findings.In their view, “the alleged fraudulent behaviours appear to have been undertaken over an extended period of time"."While we have focused on the period from July 1 2018 to June 30, 2021 for the purpose of our analysis to date, we have identified materials suggesting similar behaviour was evident as far back as at least 2013.""There were deliberate attempts by Mr Papas and others involved in the scheme to avoid the scheme being uncovered," they added.McGrathNicol said they did so by "intentionally omitting making entries in the financial accounts of Forum Finance to conceal the funds obtained as part of the scheme".In addition, they noted that the scale of the funds, allegedly misappropriated by Forum and Mr Papas's companies, was in excess of $500 million — much higher than previously expected.A large sum of money, allegedly misappropriated by Forum, was used to "fund the acquisition of interests in a soccer club [Xanthi FC], a range of high end vehicles and race cars ... interests in race horses", along with boats, jet skis and property, the liquidators wrote.They also said it was used to "fund a lifestyle and personal expenses for Mr Papas and Tesoriero".

The liquidators also disclosed they were thinking of reporting Mr Tesoriero to the corporate regulator ASIC because of his alleged failure to provide information (on the companies' affairs and property).“Mr Tesoriero has not provided a ROCAP [report of company’s affairs and property] in respect of either of the companies as at the date of this report," the liquidators noted."The liquidators will be issuing a second and final request imminently. The Act provides for serious consequences for a failure to submit a ROCAP.”The liquidators are also considering whether their conduct "may amount to breaches of s596 of the Act (fraud by officer) and s590 (offences by officers/employees)".Company executives who breach those two sections of the Corporations Act could face jail sentences of up to two years.

COVID, anxiety and not enough cash

Mr Papas, who is a former president of the Sydney Olympic Football Club, is also being sued in the Federal Court by Westpac, Societe Generale and Sumitomo, who are trying to recover any money they can.

During a hearing in July, presiding judge Michael Lee referred to Forum's scheme as a "long-running, calculated and elaborate fraud that would rank high in the catalogue of corporate misfeasance".While he has not attended any of the Federal Court hearings, Mr Papas has provided a wide range of explanations for his absence.Mr Papas's barrister told the court that he was due to fly back to Sydney in late July, but was unable to board the flight because he tested positive for COVID-19.The barrister also said that Mr Papas was unable to return as he could not afford to pay for a flight home. In early August, Mr Papas filed an affidavit saying that he was suffering from "extreme anxiety and panic attacks

Today, Monday September 19, 2022, we would like to announce to the fans, friends and residents of the city of Xanthi, that the Owner and Managing Director and the Board of Directors of AO Xanthi PAE, have decided to resign from the Super League 2 championship for the 2022/23 season.

For more than 9 months, the Owner of PAE and the members of the Board of Directors are in the process of selling the PAE or finding alternative financing solutions, because at this time the Owner of AOX is unable to contribute financially to the group.

After 2 years of great financial contribution to the team and to the city, we have not been able to find a solution in time to continue our plans. The Owner, the members of the Board of Directors and the staff of the team, we remain supporters of AOX.

Two and a half years ago, we started a long-term plan, renovating the stadium and revitalizing the Pigadei training center to be the pride of our city. We created a football team to challenge for a return to the Super League.

With a heavy heart, despite the huge financial contribution to the team and the emotional bond created with it and the people of the prefecture of Xanthi, who stood by us and supported us, we are forced to take this very difficult decision, having no other choice.

It is regrettable that despite the investment made, a solution could not be found, even with the contacts we made with the Municipality of Xanthi.

The Owner personally feels the need to thank from the bottom of his heart the staff of the offices and the employees of the stadium and training center for their dedication and tireless contribution until the last minute. He also thanks the direct partners and suppliers who have stood by AOX until today.

The Owner of PAE undertakes to personally communicate with each employee to undertake the payment of their financial claims in the best possible way.

We wish and hope that a solution can be found with a new investor for the team, as the city and the region are strategically important for Greek football and the country.

Yours sincerely,

The Administration of AO Xanthi PAE

http://xanthifc.gr/index.php/anakoinosi-ao-xanthi-pae-8/

Bill Papas literally destroyed that club 

Poor guy has mental health issues leave him alone. #letstalkaboutmentalhealth