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Mug Shot Monday – $48 Million Invoice Fraud Nets CFO Six Years in Jail

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September 9, 2013

Even though the CFO testified against the president of a Down Under trucking company, she received a stiff, six year prison sentence for her fantasy bookkeeping.

The president, with ties to the Comancheros outlaw motorcycle, and no, I’m not making this stuff up, also sicced his ex-wife on our fraudster CFO telling her, “I’m going to get you, no matter what,” during a break in court proceedings, (allegedly!)

The Viking Group was an Australian trucking company who closed its doors in 2011. Commonwealth Bank quickly learned up to 80% of the company’s invoices were fraudulent, writing off $48 million of the $52 million 2010 loan.

Reports The Sydney Morning Herald, “Loukia Bariamis, 51, will spend a minimum four years in jail for her part in defrauding the Commonwealth Bank, but won’t begin that term until next year, as she is currently in prison for a separate offence of defrauding of the Australian Taxation Office.

“Bariamis pleaded guilty to three charges of obtaining a financial advantage by deception, in that she secured three multimillion-dollar loans from the bank by falsifying documents in her role in the Viking management group in 2009-10.

“Bariamis, a mother of two who has struggled with a major depressive disorder and other health problems, cried and wiped her eyes when told by Supreme Court Justice Kevin Bell she would not be eligible for parole until 2018.

“Justice Bell said Bariamis built a rapport with the bank through honest dealings before she breached that trust.

Justice Bell acknowledged prison life would weigh heavily on Bariamis given her depression and health problems, and that she was remorseful. He said psychological reports showed Bariamis possessed a pathological need to be liked when she engaged in her offending.”

“In June Bariamis was jailed for four years, with a minimum of two, for pleading guilty to defrauding the ATO of $1.8 million by falsifying 131 business activity statements in 2004-05 in her then role as a registered tax agent.

“The County Court heard at the time Bariamis exploited weaknesses in the ATO’s tax agent portal to obtain money she used on gambling, clothing, jewellery, furniture, travel, accommodation and restaurants.”

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