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 The Exploiter

 

Someone who dishonestly gains a personal benefit by using something for a wrongful purpose.

This might involve misusing their position or privileges, or dishonestly exploiting a vulnerability for personal gain.

Recent case studies

  • An insurance broker engaged in dishonest conduct by diverting 51 client refunds to personal accounts held in his name, totaling $199,391. The broker was found guilty of seven counts of fraud under the Corporations Act 2001.
  • A financial planner lied to his clients by falsely stating he had invested their funds and that their investments were performing well. However, rather than investing $5.1 million of his client's funds, the financial planner used them as he pleased. He was found guilty of eight counts of fraud under the Corporations Act 2001 (Cth) and an additional four counts of fraud under the Crimes Act 1914 (Cth).
  • An Australian Bureau of Statistics (ABS) employee disclosed sensitive and unpublished ABS data which he obtained in his capacity as a Commonwealth official. This inside information was then used by an associate to conduct trades on the foreign exchange derivatives market. The pair knew that such information could both make large amounts of money. The Commonwealth official was found guilty of four counts of abuse of public office and one count of dealing in identification information using a carriage service under the Criminal Code 1995 (Cth). He was also found guilty of one count of insider trading under the Corporations Act 2001 (Cth).

Countermeasures

The methods of the exploiter are countered by measures that support people, process and system integrity, oversight and deterrence.

Key countermeasures include:

Other effective countermeasures may include:

Printable summary

Download an A3 printable summary of the fraudster personas. If you require these documents in a different accessible format please contact fraud@ag.gov.au.

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