Feeds

419ers take Aussie financial advisor for AU$1m

Greed + stupidity = jail

  • alert
  • submit to reddit

SANS - Survey on application security programs

A Melbourne financial manager faces a hefty prison sentence after stealing AU$1m from his clients and handing it over to Nigerian advance fee fraudsters.

Robert Andrew Street, 58, fell for a classic 419 scam after receiving an email from the Reverend Sam Kukah offering him a cool $65m in return for relocating cash held by Nigeria's Presidential Payment Debt Reconciliation Committee. Naturally, Street quickly learned that there were certain expenses he had to meet to oil the wheels of the illicit transfer. Accordingly, he set about fleecing clients of his financial planning business - Making Dollars & Sense - by getting them to invest in fictitious get-rich-quick schemes.

Street raised a total of AU$1,039,910. AU$10,000 of this went on mobile phones apparently required in Nigeria. Street transferred the balance direct to the to the scammers. When Kukah did not cough up the expected windfall, Street's clients began to complain and he eventually had his collar felt after the Australian Securities and Investments Commission (ASIC) investigated the matter.

Street was charged with five counts of obtaining a financial advantage by deception between September 2001 and August 2002. He pleaded guilty yesterday in a Melbourne court on all counts and now awaits sentencing on 4 November. Each offence carries a maximum penalty of 10 years' jail. But even if Street does avoid lengthy incarceration he will not be handling other peoples' cash in a hurry - the ASIC ensured that he was barred for life from the financial services industry. ®

Related stories

Anatomy of a 419 scam
419 scammers take US con artist for $750,000
Woman falls for Nigerian scam, steals $2.1m from law firm

Related products

Been fleeced by the Lads from Lagos? Get your "My money went to Nigeria and all I got was this lousy t-shirt" right here.

High performance access to file storage

More from The Register

next story
Obama allows NSA to exploit 0-days: report
If the spooks say they need it, they get it
Samsung Galaxy S5 fingerprint scanner hacked in just 4 DAYS
Sammy's newbie cooked slower than iPhone, also costs more to build
Snowden-inspired crypto-email service Lavaboom launches
German service pays tribute to Lavabit
Mounties always get their man: Heartbleed 'hacker', 19, CUFFED
Canadian teen accused of raiding tax computers using OpenSSL bug
One year on: diplomatic fail as Chinese APT gangs get back to work
Mandiant says past 12 months shows Beijing won't call off its hackers
Call of Duty 'fragged using OpenSSL's Heartbleed exploit'
So it begins ... or maybe not, says one analyst
prev story

Whitepapers

Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.