Feeds

419ers take Aussie financial advisor for AU$1m

Greed + stupidity = jail

  • alert
  • submit to reddit

The Essential Guide to IT Transformation

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.

Build a business case: developing custom apps

More from The Register

next story
14 antivirus apps found to have security problems
Vendors just don't care, says researcher, after finding basic boo-boos in security software
'Things' on the Internet-of-things have 25 vulnerabilities apiece
Leaking sprinklers, overheated thermostats and picked locks all online
iWallet: No BONKING PLEASE, we're Apple
BLE-ding iPhones, not NFC bonkers, will drive trend - marketeers
Only '3% of web servers in top corps' fully fixed after Heartbleed snafu
Just slapping a patched OpenSSL on a machine ain't going to cut it, we're told
How long is too long to wait for a security fix?
Synology finally patches OpenSSL bugs in Trevor's NAS
Secure microkernel that uses maths to be 'bug free' goes open source
Hacker-repelling, drone-protecting code will soon be yours to tweak as you see fit
Israel's Iron Dome missile tech stolen by Chinese hackers
Corporate raiders Comment Crew fingered for attacks
Roll out the welcome mat to hackers and crackers
Security chap pens guide to bug bounty programs that won't fail like Yahoo!'s
HIDDEN packet sniffer spy tech in MILLIONS of iPhones, iPads – expert
Don't panic though – Apple's backdoor is not wide open to all, guru tells us
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Backing up Big Data
Solving backup challenges and “protect everything from everywhere,” as we move into the era of big data management and the adoption of BYOD.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.