NCJ Number
239246
Date Published
July 2012
Length
43 pages
Annotation
This report provides information on the problem of serious and organized investment fraud in Australia.
Abstract
Key findings from this report include the following: between January 2007 and April 2012, estimated losses from serious and organized investment fraud in Australia were calculated to be more than A$113 million; and serious and organized investment fraud has been determined to be a "calculated, sophisticated, organized criminal event that can attract experienced investors, with many individuals being re-victimized." This research for this report was done by the Australian Institute of Criminology to determine the nature and extent of serious and organized investment fraud in the country. This type of fraud is defined as "the solicitation of investment in non-existent or essentially worthless shares and other securities." The information in this report was collected as part of Task Force Galilee, a task force established in 2011 to broaden the Australian Government's understanding and extent of serious and organized investment fraud, and to allow policymakers to develop a national response to the problem. The report is divided into three sections: 1) Characteristics of Serious and Organized Investment Fraud; 2) Who is targeted by Serious and Organized Investment Fraud; and 3) Current responses to Serious and Organized Investment Fraud. Recommendations for dealing with serious and organized investment fraud are discusses. Tables and references