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  • » Bullion Baron: ATO & AFP Investigate Australian Gold Industry Fraud

#1 2014-07-13 05:30:21

Bullion Baron
Silver Stacker
From: Adelaide
Registered: 2009-09-14
Posts: 7,261
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Bullion Baron: ATO & AFP Investigate Australian Gold Industry Fraud

61_bullion_baron_header_ss.gif

Regardless of who is under investigation or who has been issued with the ATO garnishee notices and GST amended assessments, there are two significant points that I took away from the uncovering of these events...

Fraud can occur in any industry. Investors seeking financial safety in the purchase of precious metals (or those involved with trading of it in scrap or investment form) can expose themselves to risk from the companies who provide it. It's important that, when diversifying your portfolio with physical Gold and Silver, you also diversify exposure to the companies through which it's purchased and stored (especially when doing so in quantity). For the investor that means... Read More

CONTINUED: ATO & AFP Investigate Australian Gold Industry Fraud

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#2 2014-07-16 23:13:06

Bullion Baron
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From: Adelaide
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Re: Bullion Baron: ATO & AFP Investigate Australian Gold Industry Fraud

A bit more information on one of the individuals mentioned in the story:


The Jeweller, the gold and Toowoomba's bookies

LUCK has dried up for the man they called "the Jeweller", a Toowoomba racing punter linked to a $65 million gold bullion tax scam.

Robert Bourke was a trader in precious metals and a well-known gambler known to drop more than $100,000 in a single sitting at Clifford Park Racecourse.

The Toowoomba Turf Club loved having him there; his big spending substantially increasing turnover.

He disappeared from the Toowoomba racing scene a few months ago and is now all-but bankrupt, following an Australian Tax Office investigation into one of the country's biggest tax fraud cases on record.... http://www.thechronicle.com.au/news/gam … k/2320684/

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#3 2014-07-16 23:17:39

Eureka Moments
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From: bosis
Registered: 2011-10-31
Posts: 6,711
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Re: Bullion Baron: ATO & AFP Investigate Australian Gold Industry Fraud

Bullion Baron wrote:

A bit more information on one of the individuals mentioned in the story:


The Jeweller, the gold and Toowoomba's bookies

LUCK has dried up for the man they called "the Jeweller", a Toowoomba racing punter linked to a $65 million gold bullion tax scam.

Robert Bourke was a trader in precious metals and a well-known gambler known to drop more than $100,000 in a single sitting at Clifford Park Racecourse.
!
The Toowoomba Turf Club loved having him there; his big spending substantially increasing turnover.

He disappeared from the Toowoomba racing scene a few months ago and is now all-but bankrupt, following an Australian Tax Office investigation into one of the country's biggest tax fraud cases on record.... http://www.thechronicle.com.au/news/gam … k/2320684/

Toowoomba Turf Club loved having him there and were very helpful in assisting him with his laundering. neutral


Disclosure:  Sheep are silly baaaaastards. 

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#4 2014-07-16 23:57:02

SpacePete
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Re: Bullion Baron: ATO & AFP Investigate Australian Gold Industry Fraud

Eureka Moments wrote:

Toowoomba Turf Club loved having him there and were very helpful in assisting him with his laundering. neutral

He was a top bloke apparently:

Toowoomba Turf Club chairman Bob Frappell said Bourke was a much-loved patron of Clifford Park and was sorely missed.

"He's a nice, personable bloke and we're sorry he's not there at the moment," Mr Frappell said.


Catus amat piscem, sed non vult tingere plantas

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#5 2014-09-02 20:22:22

SpacePete
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Re: Bullion Baron: ATO & AFP Investigate Australian Gold Industry Fraud

Guardian Vaults statement:

Important News for Guardian Vaults Customers
Article by Admin GuardianVaults

As you may be aware, in October last year the Australian Taxation Office announced that it was investigating companies in the gold bullion industry suspected of GST fraud estimated at more than $65 million. Since that time there have been a number of media reports about the matter and the story is likely to generate more coverage as the investigation continues.

Rest assured that Guardian Vaults is in no way linked to any of the activities or companies being investigated. We are committed to maintaining the highest standards of professionalism and transparency across our gold trading and secure-storage businesses. We have a flawless track record over our 12 year history, evidenced by the continuance of our insurance through Lloyds of London, and we strictly adhere to Government requirements on the reporting of our financial transactions as per Austrac protocols.

We welcome the current investigations by Federal authorities and would like to reiterate to you that Guardian Vaults is an industry leader in terms of upholding the 'gold standard' of practice. You, our clients, come first and we aim to provide you with a service that you can rely on and trust.

http://blog.guardianvaults.com.au/impor … customers/


Catus amat piscem, sed non vult tingere plantas

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#6 2014-09-02 21:09:31

Bullion Baron
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From: Adelaide
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Re: Bullion Baron: ATO & AFP Investigate Australian Gold Industry Fraud

Surprised at the lack of follow up on this story in the media.

Where's Robert Bourke with the story he was going to sell to the media?

If the $200m figure is accurate (suggested in Vedelago's article) this would make it one of the biggest cases of tax evasion/fraud in Australia's history, surely that warrants some follow up by investigative journalists?

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#7 2014-09-03 05:23:19

bron suchecki
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From: Perth, Western Australia
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Re: Bullion Baron: ATO & AFP Investigate Australian Gold Industry Fraud

Nothing to investigate if no one is talking, that's why no story.


Disclosure: I work for the Perth Mint. What I say is done in a personal capacity and is not endorsed by the Mint.

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#8 2014-09-03 07:34:12

Bullion Baron
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From: Adelaide
Registered: 2009-09-14
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Re: Bullion Baron: ATO & AFP Investigate Australian Gold Industry Fraud

That's if the media is even asking any questions... quite frankly I don't think it would be difficult to find someone that would talk. The affidavits that Vedelago wrote the story from are brimming with leads...

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#9 2014-09-03 09:08:43

Eureka Moments
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From: bosis
Registered: 2011-10-31
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Re: Bullion Baron: ATO & AFP Investigate Australian Gold Industry Fraud

Dont think ATO and AFP have stopped asking questions due to lack of media reports.


Disclosure:  Sheep are silly baaaaastards. 

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#10 2014-09-19 07:36:59

SpacePete
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Re: Bullion Baron: ATO & AFP Investigate Australian Gold Industry Fraud

BullionBaron, I'm really looking forward to your analysis of all this when the dust settles.

Latest developments:

* People with SMSFs have lost their gold.
* 100kgs of gold has gone missing.
* Bourke claims he "doesn't remember" where its all gone.
* Authorities are unable to prosecute over the "disappearance" of another $2 million in gold because that victim's loss occurred in the course of a business transaction, making the issue a civil matter.

Extract from a recent article below. See original for all the details: http://www.smh.com.au/national/dying-go … 0g79v.html

Dying gold trader under investigation for alleged $4 million theft

A notorious fraudster is under investigation by police and corporate liquidators over the disappearance of about 100 kilograms of pure gold worth more than $4 million.

The alleged architect of the theft is Robert Thomas Bourke, a former pawnbroker turned gold trader with a lengthy criminal history who victims claim orchestrated the theft after finding out he was diagnosed with terminal cancer.

Despite at least 20 fraud, dishonesty and theft convictions, state and federal authorities allowed Mr Bourke to run a precious metals trading business that managed – and eventually lost – tens of millions of dollars on behalf of clients and investors, including self-managed super funds.

It's the latest in a series of scandals to hit Australia's private gold trading market, a poorly regulated industry where both professional dealers and mum-and-dad investors have become easy prey for conmen and criminals.

"No one had any clue about Bourke's past. He seemed like a legitimate businessman; it didn't take long for people to start to trust him and eventually let him do millions of dollars of business on credit," an industry source said.

"If we'd known about his history – all the convictions and the jail time, the people he'd ripped off over the years – nobody would have ever gone near him."

The Sunday Age can reveal that the $4 million gold theft allegedly perpetrated by Mr Bourke was staged in the midst of what is believed to be one of Australia's largest organised tax frauds, a scheme that saw a "syndicate" of gold businesses allegedly rort at least $65 million from taxpayers.

The alleged fraud, which was exposed after the Australian Crime Commission, Federal Police and Tax Office began investigating the gold industry last year, involved claiming fake GST credits on massive stocks of gold being traded by syndicate members.

...In the chaos of the collapse, victims claim that a stash about 100 kilograms of pure gold believed to be in Mr Bourke's custody could not be located.

"The numbers just don't add up. Nowhere near all of the gold he bought on credit was sold on. There's a stack missing – just gone," one victim told The Sunday Age. "We believe that he did this to have something for his family when he dies."

Queensland Police have charged Mr Bourke with theft over a $2 million consignment of gold bullion that was allegedly swindled from a Melbourne-based precious metals dealer.

The Sunday Age understands authorities are unable to prosecute Mr Bourke over the "disappearance" of about another $2 million in gold because that victim's loss occurred in the course of a business transaction, making the issue a civil matter. Mr Bourke is now facing a move to have him declared bankrupt.

Many other investors and self-managed super funds are also unable to recover stocks of gold worth hundreds of thousands of dollars Mr Bourke claimed to have purchased and stored on their behalf.

Mr Bourke, who has told police and creditors he may have just months to live, has not responded to a request for comment and has previously demanded payment for his story. A search of his property has failed to locate the "missing" gold.

"Bourke claims he 'doesn't remember' where its all gone," a source said. "Maybe he's sold it for cash. Maybe he's buried it. Gold is not going to rust or rot. It could sit in hiding forever."


Catus amat piscem, sed non vult tingere plantas

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#11 2014-09-23 03:45:03

Bullion Baron
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From: Adelaide
Registered: 2009-09-14
Posts: 7,261
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Re: Bullion Baron: ATO & AFP Investigate Australian Gold Industry Fraud

Thanks for the heads up on the new article, had missed it. While these are new developments for the public on Bourke's "missing Gold", this sounds like the same information that was being exchanged in creditor meetings before the first article broke, so it is still rather aged.

I do feel for those who entrusted their money to Bourke, but it seems surreal that in this day and age of information that people would just hand over their capital to "some guy" running a gold trading business (not to mention the dealer providing gold on credit).

If Bourke is on his last legs, then the investigation for that gold might end up at a dead end. I am more interested in hearing what the ATO is doing about the "syndicate" of gold businesses allegedly rorting at least $65 million from taxpayers & why they haven't been publicly disclosed if the investigation is complete (been almost 12 months now).

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#12 2014-12-17 21:00:17

Bullion Baron
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From: Adelaide
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Re: Bullion Baron: ATO & AFP Investigate Australian Gold Industry Fraud

More so an update on one individual rather than the industry fraud:

The Sunday Age understands Calabrese is also the subject of an investigation by federal law enforcement over his role in one of the biggest organised tax frauds in Australian history, which has cost taxpayers more than $65 million.

Calabrese acted as a broker in the sale of at least $1.5 million in gold bullion to an interstate precious metals "syndicate" that falsely claimed GST credits on the deals. The complex scam collapsed in the wake of raids staged by the tax office, AFP and the Australian Crime Commission late last year.

...

Other victims have come forward alleging Calabrese has swindled them in precious metals deals, making off with more than $50,000 in gold and silver.

http://www.theage.com.au/victoria/conma … 25uap.html

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#13 2015-05-11 06:12:27

SilverTounge15
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From: Adelaide
Registered: 2015-03-27
Posts: 296
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Re: Bullion Baron: ATO & AFP Investigate Australian Gold Industry Fraud

Thats crazy..... Thats why from now on i buy my bullion on SS and from monthly meets and ofcourse (insert free plug) the lovely helpful people at gold diggers warradale....

Thanks for the articles BB


WTT - Silver or gold for physical USD

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