Westpac Alleges 100 Fraudulent Transactions by Forum, Bill Papas
Westpac alleges Mr. Papas created or caused fraudulent documents relating to a suite of his top-notch clients, including WesTrac, Veolia, Scentre, HWL Ebsworth (HWL), Coles, Catholic Healthcare and Australian Leisure and Hospitality Group (AHL).
The 287-page Westpac document details each of the 100 transactions that it says resulted in a loss of $ 253.8 million for the bank. This does not include the Westpac New Zealand transaction, which is the subject of another claim.
“Mr. Papas and either with Mr. Tesoriero or alone devised a scheme involving Forum Finance and persons or entities related to one or both (including entities they would later create) to obtain ‘dishonest and fraudulent money from Westpac that they were not entitled to receive through the Eqwe / Forum program or at all (the program), “Westpac said in the document.
Westpac alleges that the money went into Forum Finance and then was dispersed among entities related to Forum, Mr. Papas and Mr. Tesoriero.
Forum Group Financial Services – the company described by lawyer for liquidator McGrathNicol as “the heart of the fraudulent scheme” – has been paid by Forum Finance at least $ 282.4 million, according to Westpac.
This includes transactions, such as $ 7 million paid by Westpac on September 13, 2018, purported to be a Veolia-related transaction, an additional $ 1 million just a day later relating to asset financing for ALH, $ 4 million linked to HWL a week later and Continued.
The Westpac document describes more than $ 35 million spent on 14 properties from April 2018 to December 2020, and belonging to entities that Mr. Papas controls with Mr. Tesoriero.