News

$16 Million Fraud shows it can happen to any one

News >>

$16 Million Fraud shows it can happen to any one

Police have detained a public servant who allegedly embezzled $16 million from Queensland Health.

An intensive manhunt for the 36-year-old, ended on 12 December 2011 early in the morning at 3:30am when he was detained outside a unit in New Farm, Brisbane.He is now in custody and is being questioned by police. We are waiting to hear if charges have been laid.

This morning Queensland Police Minister Neil Roberts said that the case was "one of the most significant fraud cases" in Australian history. He said a "substantial proportion" of the money involved had already been recovered but we do not yet know how much.

Queensland Premier Anna Bligh has called together the CEOs of all government departments to a meeting to discuss the implications of the case. She said action will be taken against anyone who failed in their duty.

"In government departments we have a range of checks and balances and in this case it's clear that some of those checks and balances did not work and have failed," she said.

"I'm having all of that investigated by external forensic auditors and if there are people who have failed in their duty then action will be taken against them."

Ms Bligh says there may be lessons to be learnt for other government agencies.

"That's why I want it investigated ... I want to know if anything failed in the checks and balances that are there in the system.

"We are still having this investigated by the police but if anyone has failed in their duty then action will be taken."

May be a lesson will be learnt for all businesses too, but protection by specific Fidelity Guarantee or Commercial Crime policies are certainly worth considering. 

Last changed: Dec 12 2011 at 9:31 AM

Comments

  1. None Found

Add Comment

Latest News

Three Years running - Insurance Brokerage of the Year 1 to 5 staff

Mandy and Robert Cooper were extremely honoured and astounded to once again win, Insurance Brokerage of the Year for 2020 from Insurance Business Australia magazine. This is the third year running.

While this year has not been the easiest of years for the business with Covid 19, the Recession, the hard market and issues at Lloyds of London, we are literally all in this together as an Insurance Industry.

CPR Insurance Services continues to make our clients the number one focus of our business while managing our relationships with Insurers, who we need more than ever in this market climate.

CPR Insurance Services are a highly ethical Brokerage with a reputation as a trusted advisor who always acts in the Client's best interests. Their experience, knowledge and expertise is amongst the highest in the industry.

CPR Insurance Services is now ten years old as a business and is proud of being an Authorised Representative of Ausure and their partnership with Steadfast, giving CPR the strength and backing to match it with any Broking firm in the Insurance Industry, but remain focussed on supporting the Small to Medium business segment.

Memberships of the National Insurance Brokers Association, Australia and New Zealand Institute of Insurance and Finance, Australian Insurance Law Association, Australian Professional Indemnity Group and the Australian Institute of Company Directors, ensures CPR Insurance Services maintains the high standard of knowledge and expertise required to be one of the best Brokerages in Australia.

CPR Insurance Services also plays a strong role in their local community supporting other Sporting Clubs and Community organisations. They also support and promote local businesses with their operation of the Kedron Brook Business Group who meet regularly and has 174 members.

We are truly honoured to receive this National award once again for the third year as a recognition of CPR Insurance Services contribution.

read more

Finalist for QLD Broker of the Year

Robert Cooper was honoured to be nominated as a finalist for Queensland Insurance Broker of the year for 2020, as part of the National Insurance Brokers Association. Unfortunately he missed out on the ultimate award but is a reflection of the high standard that the industry now has for such awards.

read more