Forum Finance founder Bill Papas masterminded “an audacious fraud” worth $500 million that funded a lavish lifestyle of yachts, sports cars and property before fleeing Australia and never returning.
Federal Court Justice Elizabeth Cheeseman found Mr Papas was the “principal perpetrator of the fraud”, under which more than $500 million was siphoned from Australia’s second-largest bank, Westpac, Sumitomo Mitsui Banking Corporation of Japan, and French bank Société Générale.
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Max Mason covers financial crime, courts and corporate wrongdoing. A Walkley Award winner, Max’s journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason Connect with Max on Twitter. Email Max at max.mason@afr.com
