Why it matters: banks have repeatedly been defrauded via invoice financing
Westpac alleges Fresh Xpress got away with fraud for almost a decade
It lost hundreds of millions of dollars in the Forum Finance fraud in 2021
A mango and mandarin stall at Sydney’s Flemington Markets is at the centre of a scheme that falsified revenues, profits and invoices to steal more than $15 million from Westpac over five years, the bank alleges.
The alleged fraud ring involved 13 parties related to the owner of the Fresh Xpress stand, Kathie Musumeci, and her husband, Andrew. Westpac alleges up to 90 per cent of the invoices were suspicious, court filings show.
Loading...
Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com
