AFSA executes warrant in alleged gold bullion and cryptocurrency misconduct

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The Australian Financial Security Authority (AFSA), accompanied by members of the Australian Federal Police, has today executed a search warrant in relation to suspected fraudulent activity.

A property on the Gold Coast was searched, after allegations that an individual unlawfully disposed of valuable property including gold bullion and cryptocurrency before entering into a personal insolvency agreement.

The investigation, which began in March 2022, also found that the individual may have subsequently made a false declaration in their Bankruptcy Form – an offence under the Bankruptcy Act.

AFSA’s investigation in the matter is ongoing.

Fraudulent activity can be associated with an individual receiving untrustworthy advice – a major threat to the integrity of the personal insolvency system. AFSA has recently released a report highlighting the prevalence of untrustworthy advisor activity, sharing some of the warning signs that individuals should be aware of. For more information or to read the report, visit the AFSA website.

If you believe that a person has committed an offence under the Bankruptcy Act, you may wish to make an anonymous tip-off via the AFSA website.