Employees at Australia's Commonwealth Bank allegedly knew about a fraud scheme worth AUD 78m ($56m) for five years before alerting authorities. While the bank agreed to refund $26,000 for the unauthorised withdrawals, the Barkers were eventually forced to sell their 38 hectare property after the CBA refused to accept the loan documents had also been forged. The bank has been fined A$2.5bn and ordered to pay compensation of up to A$390,000 per employee. Staff at the bank received secret commissions for their role in the alleged fraud, which was ignored by its management. Jordanou and Zaia have been charged with nearly 100 fraud and deception offences and are due to face court in February 2017. Commonwealth Bank has declined to comment.
Employees at Australia's Commonwealth Bank allegedly knew about a fraud scheme worth AUD 78m ($56m) for five years before alerting authorities. The bank has been fined A$2.5bn and ordered to pay compensation of up to A$390,000 per employee. Staff at the bank received secret commissions for their role in the alleged fraud, which was ignored by its management. Jordanou and Zaia have been charged with nearly 100 fraud and deception offences and are due to face court in February 2017. Commonwealth Bank has declined to comment.