Westpac acts over A$11 million funds transfer error

Risk staff
01 Sep 2007

Tweet
Facebook
LinkedIn
Save this article
Send to
Print this page

Regulation

Ollis had an automatic sweeper facility with Westpac, which routinely topped up his business account using money from his personal account. Even though Ollis's personal account became overdrawn, the bank continued to transfer money to his business account from its own funds. Ollis admits to writing cheques with money found in his account, but he denies fraud. Westpac honoured cheques totalling A$11million between June and December 2005 before discovering the mistake in January 2006.

The bank is also suing Ollis's partner, Gail Shields, who received A$4.8million in funds transferred into her account from his.

Shields is defending the case, saying she believed the money legitimately belonged to her partner. Both Ollis and Shields have had their assets frozen by the NSW Crime Commission.

The case continues.

Tweet
Facebook
LinkedIn
Save this article
Send to
Print this page

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to print this content. Please contact [email protected] to find out more.

You are currently unable to copy this content. Please contact [email protected] to find out more.

You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/

If you would like to purchase additional rights please email [email protected]

You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/

If you would like to purchase additional rights please email [email protected]

You are currently on corporate access.