Former tax agent, Gavin Swan has been sentenced to 5 years in jail with a non-parole period of 3 years. for fraudulent behaviour and dealing with the proceeds of crime. Mr Swan was also ordered to repay $600,000 to victims
‘This case involved fraudulent activities, including theft and money laundering of approximately $600,000 from over 100 vulnerable clients’ noted Peter de Cure AM, Chair of the Tax Practitioners Board (TPB).
In 2022, following information received from the community, and the Australian Taxation Office (ATO), the TPB took immediate action to protect clients and to investigate and address Mr Swan’s misconduct.
The TPB’s investigation included Mr Swan and an associated entity, Absolute Accounting Services, operating on the Central Coast of NSW. The investigation found Mr Swan misled his clients, the TPB and the ATO, and he failed to meet his professional obligations. Mr Swan and Absolute Accounting’s registrations were terminated, and he was excluded from practice for the maximum 5-year period.
Following a subsequent investigation by NSW Police, Mr Swan pleaded guilty to fraud and money laundering offences.
‘Tax professionals have a privileged position of service to clients and the community. We support timely civil action to protect clients and will continue to assist law enforcement agencies to stop fraud and money laundering from undermining integrity and trust in the system’ said Mr de Cure.
Mr de Cure also noted ‘fraud thrives in darkness and deceit. That’s why the TPB supports reforms that enhance transparency in the tax profession, including significant breach reporting, whistleblower protections, and timely action to address false and misleading statements.’
’The majority of the community, and their tax practitioners, do the right thing. The TPB are reminding tax practitioners and professional associations of the importance of engaging with them in a timely, cooperative and transparent way to address misconduct and improve professional standards ensuring a level playing field for all’.
About the Tax Practitioners Board
The TPB regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct. Follow us on Twitter, LinkedIn and Facebook.
Wednesday, 18 September 2024
