Advertising invoice 'scammers' arrested in SFO Investigation... | Stuff ...

Six people have been arrested over an alleged advertising invoice scam.

Operation Edit - led by the Serious Fraud Office - targeted a group that allegedly sold advertising in magazines that were either never printed or had print numbers and circulation exaggerated.

The SFO said the magazines were titled to suggest worthwhile causes including road safety, parenting or drug addiction. It is alleged that the scam generated up to $1.6 million since 2008.

Five accused have been charged with multiple fraud offences and with participating in an organised criminal group. A sixth accused has been charged with participating in an organised criminal group. The arrests were made in Auckland, Picton and Port Waikato with over 60 staff from the various agencies involved in the operation.

"Invoicing scams cost New Zealand businesses hundreds of thousands of dollars a year and small businesses and charities are often the target," Simon McArley, acting SFO chief executive said.

"While the dollar amount of alleged offending is not huge, taking action in relation to high volume/low value fraud is important. Overall there can be a significant impact on the economy."

"By tackling this problem we build the business community's confidence in the market and enhance legitimate economic activity," he said.

The SFO led the nationwide operation - which involved search warrants or activity at more than 25 locations nationwide - with help from the police, Organised and Financial Crime Agency of New Zealand, Commerce Commission, New Zealand Customs, and Inland Revenue.

"The agencies were able to each contribute specialist skills and achieve a result that none working alone would have been able to. High volume/low value fraud is particularly difficult to address effectively, and this is a good example of agencies bringing together their skills from within their existing resources to address this," McArley said.

- ? Fairfax NZ News

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Source: http://www.stuff.co.nz/business/industries/7861075/Advertising-invoice-scammers-arrested

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