skip navigation

PUBLICATIONS

Register for Latest Research

Stay Informed
Register with NCJRS to receive NCJRS's biweekly e-newsletter JUSTINFO and additional periodic emails from NCJRS and the NCJRS federal sponsors that highlight the latest research published or sponsored by the Office of Justice Programs.

NCJRS Abstract

The document referenced below is part of the NCJRS Virtual Library collection. To conduct further searches of the collection, visit the Virtual Library. See the Obtain Documents page for direction on how to access resources online, via mail, through interlibrary loans, or in a local library.

 

NCJ Number: 122654 Find in a Library
Title: Collapse of Bishopsgate Insurance (From Stains on a White Collar: Fourteen Studies in Corporate Crime or Corporate Harm, P 31-43, 1989, Peter Grabosky and Adam Sutton, eds. -- See NCJ-122651)
Author(s): P Grabosky
Date Published: 1989
Page Count: 13
Sponsoring Agency: Federation Press (Distributed by Gaunt)
Annandale, NSW 2038, Australia
Sale Source: Federation Press (Distributed by Gaunt)
71 Johnson Street
P.O. Box 45
Annandale, NSW 2038,
Australia
Type: Legislation/Policy Analysis
Language: English
Country: Australia
Annotation: The way in which Andrew Stathis stripped the Bishopsgate Insurance Australia Ltd of its assets shows the need for greater regulation of the insurance industry in Australia, but reforms are unlikely in the current atmosphere of deregulation.
Abstract: Stathis made a fortune in real estate and purchased Bishopsgate in 1982. During the first 6 months of 1983, Stathis quietly and progressively shifted $12 million of Bishopsgate's assets from Australia to overseas account. In August 1983, Stathis quietly left Australia and disappeared. The company was placed in liquidation, with lost funds amounting to more than $19 million. His activities were unnoticed as a result of the relatively lenient insurance regulations in Australia. Needed reforms are unlikely, however, because the insurance industry and the government both favor deregulation. However, Andrew Stathis was arrested for heroin possession in Greece in 1987 and will probably remain a prisoner in Greece for many years. 8 reference notes.
Main Term(s): Fraud
Index Term(s): Australia; Business crime costs; Regulations; White collar crime; White collar offenders
To cite this abstract, use the following link:
http://www.ncjrs.gov/App/publications/abstract.aspx?ID=122654

*A link to the full-text document is provided whenever possible. For documents not available online, a link to the publisher's website is provided. Tell us how you use the NCJRS Library and Abstracts Database - send us your feedback.