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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,
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
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