CBD
Beware: that may not be the real Greg Medcraft calling to help you retrieve your losses from a software scam.
The Australian Securities and Investments Commission on Wednesday warned that offshore cold callers are impersonating it, offering to claw back money lost in an earlier software scam.
"We suspect that this scam is the latest attempt by fraudsters to obtain your personal details or trick you into paying money to them," ASIC commissioner Peter Kell said.
The real Medcraft won't attempt to sell you a financial product that will lead to economic ruin. He stopped having anything to do with residential mortgage-backed securities years ago when he quit Societe Generale.
Qantas takes hit ...
Bank of America Merrill Lynch Australia chief economist Saul Eslake has taken an almighty swipe at Alan Joyce's Qantas after the Flying Kangaroo wreaked havoc with his schedule on Wednesday.
Eslake was meant to be giving an introductory speech on productivity to a conference in Sydney. But his 7am flight from Melbourne was delayed, then cancelled, forcing the conference program to be rearranged.
"During the course of all this I was thanked for my patience eight times," an irate Eslake said.
"What 'thank you for your patience' actually means is: we know our service is crap, but don't bother complaining about it, because we're not here to listen and nothing is going to change, just - as my daughter's generation would say - suck it up."
Ever the pro, he managed to bring himself back on topic, saying the experience illustrated that "the productivity gains reaped by an individual organisation, e.g. by underspending on maintenance, are often at the expense of the productivity of the users or customers of those organisations in ways that are not measured".
... as does Talent2
More strife for recruiting and payroll outfit Talent2, which is on the hook to pay the hefty costs of rival HRX in a legal stoush over an employee. Stuart Scott joined a clutch of executives poached from HRX in April last year, sparking a dispute that spilt into court in August. Talent2 initially funded Scott's defence, but it emerged in court hearings that he had taken a USB full of data from HRX. Later that month Talent2 stopped funding him and he resigned from the company.
Talent2's legal costs for the case were $73,000, and HRX's costs are likely to run into six figures.
Whine from raisin
CBD is a huge fan of fine whine and there's no finer vintage than that flowing from the vast acreage of sour grapes controlled by hitman-hiring disgraced former doctor Geoffrey Edelsten.
Edelsten may look like a dried-up raisin but there are plenty of bitter juices left in his grapes of wrath if an email sent to BusinessDay's Chris Vedelago on Wednesday is any guide.
The former Sydney Swans owner was upset about a story detailing his legal battle with Victorian authorities over $33,000 in allegedly unpaid payroll tax.
"Sir, you are a disgraceful liar," the former bankrupt wrote.
"You are amoral, unethical and incompetent. Whilst you claim to possess expertise in property, which is doubted, you have very little knowledge in corporations law and state payroll law.
"Your article was solely designed to cause me harm and grief and was biased, and you erred by significant omissions."
The helicopter-crashing sugardaddyforme.com user went on to make his usual complaints about references to his conviction for hiring hitman Christopher Dale Flannery, aka Mr Rent-A-Kill, to commit an assault and the failure to give him the honorific "doctor".
For the record, Edelsten said he would be contesting the Victorian payroll tax case.
Got a tip?
bbutler@fairfaxmedia.com.au
Frequently Asked Questions about this Article…
The article warns that offshore cold callers are impersonating the Australian Securities and Investments Commission (ASIC), claiming they can 'claw back' money lost in an earlier software scam. These callers pretend to be ASIC (or use names like Greg Medcraft) to obtain personal details or trick victims into paying money to the fraudsters.
According to the article, investors should be suspicious of unsolicited calls offering to recover lost funds. ASIC will not cold-call you to sell financial products or demand payments to retrieve losses. Don’t give out personal or banking details, don’t transfer money, and verify any contact by using official ASIC contact information before taking action.
The article makes clear that the real Greg Medcraft and ASIC wouldn’t cold-call to recover money or try to sell risky products. If you receive such a call, hang up, do not provide personal information or make payments, and report the incident to ASIC through its official channels.
No. The article states the real Greg Medcraft would not attempt to sell a financial product that could cause 'economic ruin.' It also notes he stopped working with residential mortgage‑backed securities years ago when he left Societe Generale, so unsolicited recovery offers in his name are almost certainly scams.
The article reports that Talent2 became embroiled in a legal dispute after poaching executives from HRX, involving an employee named Stuart Scott who allegedly took a USB of data. Talent2 initially funded his defence, later stopped funding him, and he resigned. Talent2’s legal costs were about $73,000, while HRX’s costs could run into six figures. For investors, such disputes can mean unexpected legal bills, management distraction and reputational risk.
Yes. The Talent2 example in the article shows how poaching disputes and litigation can generate direct legal costs (Talent2’s $73,000) and potential larger liabilities for rivals. These costs, plus reputational damage and management time spent on legal matters, can have financial implications that investors should monitor.
Saul Eslake criticised Qantas after a 7am flight from Melbourne was delayed then cancelled, forcing him to rearrange a conference speech. He highlighted poor customer service (being told 'thank you for your patience' repeatedly) and argued this illustrates how cost-cutting like underspending on maintenance can shift productivity costs onto customers. Investors should view persistent operational failures as potential risks to revenue, reputation and long‑term productivity.
The article reports Geoffrey Edelsten was upset about a story on his legal battle with Victorian authorities over about $33,000 in allegedly unpaid payroll tax and said he would contest the case. While this is about an individual, the broader takeaway for investors is that legal and tax disputes involving owners or key figures can attract negative publicity and may have financial or reputational impacts on associated businesses.
Call 1300 880 160
Start a chat
Schedule a call
