Powered by MOMENTUM MEDIA
subscribe to our newsletter

Former NAB chief of staff jailed for fraud

Rosemary Rogers, the former chief of staff to the CEO of NAB, has been sentenced to eight years’ imprisonment after defrauding the bank of millions of dollars.

Former NAB chief of staff Rosemary Rogers has been sentenced to a maximum of eight years in prison, with a non-parole period of four years and nine months, after the NSW district court found her guilty of having approved huge invoices from event management company Human Group.

The case, which was first brought to light in 2019 after concerns were raised by a whistleblower, relates to breaches that took place between 2013 and 2017.

The Human Group had reportedly issued a series of invoices totalling approximately $43.4 million for consulting services purportedly provided to NAB as part of a scheme that was alleged to have been devised by Human Group, its director Helen Rosamond, and Ms Rogers in a bid to defraud the bank.

NAB alleged that Ms Rosamond (who has denied the charges laid against her and is facing a separate trial in July for her alleged role in the offending) was arranging for the invoices to be issued and sent to NAB, which Ms Rogers then was ensuring were paid.

Advertisement
Advertisement

The bank also asserted that 57 “secret commission payments” were made by Ms Rosamond and/or Human Group to Ms Rogers between 2013 and 2017.

It was estimated that Ms Rogers received around $5.4 million worth of benefits. She has reportedly already repaid more than $4 million.

After pleading guilty to many of the offences laid against her, Ms Rogers was sentenced to a maximum term of eight years by the court.

In his sentencing remarks, Judge Paul Conlon said he found it “absolutely staggering that this fraud was not detected by some appropriate system of internal auditing by NAB”.

“All that was required was for Human Group to submit invoices that were devoid of detail and the offender would merely approve them courtesy of her delegated authority.”

PROMOTED CONTENT


Speaking after the sentencing, NAB’s chief legal counsel, Sharon Cook, said: “NAB has assisted NSW Police with its enquiries throughout the investigation, and we are pleased this part of the matter is now resolved.

“The issue was first reported by a whistleblower, and I thank them for coming forward and alerting us to this illegal activity, enabling NAB to investigate thoroughly and refer it to the police.

“NAB has zero tolerance for any criminal activity. Where criminal conduct is identified, we will refer it to the police.”

Touching on the audit/oversight issues raised by the judge, Ms Cook added: “Since becoming aware of the issue, we have made changes to strengthen controls in our organisation, including changing delegations and introducing additional checks on expenses.

“As there is a second party involved who is still before the court, NAB is unable to comment further on this matter. 

“We are taking court action to recover the proceeds of the alleged fraud.”

[Related: NAB questioned on ‘catastrophic’ fraud oversight]







Former NAB chief of staff jailed for fraud
Former NAB chief of staff jailed for fraud
mortgagebusiness

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

Annie Kane

Annie Kane is the editor of The Adviser and Mortgage Business.

As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts. 

Contact Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.

Latest News

Banks are too reliant on regulatory oversight to do what is right for borrowers, the big four boss has said. ...

There has been a surge in Melbourne residents migrating to regional Victoria, and an uplift in new housing approvals in Geelong, new researc...

ASIC reported a significant increase in the number of ACL and AFSL applications it received in the past year due to licensing reforms, inclu...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.