Crocodile Dundee Actor Paul Hogan Loses $34 Million in Australia’s Largest Embezzlement Investigation

Crocodile Dundee Actor Paul Hogan Loses $34 Million in Australia’s Largest Embezzlement Investigation

Things down under aren’t going so well for the former star of the Crocodile Dundee film franchise, Paul Hogan. The Australia actor’s accountant, Phillip Egglishaw, lost $34 million dollars of the movie star’s money through a complex tax-evasion scheme over a period of several years. The once trusted business partner is now in custody.

Hogan was apparently fooled by Egglishaw, who has assisted hundreds of clients wishing to evade taxes by funneling money through different sites in a sophisticated international scheme. Hogan’s millions were channeled by Corna Banca, a bank operated by Egglishaw’s Swiss accountancy firm “Strachans,” into the Carthage Trust fund managed by “Grasselle.” In order to elude attention by authorities, Grasselle then posed as two different entities: a sub-trust of Carthage Trust and co-owner of the bank account with Corna Banca while being owned and operated by Stachans.

Schuyler Moore, Hogan’s attorney, says that Egglishaw “absconded with or spent all of” Hogan’s $34 million. One may wonder why the actor did not grow suspicious of the money’s whereabouts sooner: “What they do in financial circles is sort of beyond my ability to comprehend, or care,” Hogan said on the matter.

The Carthage Trust’s beneficiary was named the “British Red Cross” in order to conceal Hogan’s identity. The scheme was eventually discovered when Hogan and his US advisers requested bank statements and Egglishaw refused, with Strachans claiming it did not hold the Carthage Trust entirely.

Since discovery of the fraud Hogan has been cleared by authorities of any wrongdoing – though it seems hundreds more people were actively involved in the illegal activity thanks to a raid of Egglishaw’s hotel room during a business trip. Australian authorities discovered the names of Australian citizens associated with Egglishaw’s accountancy firm while he was meeting Michael Brereton, a corporate lawyer also linked to the scheme.

Egglishaw’s nefarious dealings sparked an international effort to recuperate offshore money being held illegally, an investigation that came to be known as Project Wickenby. Ultimately, it resulted in 46 convictions and collection of $2.2 Billion in tax liabilities.

Egglishaw was arrested in Italy on May 3rd as a result of an Interpol alert.

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