Australian Securities: Inner-Melbourne Suburb and Press Release

australian securities: Investigators from the Australian Tax Office , the Australian Securities and Investment Commission and the Federal Police raided an office in the inner-Melbourne suburb of Cremorne early in August, according to Australian Broadcasting Corporation. In a press release, the ATO said the raids were also carried out on other properties in Queensland and Victoria. " The raids were part of an ongoing investigation into the activities of a firm of pre-insolvency advisors and their involvement in encouraging and facilitating illegal phoenix activity, evading GST and failing to pay tax on $22 million of unreported income," the ATO press release said. "Phoenix activity" involves moving assets from a struggling company to a new company, allowing the business to escape paying creditors. Key points:Former clients say they were unwittingly signed up as directors of companies The ordeal has left one man living out of his car Philip Whiteman was previously sued six years ago by investors Philip Whiteman has also been accused by a former client and an employee of orchestrating the installation of people as the directors of companies without their knowledge, in order to allow business owners to avoid their creditors. The investigators left a letter at each premises they raided, authorising them to seize documents relating to a number of companies, individuals and addresses. Do you know more about this story Email Former employees and clients of Mr Whiteman have told 7.30 that although he is not listed as a director, he controls a number of companies based at the Cremorne address, including those named in the ATO letter. Among those names was that of Philip Whiteman, who 7.30 has been told also calls himself Philip White, Philip Graham and Philip Damen. (news.financializer.com). As reported in the news.