Credit card fraudster avoids jail

Posted by administrator | 28/05/12 | Tagged Credit Card

Credit card fraudster avoids jail
News from Ninemsn:

A man who helped fleece almost $ 75,000 from Westpac has avoided jail because he has rehabilitated himself.

Kosta Papadatos, 31, pleaded guilty in Brisbane’s District Court on Monday to four counts of fraud and one of attempted fraud in mid-2009.

Prosecutor Clare Kelly told the court Papadatos used fake identification to apply for four credit cards from Westpac branches on the Gold Coast and in Brisbane.

The cards were used to make purchases and withdraw cash totalling almost $ 75,000.

Less than $ 4000 has been recovered.

Papadatos told police he received $ 10,000 for his involvement in the scheme, which he said was orchestrated by a man named “George”.

The alleged ringleader has not been arrested.

The court heard Papadatos faced court in 2010 for credit card fraud, and the cases were linked.

Defence barrister Tony Kimmins told the court the case had been delayed because police resources had been diverted to investigating an alleged $ 16 million Queensland Health fraud.

Mr Kimmins said his client, who lived at Belmont in Brisbane’s east when he was charged in August 2010, should not spend any time in custody as it would frustrate his rehabilitative efforts.

Judge Kerry O’Brien sentenced Papadatos to 12 months’ jail but released him immediately on parole.

He ordered Papadatos to pay $ 10,00…………… continues on Ninemsn

… Read the full article

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Gail MarksJarvis: Card debt still choking low, middle incomes
News from Sacramento Bee:

Americans have been successful at getting some of their debts off their backs, but many still have a long way to go.

Low- and middle-income people are finding an escape difficult as they pay interest on top of interest. Forty percent have turned to their credit cards to cover basic living expenses such as rent, mortgage bills, groceries and utilities, according to a national survey by think tank Demos. Those surveyed were low- and middle-income people who carried a balance on their credit cards for at least three months.

Credit cards have been a safety net as people have lost jobs since 2008 and faced the pressure of high gas prices, said Amy Traub, senior policy analyst for Demos.

The 2008 financial crisis was a brutal wake-up call for many, as banks abruptly shut down cards and cut debt limits at the same time companies were tossing millions out of work. About 39 percent of households surveyed by Demos experienced some cuts in their credit, and about half of those reduced spending as a result. But 28 percent have taken on more debt in the past year.

Now, the average debt on cards held by low- and middle-income people is $ 7,145, compared with $ 9,887 in 2008, according to the survey. Fifty-one percent said cost-of-living expenses contributed most to their current card debt.

Some bought dubious debt-protection products…………… continues on Sacramento Bee

… Read the full article

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Big debt mistakes and how to avoid them
News from

Our four Generations columnists. Source: Supplied

WHAT are the big mistakes people make when it comes to paying off their debts?

Gen Ys – Justine Davies

SO MANY potential mistakes, so little column space. I’ll focus on the ones that I think are the biggest, though.

So first, a huge mistake is to simply accept debt as part of your lifestyle. I’m not talking about your mortgage or investment loans. I’m talking about your consumer debt.

Credit cards, for example, on which we currently owe about $ 50 billion.

Making minimum repayments on a $ 5000 credit card debt at average interest rates could cost you more than $ 30,000 before you get around to paying it off. It is so not worth it. Use a debit card instead.

Another big mistake is paying your debts off in the wrong order. I have had clients who were focused on paying extra on to their 7 per cent mortgage while ignoring their credit card debt that was accruing interest at a rate of 20 per cent. Or paying off their tax-deductible investment loan instead of their own mortgage. And others determined to pay off their HEC…………… continues on

… Read the full article

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