Son of ex-ATO executive and two other con artists found GUILTY of elaborate $100 million tax fraud used to fund the luxury of cars, planes, homes, jewelry and works of art
- Adam Cranston guilty of a $100 million tax fraud conspiracy
- Son of former ATO director risks prison sentence
The jury in the marathon trial of one of Australia’s biggest alleged tax frauds ever has found the son of a former tax executive guilty of defrauding more than $100 million to fund his lavish life.
On Tuesday, after seven weeks of deliberations, jurors Adam Michael Cranston, Dev Menon and Jason Cornell found Onley guilty for their role in the Plutus Payroll scheme that raised more than $105 million that should have gone to the Australian tax office.
The men were convicted of one count each of conspiracy with another person to unfairly cause loss to the Commonwealth, and conspiracy with another person to handle money worth $1,000,000 or more, believing that it was the proceeds of a crime.
The jury is still considering their verdicts for two other co-defendants, Lauren Cranston and Patrick Willmott, over their alleged roles.
Adan Cranston has been convicted of his role in $100 million tax fraud
In the trial, which lasted nearly nine months, jurors were told that the financial services company was withholding taxes from the ATO through a number of secondary companies.
These fraudulently obtained funds financed a lavish lifestyle of fast cars, airplanes and real estate.
Adam Cranston would use his father Michael Cranston, who was Deputy Commissioner of the ATO at the time, to find out if the IRS knew about their plan, the jury learned.
The five defendants denied their guilt, alternately blaming each other and saying they believed the Plutus company, named after the Greek god of abundance and wealth, was a legitimate business.
Former son of tax boss Adam Cranston (left) with one of the luxury cars among 25 vehicles, 18 residences, 12 motorcycles, watches, vintage wines, jewelry and artwork seized by police