Firepower fraud scandal
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The Firepower fraud scandal is one of the most spectacular and largest fraud scandals in Australian history.
Tim Johnson, head of the little-known tech company Firepower , claimed to have found a substance that would allow engines to burn fuel more efficiently. Governments around the world were interested in the "miracle pill" and the Australian government sponsored the company. So the Australian embassy announced the sensation worldwide. Through the attention generated in this way, Johnson managed to raise $ 100 million from interested investors. However, since the miracle did not exist, Johnson's money was not invested, but rather hidden in the British Virgin Islands , a tax haven . Firepower went bankrupt in 2007.
The scandal was exposed by the Australian journalist Gerard Ryle, who worked for the Australian newspaper The Sydney Morning Herald , and in the book Firepower: The Most Spectacular Fraud in Australian History. processed.
literature
Gerard Ryle: Firepower: The Most Spectacular Fraud in Australian History. Allen & Unwin, 2009, ISBN 1741753554 .
Individual evidence
- ^ Rise of a man with a magic mystery pill . Retrieved July 22, 2013.