Mining mogul jailed for fraud

A WA man has been sentenced to 7 years and 10 months imprisonment for fraudulently obtaining more than $1.13m in GST refunds.

According to the Australian Taxation Office (ATO), Adam John Waterman, the sole director of mining companies Fortuna SL Mining and Advent Exploration WA, submitted 27 false Business Activity Statements (BAS).

ATO assistant commissioner Jade Hawkins says the outcome sends a clear message to anyone thinking of defrauding the tax system.

“This was not an honest mistake; it was a deliberate and calculated attempt to steal from the Australian community,” she said.

“People who cheat the tax system will be caught and can expect to face serious consequences, including jail time.”

Despite numerous warnings that his claims were being reviewed, Mr Waterman submitted a fake bank statement, fake bank debit transaction report, fake invoices and fake spreadsheets in what the ATO says was a bold attempt to deceive officers.

The complete scale of the crime was recognised in 2021 when the ATO conducted an official investigation into Mr Waterman’s affairs.

In an interview with ATO officers, Mr Waterman admitted to repurposing invoices, being deceptive in emails and confirmed he was solely responsible for all communications with the ATO. The ATO says he also acknowledged that his companies hadn’t spent the amounts he claimed.

Alongside his imprisonment, he has been ordered to make reparations in the amount of $1,130,645.

Mr Waterman was prosecuted by the Office of the Director of Public Prosecutions (CDPP) following a referral from the ATO.