Mining mogul jailed for fraud
Australian Taxation Office
On Friday 5 September, a West Australian man was sentenced to 7 years and 10 months imprisonment with a non-parole period of 5 years, for fraudulently obtaining over $1.13 million in GST refunds.
Adam John Waterman, the sole director of mining companies Fortuna SL Mining and Advent Exploration WA, submitted 27 false Business Activity Statements (BAS).
Australian Taxation Office (ATO) Assistant Commissioner Jade Hawkins said 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,’ Ms Hawkins said.
‘People who cheat the tax system will be caught and can expect to face serious consequences, including jail time.’
Despite numerous warnings his claims were being reviewed, Waterman doubled down. He submitted a fake bank statement, a fake bank debit transaction report, fake invoices, and fake spreadsheets in a brazen attempt to deceive officers.
The complete scale of the offending was recognised in 2021 when the ATO conducted an official investigation into Waterman’s affairs.
In an interview with ATO officers, Waterman admitted to repurposing invoices, being deceptive in emails, and confirmed he was solely responsible for all communications with the ATO. 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.
Waterman was prosecuted by the Office of the Director of Public Prosecutions (Cth) (CDPP) following a referral from the ATO.
Waterman’s case is a stark reminder that tax fraud is not a victimless crime - it drains resources from being directed to essential community services like health care and education.
The ATO remains vigilant and committed to protecting the integrity of the tax system. Those who attempt to cheat it will be caught, held accountable, and face the full force of the law.
If you suspect someone may be committing tax fraud, you can report it confidentially via the ATO tip-off hotline on 1800 060 062 or by completing the online tip-off form.
Notes to journalists
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