Aussies scammed out of $45 million since January; Rapper 50 Cent files for bankruptcy protection: Midday Roundup

Australians have lost at least $45 million to scams already this year, according to data released on Monday by the Australian Competition and Consumer Commission.

The ACCC said it has received 45,000 complaints about scams since January, with 10.3% of reports from people who have lost money.

The top five scams in terms of amount lost, according to the ACCC, are dating and romance scams, which have resulted in losses of more than $10 million and 1,088 complaints to the ACCC.

Investment scheme scams have caused individuals and businesses to lose more than $9 million, with 521 complaints received by the ACCC. Inheritance scams have caused losses of approximately $3.5 million, Nigerian scams have netted $2.3 million and betting and sports investment schemes have left victims $1.3 million out of pocket.

“Scammers are becoming increasingly sophisticated in their attempts to get your money or personal details,” ACCC acting chair Delia Rickard said in a statement.

“Scams success because they look like the real thing and catch you off guard when you’re not expecting it.”

Rapper 50 Cent files for bankruptcy protection

Rapper 50 Cent is the latest celebrity to file for Chapter 11 bankruptcy protection in the US, which is similar to voluntary administration in Australia.

Curtis Jackson has reportedly filed papers in the US Bankruptcy Court in Hartford, Connecticut, claiming debts of between US$10 million and US$50 million.

But as Business Insider reports, 50 Cent is just the latest in a long line of performers to file for bankruptcy in the US. He joins the likes of Marvin Gaye, Kim Basinger, Cyndi Lauper, Meatloaf and MC Hammer in seeking financial protection.

Shares back to black

Local shares have rebounded today thanks to the Greek resolution boosting local sentiment and resource stocks bouncing back after the underperformance of the past few days.

Tristan Knell, head of trading at Quay Equities, said in a statement today’s gains could be pinned on the optimism of the Greece debt negotiations moving towards resolution.

 “The Australian share market is back in the black this morning, completing reversing yesterday afternoon’s weakness to making impressive gains today,” Knell said.

The S&P/ASX200 benchmark was up 1.6%, rising 88.6 points to 5561.8 points at 12.07pm AEST. On Monday, the Dow Jones closed up 1.22%, rising 217.27 points to 17977.7 points.

Tags: finance, scams, ACCC, Delia Rickard, bankruptcy protection, 50 Cent, Chapter 11, ASX, shares, sharemarket