In this episode of the SMSF Experts Podcast, Shelley chats with Sharlene Anderson, Director of Veritas Forensics and registered company auditor, to expose the uncomfortable truth about SMSF fraud. From Melissa Caddick's doctored CommSec statements to Trio Capital's sophisticated $180 million heist, Sharlene reveals why the real problem isn't how clever fraudsters are—it's how trusting Australians are.
Sharlene shares insights from over 15 years of experience as they discuss everything from AI-generated documents to crypto scams and referral networks that look legitimate until you dig deeper. Shelley and Sharlene explain why SMSFs are particularly vulnerable targets and how professional scepticism across auditors, accountants, and advisors is crucial for protection.
(01:24) From Audit to Forensics - Sharlene's Journey into Fraud Investigation
(02:48) Why "It Happens to Other People" is Dangerous in SMSFs
(04:12) Australian Trust Culture - Why We're Perfect Targets for Fraudsters
(05:12) The Professional Gap - When Trustees Act Without Consulting Experts
(07:24) The Psychology of Victims - Why Intelligent People Fall for Scams
(10:24) Red Flags and Professional Scepticism - What to Look For
(13:12) Sophisticated vs Simple Scams - Caddick, Trio Capital and Storm Financial
(16:00) How Trio Capital Exploited Regulatory Loopholes
(18:24) The Demographics Problem - Why SMSF Members Are Vulnerable
(20:12) The Ponzi Playbook - How Small Investments Become Big Losses
(23:24) The Insurance Gap - Why SMSFs Don't Have Safety Nets
(25:12) AI and Technology - The New Frontier of Fraud
(28:00) Professional Obligations - Auditors vs Accountants in Fraud Detection
(30:24) Trustee Behaviour Red Flags - Timing and Document Anomalies
(35:24) The Litigation Reality - Who Pays When Fraud Happens
(37:24) Fee Pressure vs Quality - The Dangerous Race to the Bottom
(40:48) The Future of SMSF Fraud in an AI World
(43:00) War Story - The $300,000 Family Betrayal
Follow Shelley: Linkedin
For more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au
Popular Podcasts
CrimeLess: Hillbilly Heist
It’s 1996 in rural North Carolina, and an oddball crew makes history when they pull off America’s third largest cash heist. But it’s all downhill from there. Join host Johnny Knoxville as he unspools a wild and woolly tale about a group of regular ‘ol folks who risked it all for a chance at a better life. CrimeLess: Hillbilly Heist answers the question: what would you do with 17.3 million dollars? The answer includes diamond rings, mansions, velvet Elvis paintings, plus a run for the border, murder-for-hire-plots, and FBI busts.
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.