The fortune-teller, the Dover Heights mansion and the alleged $70m fraud
The adjacent house, where Phan’s company is registered, includes a swimming pool, an indoor cinema and panoramic views of Sydney’s CBD, according to the sales listing. This home sold for $12.9 million in February of this year. Phan’s home is one of many luxury properties where police believe union members live.
Phan was charged with 39 felonies Wednesday night; These include directing the activities of a criminal group, 19 counts of dishonestly obtaining financial advantage by deception, 13 counts of knowingly dealing with proceeds of crime and 5 counts of engaging in the use of personally identifiable information to commit a criminal offence.
Property records show Phan’s Dover Heights home was purchased for $12.9 million with a NAB mortgage in February of this year.Credit: Specialization
Ta was charged with a number of offences, including participating in a criminal group, dealing with the proceeds of crime and dishonestly obtaining a financial advantage by deception in connection with the purchase of a $5.3 million Rose Bay flat purchased with a $4.7 million mortgage.
During a search of Phan’s home, detectives seized luxury purses, a 40-gram gold bar worth $10,000, financial documents, cellphones and Crown Casino chips worth more than $6,500.
In a major breakthrough in detectives’ investigation into the Penthouse Syndicate, Li was arrested in July in the $18 million penthouse of Crown’s residential tower in Barangaroo, from where police say he ran the syndicate. Union members, including Li, are believed to have used the casino to launder ill-gotten gains.
Loading
Detective Inspector Gordon Arbinja, commander of the financial crimes squad, alleged Phan laundered more than $520,000 at a Sydney casino over two months. One day, Phan laundered $45,000 in three hours at the casino, Arbinja said.
“He is a high-money guy and very influential in his community,” Arbinja said.
Arbinja said Phan took over as president of the Penthouse Syndicate after Li was arrested in July. The two met at a Christmas party in 2023, when Phan read Li’s fortune.
Li’s arrest and the subsequent investigation into NAB employees led to police scrutiny of professionals working on the fringes of the financial industry, including corrupt lawyers, mortgage brokers and real estate agents who police said formed a network of enablers that helped the syndicate build its multimillion-dollar real estate portfolio. Li remains in custody, charged with dozens of fraud and money laundering offenses after multiple unsuccessful bail applications.
Phan is the last of 17 Penthouse Syndicate members arrested since Strike Force Myddleton was established last January to investigate an incident. $10 million fraud scheme involving the purchase of non-existent luxury cars west of Sydney.
“The investigation into fraudulent car financing expanded to the unraveling of one of the most sophisticated financial crime syndicates I have seen in my career leading the financial crimes team,” Arbinja said.
“Our detectives worked tirelessly to uncover a network that not only targeted financial institutions but also manipulated vulnerable individuals for personal gain.”
The NSW Crime Commission has now seized assets worth $75 million, including properties, sports cars and luxury goods, $15 million of which are linked to Phan and linked to the Penthouse Syndicate.
Thi Ta, 25, was arrested with her mother at their home in Dover Heights on Wednesday and charged with a number of offences.
More arrests are expected as detectives identify bank employees and professional facilitators who facilitated fraud for the Penthouse Syndicate.
“We’re going to go after some lawyers, we’re going to look at accountants, we’re going to look at real estate developers,” Arbinja said.
Phan was refused police bail to appear in court on Thursday, while Ta was granted conditional police bail to appear at Downing Center Local Court on January 23.
Get instant alerts for breaking news. Sign up for our Breaking News Alert.
