The person says the leasing contracts presented by Forum were very well put together including the correct addresses for the customers and the right inventory numbers.
When companies designate inventory they often use complex alphanumeric codes to show where equipment is located. The Forum contracts got those numbers right.
‘A clever guy’: alleged forgeries got the details right
One banker says the invoices, rental agreements, security arrangements and lists of inventory presented by Forum were “really well put together”.
“We were looking at the signatories which were clearly forged, and they were really well forged,” he says.
It is now clear in hindsight that Forum knew the key finance employees who signed documents and the processes used to ensure the documents passed all the tests used by banks.
Papas was “definitely a clever guy”, according to the person familiar with his modus operandi.
“I think there’s a bit of a personality there that’s, you know, pretty impressive – he certainly loves the profile,” the person says.
“I think, he was clever in being able to notice how things are done and then of course, he was able to play on people’s good nature.”
The Australian Financial Review has had in-depth coverage of his last days in Australia before heading to Greece.
The burning question now on the minds of bankers is how long Forum allegedly used fictitious documents and forged signatures to secure leasing finance.
There is speculation in some quarters that these tactics were allegedly used for at least six years.
If that is true it raises two other questions: were others involved in the allegedly fraudulent activity? And, who helped Forum move around the $400 million allegedly obtained through false and misleading representations and deceit?
