A senior partner at a Sydney law firm faces serious charges for allegedly facilitating over $25 million in fraud tied to one of Australia’s largest money laundering operations.
Arrest and Charges
Elic Tang, 32, was taken into custody at his home in western Sydney on Tuesday morning. Records from the Australian Securities and Investments Commission list him as the sole director of Rosemont Partners Ltd. Authorities accuse him of laundering funds for the Penthouse Syndicate and assisting in property purchases exceeding $25 million.
The Penthouse Syndicate
Investigators describe the Penthouse Syndicate as among the most significant fraud and money laundering networks in Australian history. Its alleged leader, Bing Li, was apprehended last year in a luxury penthouse at Crown’s Barangaroo residential tower. The group reportedly defrauded National Australia Bank of more than $150 million.
Firm Profile and Legal Counts
Rosemont Partners presents itself as a multidisciplinary boutique law firm on its website. Tang faces charges including participating in a criminal group, six counts of dishonestly obtaining financial advantage by deception, and five counts of knowingly dealing with proceeds of crime.
The arrest marks a major breakthrough for detectives probing the syndicate.
