Suspension for lawyer allegedly caught in money laundering syndicate

Tang, a solicitor with Rosemont Partners on Sydney’s Pitt Street, has been charged with “a number of serious offences”, the register added.

A manager has also been appointed to the firm for two years.

On the morning of Tuesday, 21 April, Tang was arrested by detectives with Strike Force Myddleton over his alleged role in a criminal syndicate that had targeted major banks and other financiers.

Police alleged Tang helped the group, known as the Penthouse Syndicate, to purchase more than $25 million worth of Sydney property and laundered millions of dollars on their behalf.

Police have claimed the group operated on a network of corrupt bankers, mortgage brokers, real estate agents, and solicitors. Tang is the first lawyer to be arrested in connection with the investigation.

Tang was charged with six counts of dishonestly obtaining financial advantage etc by deception, five counts of knowingly dealing with proceeds of crime, and participating in a criminal group contributing to criminal activity.

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He appeared at Bankstown Local Court and was refused bail.

Detective Superintendent Gordon Arbinja, commander of the financial crimes squad, said Tang’s arrest “sends a clear message that no role or qualification places anyone above the law”.

“Our investigations will continue to target individuals who abuse their professional standing to support criminal networks, and the community can expect further arrests of this nature as inquiries progress,” he added.

Originally, police believed the syndicate was using personal information to apply for loans to purchase “ghost cars” that did not exist, but they have since expanded their investigation into large-scale personal, business and home loan frauds.

To date, 24 people have been charged and remain before the courts, and $95 million in assets have been restrained.

Former NAB banker Timotius Donny Sungkar was charged last November for allegedly facilitating almost $10 million of business loan fraud for the syndicate, while mortgage broker Andrew Hu was charged with allegedly securing almost $100 million worth of fraudulent mortgage and business loans.