Same paper in, same paper out WFW
Multiple recent cases involving nickel fraud have highlighted the issue of forged warehouse receipts (WHR). Access World, a company involved in these cases, issued WHR that were used by fraudsters to deceive counterparties and resulted in significant financial losses. The fraud lasted for over 18 months due to a lack of understanding of the risk of using WHR. The fraud involved a Ponzi scheme and the use of forged WHR in repo transactions. The cases also highlighted the importance of distinguishing between WHR and warrants, as only warrants have a central record. As a result of the fraud, parties such as Natixis, Marex, MCM, and ANZ did not obtain good title to the metal or possession rights. The cases also addressed other issues related to WHR and repo transactions.
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Same paper in, same paper out - WFW - Watson Farley & Williams
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