Key Takeaways
- Elic Tang, a 32‑year‑old partner at Sydney law firm Rosemont Partners, has been arrested and charged for facilitating more than $25 million of fraud‑related property purchases on behalf of the alleged Penthouse Syndicate.
- The syndicate is accused of defrauding Australia’s major banks—including the National Australia Bank (NAB)—of over $250 million, using illicit proceeds to acquire tens of millions of dollars in real‑estate assets.
- Tang faces charges of participating in a criminal group, six counts of dishonestly obtaining financial advantage by deception, and five counts of knowingly dealing with proceeds of crime; he remains in custody pending a bail application.
- This arrest marks the first solicitor charged under Strike Force Myddleton, signaling law‑enforcement’s intent to target professionals who abuse their credentials to support organized crime.
- The NSW Crime Commission has frozen approximately $95 million in assets linked to syndicate members, including properties, vehicles, cash, jewellery, and luxury goods.
Background of the Investigation
Strike Force Myddleton is a dedicated NSW Police financial‑crimes unit that has been probing the Penthouse Syndicate for several months. The syndicate is alleged to have infiltrated the banking, finance, property, and legal sectors, using corrupt insiders to obtain fraudulent loans and launder the proceeds. Detectives have described the group as one of the largest fraud and money‑laundering operations in Australian history, with alleged losses to financiers exceeding $250 million. The investigation has already resulted in the arrest of 25 individuals, ranging from bankers to mortgage brokers, and continues to expand as new evidence emerges.
Who Is Elic Tang?
Elic Tang, 32, is a partner at Rosemont Partners, a multidisciplinary boutique law firm based in western Sydney. He is listed as the sole director of Rosemont Partners Pty Ltd on ASIC registers and promotes himself as a “jack of all trades” on the firm’s website, practising across several legal disciplines. Despite his relatively young age, Tang held a senior position that gave him access to sophisticated legal and financial structures, which prosecutors allege he exploited to assist the syndicate.
Alleged Role in the Syndicate
Police allege that Tang laundered millions of dollars—believed to be the proceeds of crime—for the Penthouse Syndicate by facilitating the purchase of more than $25 million worth of Sydney property. His legal expertise allegedly enabled the syndicate to navigate conveyancing, trust structures, and property settlements in a manner that obscured the illicit origin of the funds. The charges against him include participation in a criminal group, six counts of dishonestly obtaining financial advantage by deception, and five counts of knowingly dealing with proceeds of crime.
Connection to Other Charged Individuals
Tang’s arrest follows the charging of former NAB banker Timotius Donny Sungkar, who was accused of facilitating nearly $10 million of fraudulent business loans for the syndicate, and mortgage broker Andrew W Hu, who helped secure almost $100 million in bogus mortgage and business loans. Both Sungkar and Hu remain before the courts, with Sungkar having been granted bail after offering his mother’s Bonnyrigg home as security. Tang is the first solicitor charged under Strike Force Myddleton, highlighting the widening net of professional enablers being targeted.
Asset Restraints and Financial Impact
The NSW Crime Commission has placed restraints on roughly $95 million worth of assets linked to alleged syndicate members. These assets include residential and commercial properties, motor vehicles, cash holdings, jewellery, watches, and various luxury and designer items. The restraints aim to prevent further dissipation of illicit wealth while the investigation proceeds. The total alleged fraud against banks exceeds $250 million, underscoring the scale of the financial damage inflicted on Australia’s major lending institutions.
Law‑Enforcement Statement
Detective Superintendent Gordon Arbinja, commander of the financial crimes squad, emphasized the significance of Tang’s arrest: “This arrest is the first professional facilitator in a legal capacity charged under this strike force, and it sends a clear message that no role or qualification places anyone above the law.” He affirmed that investigators will continue to pursue individuals who abuse their professional status to support criminal networks, and the community should anticipate further arrests of a similar nature as the inquiry progresses.
Legal Proceedings and Bail
Tang did not apply for bail when his case was first mentioned at Bankstown Local Court on Wednesday morning. His solicitor, Shirin Razi, declined to comment on the charges. He was remanded in custody pending a bail application scheduled for Thursday, when he will have the opportunity to seek release. The outcome of that hearing will influence the next phase of the prosecution, as authorities prepare to present evidence detailing his alleged role in the syndicate’s property‑acquisition scheme.
Implications for the Legal Profession
The case raises important questions about oversight and ethical compliance within the legal sector, particularly for lawyers who operate in multidisciplinary practices that intersect with finance and real estate. The Law Society of NSW declined to comment on the specific charges but retains the authority to intervene if a practitioner’s practising certificate is suspended. Legal regulators may use this incident to reinforce mandatory anti‑money‑laundering training and to scrutinise the safeguards firms have in place to prevent facilitation of crime.
Ongoing Nature of Strike Force Myddleton
While Tang’s arrest represents a milestone, Strike Force Myddleton remains active, with detectives continuing to trace the syndicate’s network and gather evidence against additional suspects. The investigation’s breadth—spanning banking, mortgage brokering, real‑estate agency, and legal services—illustrates the sophisticated, cross‑industry nature of modern financial crime. Future developments are expected to include further charges, asset seizures, and potentially broader regulatory reforms aimed at closing the loopholes exploited by the Penthouse Syndicate.