60 Minutes S2023E11 - The Confession, The TikToking Time Bomb

An extraordinary TV confession. A crooked financial advisor who made a fortune by ripping off his clients pleads for forgiveness; plus, Beijing bites back, warning Australia it would be foolish to ban social media app TikTok.

The Confession:

In an extraordinary report for 60 MINUTES, Adele Ferguson interviews one of the key players involved in a highly dubious global financial scheme that has trapped hundreds of investors in Australia, and thousands more around the world. In the interview, the former trusted senior advisor makes startling confessions about how he enticed his clients into buying financial products that he now admits were worthless. But while they suffered, he profited by accepting secret kickbacks. Ferguson's investigation, compiled in conjunction with her reporting for The Sydney Morning Herald and The Age, estimates that more than six billion dollars in funds is unaccounted for, either because it doesn't exist or is hidden in complicated company structures in overseas tax havens. It is expected that further action from financial authorities around the world, including the Australian Securities and Investments Commission, is imminent.

The TikToking Time Bomb:

Anyone who cares to search will undoubtedly find some very amusing TikTok videos made about the very uproar TikTok has been causing lately. Last week it was banned from Australian government phones and devices. It's deemed to be a risk to our national security because of the Chinese ownership of its parent company. The decision has upset the local arm of TikTok who maintain their app is harmless fun, not a spy tool. As Amelia Adams reports, it has also outraged the Chinese Communist Party, which is once again warning us not to treat Beijing as the enemy.