Advise whether the partnership could be liable

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Reference no: EM133418883

Question: Allen, Bruno, and Cleo are partners of a chartered accounting firm called ABC Advisors that is based in Sydney CBD. Allen specialised in auditing work, Bruno advised on tax related matters and Cleo focused on succession and estate planning. Rafael, one of the clients of the firm, was a young tech billionaire. Bruno influenced Rafael to transfer funds totalling AUD$50 million into a special offshore account controlled by Bruno. Bruno convinced Rafael that the AUD$50 million would be reinvested as part of a complex overseas profit-making scheme that did not incur any tax liability. Bruno also told Rafael that Rafael would receive 50% profits made on the investments within a year. However, the scheme was exposed by a major financial crime investigation undertaken by Interpol. Bruno was unable to recover the funds in time. Rafael sued all the partners of ABC Advisors for the return of the AUD$50 million.

Advise whether the partnership could be liable for Bruno's actions by referring to relevant statutory provisions and case laws.

Reference no: EM133418883

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