04/11/2008 - 15:49

Court sentences Pollock

04/11/2008 - 15:49

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Perth property developer Kevin Pollock has been given a suspended three year sentence in the Supreme Court of Perth after being found guilty of fraud charges totalling over $3 million.

Perth property developer Kevin Pollock has been given a suspended three year sentence in the Supreme Court of Perth after being found guilty of fraud charges totalling over $3 million.

Today, Mr Pollock was sentenced to three years and four months imprisonment, suspended on good behaviour for a period of two years. He was also fined $60,000.

The sentence comes after a three week trial where a jury found Mr Pollock guilty of nine charges.

The trial follows an ASIC investigation into a number of companies associated with Mr Pollock and his son Jamie, who was found not guilty on 11 fraud charges.

"The convictions relate to a revolving line of credit facility arrangement for $4.2 million dollars of hire purchase financing for heavy earthmoving equipment obtained from the National Australia Bank for a number of the Pollock Group companies," ASIC said.

Some five years ago, Mr Pollock's network of companies had debts of about $70 million when the receivers were appointed, and its collapse has triggered legal action by several parties.

Mr Pollock conducted his business affairs, involving land sub-division, earthworks, equipment hire, and garden and landscaping supplies, through multiple part-owned companies and joint ventures.

The Austrailan Securities and Investment Commission said it will ask the Director of Public Prosecutions to consider lodging an appeal against the sentence.

 

Below is the ASIC announcement:

 

Mr Kevin Pollock, director of Perth-based property developers, the Pollock Group, was today sentenced in the Supreme Court in Perth to three years and four months imprisonment, fully suspended recognisant on good behaviour for two years.

Mr Pollock faced fraud charges totalling over $3 million laid by ASIC. Mr Pollock was also fined $60,000.

Mr Pollock, of East Perth, was found guilty unanimously by a jury on nine charges following a three week trial and an ASIC investigation into a number of companies associated with he and his son, Jamie Pollock, of Perth.

The convictions relate to a revolving line of credit facility arrangement for $4.2 million dollars of hire purchase financing for heavy earthmoving equipment obtained from the National Australia Bank for a number of the Pollock Group companies.

Jamie Pollock was found not guilty on eleven fraud charges. The jury was unable to reach a verdict in relation to a further three charges.

ASIC will request the Commonwealth Director of Public Prosecutions consider lodging an appeal following today's sentencing of Mr Pollock

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