A Western Australian company director has been sentenced to jail for two years with a non-parole period of 12 months, for stealing $230,000 in 2005.
Former Cape Bonbon Pty Ltd director Peter Hickey was convicted in the Perth District Court today on three counts of stealing.
ASIC said the offences occured between the dates of April 14 and July 8, 2005.
The corporate watchdog said the funds were received from investors and disposed of through Cape Bonbon.
The Australian Securities and Investments Commission alleged Mr Hickey used the funds to pay off personal debts, including mortgages and credit cards, and to support his now-defunct publishing firm, Moss Media
SIC Deputy Chairman Belinda Gibson said today’s outcome provided important guidance of what ASIC expects of directors.
“ASIC expects directors, as key gatekeepers of the financial system, to act honestly and not use their position to advantage themselves,’ Ms Gibson said.
“When directors fail to uphold their responsibilities, we will act. We are committed to tracking down and punishing wrongdoers and deterring further misconduct.”