29/08/2012 - 12:57

Trainer facing prison after ASIC investigation

29/08/2012 - 12:57

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A Western Australian company director has been convicted of managing a corporation while disqualified, following an investigation by the Australian Securities and Investments Commission.

ASIC announced today that Richard Trainer pleaded guilty to the charge in Perth Magistrate’s Court last week, and was sentenced to four months inprisonment and ordered to pay $2,000 in court costs.

The charge related to various acts of management Mr Trainer performed between March 3, 2006 and November 21, 2006, including entering into contracts on behalf of private company All Holdings.

Mr Trainer was made bankrupt in May 2005, and was banned from managing companies for 18 months by ASIC in 2008.

The building company he managed, 20*20, collapsed in 2010, owing millions in unpaid debts.

“When individuals are automatically disqualified from managing a corporation, they must abide by that disqualification,” ASIC Commissioner Greg Tanzer said.

“ASIC will investigate and prosecute individuals who choose to ignore a disqualification to ensure that consumers and businesses can be confident that they are dealing with legitimate directors.”

The matter was prosecuted by the Commonwealth Director of Public Prosecutions.

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