12-69MR Former WA director jailed for stealing $230,000
Friday 13 April 2012
A former director was today sentenced to jail for 2 years with a non-parole period of 12 months for stealing more than $200,000, some of which he used to pay off personal debts including his wife’s credit card.
Peter Robin Hickey of Cloverdale, Western Australia, appeared for sentencing in the Perth District Court after being convicted of three counts of stealing more than $200,000. (refer: 12-11AD).
Mr Hickey, who is a bankrupt, was convicted on 23 January 2012 following a 5 day jury trial.
The jury accepted that Mr Hickey, 57, stole $230,000 between 14 April and 8 July 2005. ASIC alleged that the funds were received from investors and disposed of through Cape Bonbon Pty Ltd, a company of which Mr Hickey was a director. It was alleged Mr Hickey then used the money to pay for items including personal expenses such as mortgages and credit cards, and to support now defunct publishing company Moss Media Limited, of which he and his wife were directors.
ASIC 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.’
The Commonwealth Director of Public Prosecutions prosecuted the matter.
Mr Hickey was charged under s378(9)(b)of the Criminal Code (WA).
It is alleged that Cape Bonbon Pty Ltd was established for the purposes of property acquisition and renovation on behalf of investors.
Investors have not received a return of their investment money.
Editor's note: Mr Hickey lodged an appeal in May 2012 against his conviction.