02/325 Director sentenced on ASIC charges
Friday 6 September 2002
Mr Antony David Smales, a company director from Frankston, Victoria, was sentenced today in the Melbourne County Court on two charges brought by the Australian Securities and Investments Commission (ASIC).
Mr Smales, a director of Spiderweb Solutions Pty Ltd, pleaded guilty to two charges of making improper and dishonest use of his position as a director of the company to gain an advantage for himself.
Mr Smales was sentenced to 12 months imprisonment, to be fully suspended upon him entering a recognisance in the amount of $1,000 to be of good behaviour for two years.
He was also ordered to repay $120,218 to the company, which has been placed into administration.
The charges related to Mr Smales’ withdrawal of $134,921 from the company’s bank account without the knowledge of his co-directors. Judge White described it as a ‘grave breach of trust’ against a long-standing friend of Mr Smales.
Mr Smales used the money to gamble at Crown Casino and other venues.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
ASIC Website: Printed 07/29/2010
