04-360 Former managing director pleads guilty to fraud charges
Monday 1 November 2004
Mr Gregory John Waring, the former managing director of Corrpro Companies Australia Pty Ltd (Corrpro Australia), has pleaded guilty in the County Court of Victoria to charges brought by the Australian Securities and Investments Commission (ASIC).
Mr Waring, of Taylors Lakes, Victoria, pleaded guilty to five charges under the Crimes Act and two charges under the Corporations Act, following an ASIC investigation into his conduct as managing director of Corrpro Australia.
ASIC alleged Mr Waring falsified the accounts of Corrpro Australia, a subsidiary of the United States-based Corrpro Companies Inc., a company listed on the American Stock Exchange (AMEX). Corrpro Companies Inc. placed the Australian company into administration following the detection of accounting irregularities, and re-stated its 2001 accounts, which reduced its net income by US$3.6 million.
ASIC further alleged Mr Waring:
- provided false information to Corrpro Australia’s auditors and the Australian Taxation Office;
- obtained a financial advantage by deception, by using falsified accounts to obtain credit from the Bank of Melbourne; and
- improperly used his position as managing director.
The matter will return to Court for further sentencing submissions on Wednesday 3 November 2004.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
ASIC acknowledges the assistance of the United States Securities and Exchange Commission during its investigation.
ASIC Website: Printed 03/13/2010
