LAWFUEL – The Legal Newswire – Sydney finance broker, Mr Adrian Camilleri, has today been sentenced in Sydney’s Downing Centre Local Court following an investigation by the Australian Securities and Investments Commission (ASIC). Mr Camilleri was convicted and sentenced to perform 200 hours of community service.
Mr Camilleri pleaded guilty in March 2007 to five charges of managing a corporation while disqualified. These charges related to his management of Express Loans and Finance Pty Limited, Abe Enterprise Service Pty Limited, J.A.P. Camilleri Pty Limited, and Rosecam Pty Limited and Vaucam Pty Limited on various dates between 24 February 2003 and 25 February 2004.
ASIC alleged that between February 2003 and February 2004, Mr Camilleri made decisions that affected a substantial part of the business of the five companies. During that time, Mr Camilleri was an undischarged bankrupt and therefore disqualified from managing corporations.
Express Loans and Finance Pty Ltd was a mortgage broking business. The remaining four companies were formed to purchase real estate. During 2003, the companies purchased 16 properties in the eastern suburbs of Sydney.
All five companies were placed into liquidation or had a controller appointed on dates after 14 October 2004. Liquidators have reported that 61 creditors are owed in excess of $20 million. It is not anticipated dividends will be available to any class of creditor.
‘People who are disqualified from managing corporations as a consequence of bankruptcy must ensure they take no active part in the management of a company. ASIC will take action to ensure that disqualified people who continue to manage companies are brought before the Court’, said ASIC’s Executive Director of Enforcement, Ms Jan Redfern.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.