Thursday 24 May 2007 LAWFUEL – The Law News Wire – Mr Joseph William Wells, of Mt Eliza, Victoria, has been sentenced in the County Court of Victoria to two years and three months imprisonment, wholly suspended for five years, following an investigation by the Australian Securities and Investments Commission (ASIC). Mr Wells, the former director of roof tiling company, Third Vilmar Pty Ltd (Third Vilmar) (in liquidation), pleaded guilty to two charges relating to the misuse of company funds. He was immediately released on a recognisance of $1,000 and to be of good behaviour for five years.
ASIC alleged that between September 2004 and February 2005, Mr Wells, 56, dishonestly used his position by diverting funds totalling $536,100, leaving the company unable to pay creditors. ASIC also alleged Mr Wells dishonestly used his position with the intention of directly or indirectly gaining an advantage for himself through the personal use of $425,000, taken from the $536,100 he initially diverted from Third Vilmar. The matter was prosecuted by the Commonwealth Director of Public Prosecutions. Background Third Vilmar was placed into external administration on 27 April, 2005.
For further information contact: Jan Redfern Executive Director, Enforcement Telephone: 02 9911 2191 Mobile: 0411 119 210 Emma Forehan ASIC Media Unit Telephone: 03 9280 3354 Mobile: 0409 702 310 Page 1 of 1