Tuesday 31 October 2006 LAWFUEL – Law News Network – Mr Joseph Willi…

Tuesday 31 October 2006 LAWFUEL – Law News Network – Mr Joseph William Wells, of Mornington, Victoria, has been charged in relation to his role as a company director and for misusing company funds following an investigation by the Australian Securities and Investments Commission (ASIC). The charges allege that Mr Wells failed in his obligations as a director of Third Vilmar Pty Ltd (In Liquidation).

Third Vilmar was a supplier and installer of housing bricks and roofing tiles and operated from Mornington in Victoria. It is alleged that Mr Wells dishonestly used his position as a director from September 2004 to February 2005 by diverting company funds totalling $536,100 from Third Vilmarleaving the company unable to pay creditors. An additional charge alleges Mr Wells dishonestly used his position with the intention of directly or indirectly gaining an advantage for himself through the use of Third Vilmar funds totalling $425,000. Mr Wells is required to reappear at the Melbourne Magistrates Court for a committal mention hearing on 19 December 2006.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions. For further information contact: Allen Turton Deputy Executive Director, Enforcement Telephone: 02 9911 2338 Mobile: 0411 549 236 Danielle Huck ASIC Media Unit Telephone: 03 9280 3407 Mobile: 0417 540 769

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