Melbourne-based property developer, Anthony Nicholls, will spend at least three years in jail after pleading guilty to three charges of dishonestly misappropriating investors’ funds.
Nicholls was brought before the Victorian County Court following an investigation by the Australian Securities and Investments Commission (ASIC), which found that between October 2004 and August 2006, he authorised the withdrawal of $756,908.31 from raised by two companies he was a director of, for his personal benefit.
ASIC reported that in May 2015 Nicholls pleaded guilty to three charges of dishonestly using his position as a director of Zantholls International Pty Ltd and Peton Properties Pty Ltd to misappropriate the money from investors.
Victorian County Court Judge, Jane Patrick, sentenced the 63-year-old to four and a half years behind bars, and ordered that Nicholls serve a minimum of three years.
“It was serious offending involving dishonesty over a considerable period of time resulting in people losing their entire life savings and future security,” the judge said.
“Mr Nicholls had placed multiple nails in the coffin of a terminally ill business and his moral culpability was high”.
ASIC reported that Peton was placed into liquidation during October 2007, owing creditors more than $4 million, while Zantholls was deregistered by ASIC in April 2009.
