<table
The former head of Newcastle investment company Whet Investments, Hugh Charles Gordon, has received an 18-month prison sentence, with 11 months to be served immediately and the rest suspended subject to a two-year good behaviour bond.
Following an Australian Securities and Investment Commission (ASIC) investigation, Gordon was convicted of one charge of dishonest use of position as a director and improper use of approximately $91,000; and three charges of fraudulent concealment or removal of property to the value of approximately $285,000.
The sentence was stayed and bail continued until April 9 to assess whether Gordon was a suitable candidate for periodic or home detention.
In 2005 Whet Investments was placed into voluntary administration and a deed of company arrangement was executed. Gordon was declared an undischarged bankrupt in 2007.
