Jail for Sunset Capital property promoter
A Queensland property investment scheme promoter was last week sentenced to jail in the Victorian County Court on charges preferred by the Australian Securities and Investments Commission (ASIC).
The man, Gabrial Neil Pennicott, who was a former director of Sunset Capital Pty Ltd, was described as a property investment scheme promoter.
He was sentenced to more than four years jail on six charges of dishonestly using his position as a director or officer of various companies contrary to section 184(2)(a) of the Corporations Act, four charges of dishonestly obtaining property by deception contrary to section 81 of the Victorian Crimes Act, six charges of dishonestly obtaining a financial advantage by deception and seven charges of attempting to obtain a financial advantage by deception.
According to ASIC, the transactions related to transferring shares between companies he controlled at artificially inflated prices so as to change the balances of inter-company loan accounts between the companies. It said the book value of these transactions was $2,465,000.
IT said Pennicott had also been charged with transferring and attempting to transfer shares at artificially inflated prices to repay and attempt to repay amounts owed to lenders to a company he controlled in lieu of repaying the monies owed and transferring shares at artificially inflated prices to himself and another person in lieu of being repaid amounts owed to them and then transferring the same shares to another company controlled by him.
AUTHOR
Mike Taylor
Recommended for you
Franklin Templeton has announced it will close its Australian Core Plus Bond Fund, having changed two fixed income funds in its Brandywine range last week.
Investment solution provider Channel Capital has appointed James Archer as its latest distribution director, joining from Pinnacle Investment Management.
Bennelong Funds Management has signed a memorandum of understanding with US private credit manager Monroe Capital to distribute its products in Australia.
Global equity manager Talaria Capital has appointed a Sydney-based sales director as it grows its distribution presence across Australia.
