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The corporate regulator has charged two pre-insolvency advisers and a company director with dealing with the proceeds of crime after facilitating the removal of close to $750,000 in company money.
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Pre-insolvency advisers, director charged by ASIC
06 March 2019
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9 minute read
ASIC alleges that Cap Coast Telecoms Pty Ltd former director Richard Ludwig sought advice from pre-insolvency firm SME’s R Us and their advisers Stephen O’Neill and John Narramore, following a dispute Mr Ludwig was having with a creditor of the company.
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According to ASIC, Mr O’Neill and Mr Narramore facilitated Mr Ludwig to illegally remove a total of $743,050 of company money between October 2014 and January 2015 to accounts in their control. It is alleged that the three men acted jointly to remove the money before the company was wound up in liquidation.
Following the removal of the company money, it is alleged that a large portion of the money was redirected back to Mr Ludwig and that Mr O’Neill and Mr Narramore retained a portion of the money.
Mr Ludwig has been charged with ten counts of breaching his director duties and one count of dealing in the proceeds of crime worth $100,000 or more, while Mr O’Neill and Mr Narramore have been charged with one count each of dealing in the proceeds of crime worth $100,000 or more.
The matter was referred to ASIC by Mark Hutchins of Cor Cordis who is the liquidator of Cap Coast Telecoms Pty Ltd.
All three men appeared in the Brisbane Magistrates Court for the charges and were bailed to return on 3 May 2019.
Breaching director duties is an offence under the Corporations Act 2001 and carries a penalty of 2,000 penalty units or imprisonment for five years, or both.
Dealing with the proceeds of crime is an offence under the Criminal Code (Cth) 1995 and carries a penalty of 1,200 penalty units or imprisonment for 20 years, or both.
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