Man charged with allegedly issuing over 10k fraudulent invoices to Bunnings

The charge of fraud was pursuant to section 408C of the Criminal Code 1899 (Qld) and carried a maximum penalty of 20 years’ imprisonment.

ASIC is alleging that Young had committed the fraud in a move to obtain over $8.3 million in advanced payments under a “debt factoring agreement” he had set up on behalf of HWT Group between 30 September 2020 and 30 June 2023.

ASIC noted debt factoring related to the concept where a “business makes an agreement with a third-party finance provider to sell its unpaid invoices (accounts receivable) at a discount to receive cash prior to the invoices being due for payment”.

From the fraudulent invoices, the investigation alleged Young created invoiced issues to Bunnings Warehouse for payment of goods shipped to various stores. Neither Young nor HWT Group had an existing business relationship in relation to those goods.

 It was found that at the time of the offences, between 30 September 2020 and 30 June 2023, Young was bankrupt, which made him automatically disqualified from managing corporations.  

ASIC said the charge for managing a corporation whilst disqualified from doing so was pursuant to section 206A of the Corporations Act 2001 (Cth) and carried a maximum penalty of five years’ imprisonment.

The matter is being prosecuted by the Office of the Director of Public Prosecutions and has been adjourned until 19 December for mention.