By Stephen Mayne, regular recipient of ASIC fines
We’ve been tracking the corporate plod’s jailing record over the past four years and last night updated the list to reflect the five porridge recipients since former HIH CEO Ray Williams was sentenced on 15 April. Rodney Adler should note that entry number 263, Stephen Riddell, copped 16 months without parole for crimes including managing a company while prohibited.
You can see the full comprehensive list here and the latest additions are below:
260: 14 April 2005 – Rodney Adler got four years and six months with non-parole of two years and six months, for four criminal charges including two counts of disseminating information knowing it was false, one count of obtaining money by false or misleading statements, and one count of being intentionally dishonest and failing to discharge his duties as a director of HIH.
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261: 15 April 2005 – Ray Williams received four years and six months with non-parole of two years and nine months for three criminal charges that he was reckless and failed to properly exercise his powers and duties as a director of HIH, that he authorised the issue of a prospectus by HIH that contained a material omission and that he made or authorised a statement in the 1998-99 Annual Report, which he new to be misleading, that overstated the operating profit before abnormal items and income tax by $92.4 million.
262: 29 April 2005 – John Forwood was jailed for three years and nine months with a non-parole period of 18 months, after pleading guilty to 13 criminal charges of defrauding $3.9 million through his company Signprofiles which submitted bogus invoices for road maintenance and line marking that never happened.
263: 13 May 2005 – Stephen Riddell was sentenced to two years jail with a non-parole period of 16 months in relation to 21 charges brought by ASIC for acting while disqualified, lodging false documents with ASIC and lying to his board. It didn’t help his cause that he was caught with a false foreign passport and initially being sentenced ex-parte after failing to appear in court.
264: 27 May 2005 – John McMunn, a Melbourne serial fraudster, was sentenced to five years and four months jail with a minimum of four years after being found guilty of 16 charges brought by ASIC and 16 charges brought by the AFP relating to obtaining a financial advantage by deception while he was a director of Interest Recount Corp Pty Ltd (IRC), by making false representations to investors and defrauding the Feds of tax revenue in the process.
265: 15 June 2005 – Luke Duffy, former head of NAB’s foreign currency options desk, was sentenced to 29 months imprisonment with a minimum of 16 months after pleading guilty to three charges of dishonestly using his position as an employee of NAB in order to gain advantages for himself and others.
266: 20 June 2005 – Peter Puhakka, a 57-year-old tiler from southern Sydney, got eight months with a minimum of three on seven charges for making false statements in documents lodged with ASIC and three counts of falsifying company records.