Former Whet Investments director sentenced

19 February 2010
| By Mike Taylor |
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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.

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