More jail time for former company secretary
A former Brisbane company secretary has been sentenced to two years jail and entered into a three-year good behaviour bond on charges of having acted dishonestly.
The man, Keith James McCoy, of Mount Tambourine in Queensland, was sentenced after pleading guilty to five counts of dishonestly failing to act in good faith in the best interests of Blueprint Finance Company, of which he was company secretary between September 10, 2001 and June 12, 2003.
Blueprint Finance was a Brisbane-based investment company that provided mezzanine finance for Sydney commercial developments between 2000 and 2003, with the properties being developed by another one of McCoy’s companies, Blueprint Developments.
The Australian Securities and Investments Commission (ASIC) alleged that McCoy as company secretary dishonestly failed to register second mortgages over the developments on behalf of Blueprint Finance and concealed the fact that they were not registered and instead used these as securities to gain further finance for his own projects.
The court was told that investors in Blueprint Finance lost approximately $11 million as a result of the collapse of Blueprint Developments in May 2003.
McCoy is currently serving three years’ jail on charges of forgery following an earlier ASIC investigation of Blueprint Developments.
AUTHOR
Mike Taylor
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