On January 30, 2012 Australian Securities and Investment Commission (ASIC) published that a former director has been convicted of three counts of stealing more than $200,000, after which he used the money to pay off personal debts including his wife’s credit card. Peter Robin Hickey of Cloverdale, Western Australia, was convicted following the conclusion last week of a 5 day jury trial in the Perth District Court before Judge Michael Bowden. During the trial ASIC alleged Mr Hickey, 57, stole $230,000 between 14 April and 8 July 2005. ASIC alleged that the funds were received from investors and disposed of through Cape Bonbon Pty Ltd, a company of which Mr Hickey was a director. It was alleged Mr Hickey then used the money to pay for items including personal expenses such as mortgages and credit cards.

The original article can be found at Australian Securities and Investment Commission.