Aggregated News From Investment Management Regulators

Former director pleads guilty to fraud


Please complete the required fields.

Following an ASIC investigation, Mr Jaicome Spinella, of West End, Queensland, pleaded guilty to a charge of obtaining financial advantage by deception.

Mr Spinella is the former director of Bauen Concrete Pty Ltd ACN 609 560 492 (Bauen), a company that provided services to the building and construction industry.

ASIC’s investigation found that between December 2016 and July 2017, Mr Spinella fraudulently used a credit card issued to Bauen to access $3,131,718.82 to wager bets through a digital gambling account.

As a result of Mr Spinella’s conduct, Bauen was unable to pay its liabilities and placed in liquidation on 25 July 2017. At the time Bauen Concrete was placed in liquidation it had 166 creditors owed $6,738,523.

Messrs Shane Deane and Nicholas Giasoumi of Dye and Co. were appointed liquidators. ASIC commenced its investigation after receiving a supplementary report from the liquidators. The report was funded through the Assetless Administration Fund.


The matter was heard in the Melbourne Magistrates’ Court on 30 September 2020. Mr Spinella was bailed with special conditions, to appear at the County Court on 18 February 2021 for sentencing.

Mr Spinella was charged with 1 count of obtaining financial advantage by deception contrary to section 82(1) of the Crimes Act 1958 (Vic). The charge carries a maximum penalty of 10 years imprisonment.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.

Source link

Regulator Information

Abbreviation: ASIC
Jurisdiction: Australia

Recent Articles

“We’ve Seen This Story Before” Remarks before the Piper Sandler Global Exchange & Fintech Conference

Washington D.C. Thank you, Rich, for that kind introduction.

OCC Hosts Risk Governance and Capital Markets Workshops in Denver

  • +1Bank Management, Banker Education, Board of Directors & Management, Community Banks, Operational Risk Management
WASHINGTON—The Office of the Comptroller of the Curren

SEC, NASAA, FINRA to Co-Host Webinar on Identifying and Reporting Suspected Senior Financial Exploitation

Regulators to Discuss Protecting Seniors During World Elder Abuse Awareness Day WASHINGTON—The Securities and Exchange Commission (SEC), the North American Securities Administrators Association (NASA

Financial sector’s capital position as at 31 March 2023: The Finnish financial sector’s capital position has remained good – risks in the operating environment...

The state of the Finnish financial sector has remained good in the early months of the year, despite the continued high level of risks...

Notification For The 2023 Capital Market Committee 2nd Webinar Meeting

The Director General has approved the 2023 Capital Market Committee (CMC) 2nd Webinar Meeting to hold on Wednesday, 23rd, August 2023. The usual interface with...

Get the latest from Regulatory.News in your inbox!