A FORMER director of now-defunct Perth property developer Ocean Key Holdings Limited has been found guilty of stealing more than $820,000.
Neil Duckworth was accused of stealing the property in October 2007 and allegedly used money borrowed by Ocean Key Holdings Limited and secured against land owned by the company to pay for personal and other unrelated expenses.
Duckworth was charged with 22 counts of stealing as a director. A jury has found him guilty on 20 accounts, following a four-week trial in the Perth District Court.
Each of the charges carries a maximum penalty of 10 years’ imprisonment.
ASIC Commissioner John Price said directors are important gatekeepers within Australia’s financial system, being the directing mind and will of a company.
“ASIC expects them to act honestly, take their responsibilities seriously and discharge their duties carefully,” he added.
The matter will return to Perth District Court on Friday 20 December 2013 for a sentencing hearing.
Property Review
