In a statement on Tuesday, ASIC mentioned that previous van Eyk Exploration CEO Mark Thomas had pleaded guilty to dishonestly applying his posture as a director with the intention of specifically or indirectly gaining an edge for himself in the Downing Centre Community Courtroom.
The corporate regulator said that Mr Thomas dishonestly utilised his position as director of New Zealand-based Blueprint Expense Administration, a subsidiary of van Eyk, to facilitate an financial investment of virtually $5 million in a independent fund, the Wholesale Enhanced Money Fund.
These money had been then loaned to a different enterprise, TAA Melbourne, to purchase an interest in van Eyk Research.
“These transactions prevented a 3rd celebration from getting command of van Eyk Study, of which Mr Thomas was the CEO, making sure that Mr Thomas preserved regulate of the company’s affairs and tactic,” ASIC reported.
“By doing this, Mr Thomas made use of his placement as a director dishonestly with the intention of immediately or indirectly gaining an benefit for himself.”
Mr Thomas was charged with 4 counts of dishonestly utilizing his situation as a director or officer of a enterprise with the intention of gaining an gain for himself in May possibly very last yr following an investigation by ASIC.
The greatest penalty faced by Mr Thomas is $340,000, five years’ imprisonment, or equally.
ASIC confirmed that the matter will be right before the Downing Centre District Court for point out on 1 July, at which time a sentencing day is expected to be set.
Jon Bragg is a journalist for Momentum Media’s Trader Day-to-day, nestegg and ifa. He enjoys creating about a large range of financial subjects and challenges and checking out the several implications they have on all areas of lifetime.