Former WA director convicted of stealing $230,000

The Australian Securities and Investments Commission (ASIC) has announced 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 charges, which were laid by ASIC, carry a maximum penalty of 10 years' imprisonment on each count.

ASIC believes the outcome of the trial provides important guidance of what ASIC expects of directors. In this instance, ASIC expects directors to act honestly and not use their position to advantage themselves.

Mr Hickey, who has become a bankrupt, will be sentenced in the Perth District Court on 14 March 2012. He has been released on bail pending a pre-sentence report and other reports.