Former director jailed for dishonesty

The Australian Securities and Investments Commission (ASIC) stated that Gavin Keith Hyland has been convicted in the Brisbane District Court on two counts of dishonestly using his position to misappropriate investor funds. In relation to the first count, Mr Hyland was sentenced to two years imprisonment and one year imprisonment for the second count. The sentences are to be served concurrently.

Between 8 March 2010 and 4 November 2010, Mr Hyland was a director of Jacqalex Pty Ltd (Jacqalex) and solicited and received funds from investors for the purpose of trading on their behalf in financial products, including shares, bonds and derivatives.

ASIC's investigation revealed Mr Hyland had dishonestly applied $104,110 of those investors' funds for his own personal use, including personal trading and using the funds to pay his credit card and other personal expenses.

Mr Hyland was taken into custody today and will be released on a recognisance after serving six months. The recognisance is conditioned that he give security of $3000 and be of good behaviour for a period of three years.

As a result of his conviction, Mr. Hyland will be automatically banned from managing a corporation for five years.

ASIC Commissioner John Price said, "ASIC will not tolerate directors and officers of companies conducting their business dishonestly. ASIC will continue to take enforcement action against directors where they fail to perform their duties with integrity and at the standards the community expects."

Findlaw

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