A West Australian director convicted of breaching his directors’ duties has been sentenced to 10 months imprisonment.

Oliver James Wood’s sentence, handed down on 15 October 2015, was fully suspended upon entering into a $5000 recognisance to be of good behaviour for 10 months. He was also fined $40,000.

ASIC Commissioner Greg Tanzer said, ‘It is important for directors to understand their obligations. ASIC is committed to holding those who intentionally break the law to account.’

Mr Wood stood trial and was convicted on three counts of using his position as a director of SEO Company Pty Ltd dishonestly to gain an advantage. He also pleaded guilty to four counts of making a false statement in a document lodged with ASIC (refer: 15-290MR).

The Commonwealth Director of Public Prosecutions prosecuted the matter.

Background

Mr Wood is automatically disqualified from managing companies for five years as a result of his conviction.