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16-248MR Former Kleenmaid director found guilty of fraud and insolvent trading
A former director of Kleenmaid, Bradley Wendell Young, on Friday was found guilty on 18 charges arising from the collapse of the national whitegoods distributor, following a 71 day trial.
He was found guilty of:
- one count of dishonestly gaining loan facilities from Westpac Bank in November 2007 totalling $13 million; and
- seventeen counts of criminal insolvent trading of debts amounting to more than $4 million.
The jury found Mr Young not guilty on one count of criminal insolvent trading. Bail was refused and he was remanded in custody pending sentencing on 12 August 2016.
'This is a strong result in an important case, and should send a signal to all directors and companies that regulators will pursue them through the courts when they break the law,' ASIC Commissioner John Price said.
A date is yet to be set for the trial of his fellow former Director, the founder of Kleenmaid, Andrew Eric Young.
The Commonwealth Director of Public Prosecutions prosecuted the matter.
Editor's note 1:
Mr Young was sentenced on 12 August 2016 (refer: 16-257MR).