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19-241MR Former Queensland company director sentenced for breaching director duties
Mr Edward Harold Pye, of Fairney View, Queensland, has been convicted and sentenced after pleading guilty to breaching his duties as a director.
Mr Pye was sentenced to 12 months’ imprisonment and two years’ imprisonment in respect to two counts of dishonestly using his position as a director, to be served concurrently. He was released forthwith upon entering into a recognisance in the sum of $2,500, on the condition he be placed on a good behaviour bond for 3 years.
Mr Pye was the former director of ERH Transport Services Pty Ltd that operated a refrigerated transport business.
An ASIC investigation found in 2014, on two separate occasions, Mr Pye dishonestly used his position to transfer $25,000 and $550,000 of ERH Transport Services funds to himself and another person. At the time of the alleged conduct, Mr Pye was the sole director of ERH Transport Services (18-152MR).
ASIC commenced the investigation following the receipt of a supplementary liquidators report that was lodged by Adam Ward of Worrells Solvency & Forensic Accountants.
As a consequence of his conviction, Mr Pye has been automatically disqualified from managing corporations for five years from 15 August 2019.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
Mr Pye was convicted of two counts of s184(2) of the Corporations Act
Mr Adam Ward and Mr Michael Griffin of Worrells Solvency & Forensic Accountants were appointed as joint and several liquidators of ERH Transport Services Pty Ltd on 30 July 2014.