David Ross of Box Hill North Victoria and Wade Steel of Earlwood NSW have been convicted of breaching their directors’ duties.

Mr Ross was a former company director of real estate photography and marketing business Image-Ination Pty Ltd ACN 111 647 128 (Image-Ination), while Mr Steel was the former general manager.

Mr Ross and Mr Steel pleaded guilty and were convicted after they used their respective positions at Image-Ination to recklessly gain an advantage for themselves or cause detriment to the company.

The company officers were sentenced at the Downing Centre Local Court in NSW on 7 September 2021. Mr Ross was convicted on the condition that he be of good behaviour for a period of three years and pay a $2,000 pecuniary penalty within 12 months. Mr Steel was convicted on the condition that he be of good behaviour for a period of three years.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.

Background

Charges were first brought against Mr Ross and Mr Steel in October 2020 (20-260MR).

At the time of the conduct, a breach of directors’ duties carried a maximum term of five years imprisonment.