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Thursday 9 September 2021

21-240MR Real estate marketing company officers convicted of breaching directors’ duties

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.

Last updated: 09/09/2021 12:14