Former director in Victoria gets suspended sentence for false statements
A former director from Point Cook in Victoria has been convicted of making false statements to the Australian Securities and Investments Commission (ASIC), following charges related to breaches of the Corporations Act 2001.
Benjamin Thomas Molloy, who was involved with the operations of Consultel Cloud, was convicted after pleading guilty to two counts of making false statements to ASIC under sections 1308(1) and 1308(2) of the Act.
The Melbourne Magistrates' Court handed down a sentence of a fully suspended 12-month imprisonment term, with a recognisance release order under section 20(1)(b) of the Crimes Act 1914 (Cth).
As part of the ruling, Molloy was required to be of good behaviour for two years, with a recognisance security set at $2,000, according to ASIC.
Magistrate Tara Hartnett, who presided over the case, described Molloy's actions as "objectively serious" and noted that they occurred "squarely in the context of family violence."
Hartnett further highlighted that Molloy's conduct was part of a complex structure that supported his personal lifestyle and business activities.
The investigation into Molloy's actions was initiated after ASIC received a report from David Coyne, the liquidator appointed to Consultel Cloud in June 2021.
ASIC Deputy Chair Sarah Court commented on the conviction, saying: "Mr. Molloy failed to fulfil his legal obligations and made false and misleading representations. Today's sentencing decision reflects ASIC's ongoing efforts to stamp out misconduct."
This is the second time this month that a former director has received a prison sentence for misconduct, with the ex-CEO of Bananacoast Community Credit Union receiving 18 months' jail time for four dishonesty offences.
