Benjamin Thomas Molloy of Point Cook, Victoria has been convicted of making false statements to ASIC, contrary to sections 1308(1) and 1308(2) of the Corporations Act 2001 (Cth).
On 13 December 2023, in the Melbourne Magistrates' Court, Mr Molloy was sentenced to a recognisance release order under section 20(1)(b) of the Crimes Act 1914 (Cth), with a fully suspended sentence of 12 months' imprisonment on the condition he be of good behaviour for two years. The recognisance security was set at $2,000.
Her Honour Magistrate Hartnett described the offending as 'objectively serious' where the offending was 'squarely in the context of family violence', which was used by Mr Molloy to 'facilitate a structure of some complexity that promoted [his] lifestyle and the operation of [his] business interests'.
Mr Molloy plead guilty to two counts of making false statements to ASIC pursuant to sections 1308(1) and 1308(2) of the Corporations Act.
ASIC Deputy Chair Sarah Court said, '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 matter was prosecuted by the Office of the Director of Public Prosecutions, following a referral from ASIC.
Background
The maximum penalty for sections 1308(1) and 1308(2) when heard summarily is 12 months' imprisonment.
ASIC commenced an investigation after receiving a funded report from David Coyne of BRI Ferrier, the liquidator appointed to Consultel Cloud on 23 June 2021. ASIC provided funding to Mr Coyne to investigate from the Assetless Administration Fund.
