03-126 Appeal on sentence upheld for former company director
Monday 14 April 2003
The Victorian Court of Appeal has reduced the sentence given to Mr Stephen Mark O’Neill, a former Melbourne-based company director, from five years jail to four years, with a non-parole period of three years.
On 27 July 2001, Mr O’Neill was sentenced to a total of five years jail, to be released after serving three and a half years, after pleading guilty to four charges brought by the Australian Securities and Investments Commission (ASIC).
The charges (one count of improperly using his position as a company officer, two counts of using false documents, and one count of theft) related to Mr O’Neill’s actions between 1995 and 1999 while he was a director of Bailey O’Neill & Associates Pty Ltd, and Bailey O’Neill Pty Ltd. The Bailey O’Neill group operated a mortgage originator’s business in Bridge Road, Richmond between 1993 and 1999.
Between 1995 and 1998, Mr O’Neill used his position to draw over $2.2 million in cheques from a company trust account for his own benefit.
Mr O'Neill also forged investors’ signatures on two mortgage discharge documents, which resulted in those investors losing $94,000, and stole a $26,150 bank cheque.
The group was placed into liquidation in March 1999, with investors losing approximately $1.5 million as a result of Mr O’Neill’s actions.
Mr O’Neill repaid approximately $1.1 million of the money he misappropriated.
On 19 October 2001, Mr O’Neill unsuccessfully sought leave to appeal against the severity of his sentence, from a single judge in the Court of Appeal.
Mr O’Neill subsequently appealed to the full Court of Appeal, which upheld his appeal on sentencing in relation to the charges of using false documents and of theft. The Court imposed a total effective sentence of four years jail, with a non-parole period of three years.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
ASIC Website: Printed 02/10/2010
