03-344 3 years jail for former Tasmanian director
Wednesday 29 October 2003
Mr Mark Anthony Johnstone, 46, of Tamworth New South Wales, was sentenced today to 3 years imprisonment subject to a recognizance release order to take effect after 18 months.
Mr Johnstone, a former director of DJF Pty Ltd, which traded as MI Machinery at Youngtown in Launceston, was sentenced after pleading guilty to 6 charges of fraud brought by ASIC.
The charges were laid following an investigation by the Australian Securities and Investments Commission (ASIC) into the failure of DJF Pty Ltd, which traded as MI Machinery at Youngtown in Launceston, Tasmania.
DJF Pty Ltd was involved in the sale of farm and earth-moving equipment and went into liquidation on 4 May 1999 with debts of more than $2.5 million.
ASIC alleged that Mr Johnstone, whilse a director of DJF, knowingly assisted DJF in applying for and obtaining finance on the basis of fraudulently prepared invoices in respect of machinery that did not exist.
More than $769,000 was defrauded from several banks and finance companies, including National Mutual, Esanda, BankWest and Trust Bank. Approximately $650,000 was not recovered.
Mr Johnstone has also entered into a recognisance of $2000 to be of good behaviour for two years from the date of his release.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
ASIC Website: Printed 02/10/2010
