Former exec has been sentenced to over a year's imprisonment
Former CEO Mark Peter Thomas has been permanently banned by the Australian Securities and Investments Commission from engaging in any activities related to the operation of a financial services business or credit provider.
The ban comes after Thomas was convicted for misusing his position as a director at Blueprint Investment Management Limited, a subsidiary of van Eyk Research based in New Zealand, ASIC reported. His conviction also includes engaging in dishonest conduct.
Thomas has been sentenced to one year and three months' imprisonment, which will be served through an Intensive Correction Order. Additionally, he has been ordered to complete 250 hours of community service. The court found that Thomas used his directorial position dishonestly, with the intention of personally gaining an advantage, ASIC said.
Under the Corporations Act, ASIC has the authority to permanently ban individuals from the financial services and credit industries if they are found guilty of serious fraud or dishonest conduct. This ban will be recorded on ASIC's Banned and Disqualified Register.
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Thomas retains the right to appeal ASIC's decision by seeking a review from the Administrative Appeals Tribunal. His sentencing took place on Nov. 14, 2022, in the New South Wales District Court, after he pleaded guilty to breaching his directors' duties. The prosecution was handled by the Commonwealth Director of Public Prosecutions, following a referral from ASIC.
ASIC also recently announced a ban on former Queensland director Maree Narelle Hawcroft. It also recently launched civil proceedings against The A Team Property Group and its director, Sasha Hopkins.
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