Following an ASIC investigation, Mr. Frederick Leslie Hansen, formerly of Clear Island Waters on the Gold Coast, has been sentenced in the Southport District Court to 4 years imprisonment.
On 14 October 2016, Mr. Hansen pleaded guilty to two counts of dishonestly using his position as a director of Global Rule Pty Ltd and was remanded into custody.
ASIC alleged that between October 2008 and September 2010, Mr Hansen has dishonestly used his position as director of Global Rule with the intention of causing a detriment to the company.
The defendant knowingly caused an unrelated personal debt in the amount of $8,423,333 million to be incurred by Global Rule. During the period, the defendant then used $5,721,424 of Global Rule investors’ funds to commence repaying the debt.
Mr. Hansen will be eligible for parole after serving 2 years imprisonment, taking into account time already served in custody.
ASIC Commissioner Greg Tanzer said:
Mr Hansen’s actions betrayed the trust of his investors and caused them significant hardship. Today’s decision shows that this type of behaviour will be met with serious consequences.