Property boss facing jail for $750,000 theft

Property boss facing jail for $750,000 theft

by 0 comments

ASIC has scored a legal victory after the director of a property group admitted to misappropriating money from clients.

Anthony Nicholls, 63, of Mitcham pleaded guilty in the Victorian County Court to three charges of dishonestly using his position as a company director to misappropriate $757,000.

The charges related to his position as a director of Peton Properties and Zantholls International.

These companies raised $2.68 million from about 20 investors to be used for property developments in Ballarat, according to ASIC.

“Between October 2004 and August 2006, Mr Nicholls authorised the withdrawal of $756,908.31 from those funds for his own personal benefit,” the regulator said.

Each of the three charges carries a maximum penalty of five years’ jail or a $220,000 fine.

Peton was placed into liquidation during October 2007, owing creditors more than $4 million, according to ASIC.

ASIC then provided funding to Peton’s liquidator to prepare a detailed report on his investigation into the company.

In February 2014, Mr Nicholls was ordered to stand trial on 136 criminal charges.

He was charged with 113 counts of breaching his duties as a director, three counts of making false and misleading statements, 19 counts of obtaining a financial advantage by deception and one count of obtaining property by deception.

Mr Nicholls was bailed yesterday and is due to be sentenced on 25 June.

[Related: ASIC bans director of collapsed real estate group]

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
How this agent's commitment to clientele built him a 25k-strong client base

In this episode of Secrets of the Top 100 Agents, host Tim Nearly talks to RT Edgar’s Glen Coutinho who ranked number six in this year’...

View all podcasts

How difficult is it to maintain a good work/ life balance?

Very – if I’m having balance my competitors are working
Not – I schedule the time into my calendar in advance
A little – It’s scheduled, but something always crops up
Work/ life balance – what’s that?
Do you have an industry update?