$13 MILLION FRAUD CONVICTION FOR FORMER KLEENMAID BOSS

$13 MILLION FRAUD CONVICTION FOR FORMER KLEENMAID BOSS

A FORMER director of whitegoods distributor Kleenmaid, Bradley Wendell Young, on Friday was found guilty of dishonestly gaining a $13 million loan and insolvent trading of debts of $4 million.

A jury found Young guilty on 18 charges, following a 761 day trial at the Brisbane District Court.

He was found guilty of:
  • one count of dishonestly gaining loan facilities from Westpac Bank in November 2007 totalling $13 million; and
  • seventeen counts of criminal insolvent trading of debts amounting to more than $4 million.

The jury found Young not guilty on one count of criminal insolvent trading. Bail was refused and he was remanded in custody pending sentencing on 12 August 2016.

"This is a strong result in an important case, and should send a signal to all directors and companies that regulators will pursue them through the courts when they break the law," says ASIC Commissioner John Price.  

A date is yet to be set for the trial of his fellow former Director, the founder of Kleenmaid, Andrew Eric Young.

The Commonwealth Director of Public Prosecutions prosecuted the matter.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Advertisement

Related Stories

New community case for Brisbane, QLD will open doors to all of Victoria

New community case for Brisbane, QLD will open doors to all of Victoria

A gentleman in his 60s who attended a Portuguese restaurant in Br...

Soul Patts, Milton Corp plan $10.6 billion merger

Soul Patts, Milton Corp plan $10.6 billion merger

Two Sydney-based investment houses with more than 230 years in op...

Songtradr lifts the tempo with $66m Series D

Songtradr lifts the tempo with $66m Series D

A USD$50 million (AUD$66 million) Series D funding round will fue...

Wallets on wheels: city visitors who use e-scooters more spend more

Wallets on wheels: city visitors who use e-scooters more spend more

Shared e-scooters are becoming common across Australia and in maj...