Slap on the wrist

[Scott No Mates]

Here's how to do it: Linky

He sinks a company with close to $3B in creditors as CFO but gets a $2k fine. He earned over $700k in his last year with the company yet owns no property as it is all in his wife's name.

Now that's asset protection.

 

[sash]

Get a rope!

Here's how to do it: Linky

He sinks a company with close to $3B in creditors as CFO but gets a $2k fine. He earned over $700k in his last year with the company yet owns no property as it is all in his wife's name.

Now that's asset protection.

 

[pinkboy]

$2k tax deductable?

pinkboy

 

[Terry_w]

If a person transfers money to a spouse it is possible to get this clawed back under at least 2 different Acts. Wonder how the spouse purchased so much property.

 

[Blacky]

They will often let them off with a small fine, and a guilty verdict. In doing so the guilty accept and pay rather than spending more fighting the charge.

This then opens the door for private parties to take action - as they cant deny that they are guilty.

This happened to a friend of mine who was injured by a driver. The investigator gave a very light slap on the wrist - so that they accepted it and paid the fine. It opened the door for my mate to take them to court for damages - and pretty much they had no leg to stand on (though to be fair neither did my mate - literally).

Blacky

 

[Ausprop]

he was just an employee, not a director. The penalties have been imposed and justice dealt. His career is over, little chance of getting another controller role.

 

[TMNT]

imagine if the wife divorced him!!!!

that would be so funny

 

[Ausprop]

imagine if the wife divorced him!!!!

that would be so funny

well the family law court would sort it all out regardless, either way he would lose the majority of his assets.

TBH they don't seem to have a lot for a high earning CFO,depending on the debt levels of those other properties. I suspect there are quite a few assets that the journos haven't been able to stick their noses into

 

[GreyGhost]

If a person transfers money to a spouse it is possible to get this clawed back under at least 2 different Acts. Wonder how the spouse purchased so much property.

How long is the clawback period Terry?

 

[Terry_w]

How long is the clawback period Terry?

Indefinitely if done to defeat creditors, 4 years otherwise.

 

[redwing]

$2k for lying to an auditor

Looking at the linked article

ABC Learning collapsed in 2008 owing creditors $1.6 billion, forcing the sale of 1200 childcare centres. Taxpayers contributed $22 million when the government was forced to prop up centres that were threatened with collapse.

 

[willair]

Here's how to do it: Linky

He sinks a company with close to $3B in creditors as CFO but gets a $2k fine. He earned over $700k in his last year with the company yet owns no property as it is all in his wife's name.

Now that's asset protection.

I know a few people that invested in that company,i was thinking about doing the same,but they were never perfectly transparent from the angle I looked at,good business model,and from what I read it's easier to ripoff billions than just millions..

 

[Sean M]

People like that should be jailed for life