The director of Perth-based earth-moving and property company, Pollock Group, Kevin Pollock has been jailed for more than five years following an investigation by the Australian Securities and Investments Commission (ASIC).
Mr Pollock was sentenced on 18 March but the decision was subject to a suppression order until today.
The convictions relate to a $4.2 million line of credit for heavy earthmoving equipment obtained from National Australia Bank for a number of Pollock Group companies.
Mr Pollock and his son Jamie were originally the subject of similar charges in 2008. On that occasion, Mr Pollock was convicted but appealed successfully, while his son was cleared of all charges.
Mr Pollock's network of companies collapsed about six years ago with debts of some $70 million when receivers were appointed; the collapse triggered legal action by several parties.
Mr Pollock conducted his business affairs, involving land sub-division, earthworks, equipment hire, and garden and landscaping supplies, through multiple part-owned companies and joint ventures.
See today's statement from ASIC below.
Mr Kevin Pollock, director of Perth-based property developers, the Pollock Group, has been sentenced in the Supreme Court in Perth to five years and four months imprisonment following an investigation by the Australian Securities and Investments Commission (ASIC).
Mr Pollock, of East Perth, was sentenced on 18 March 2010 and will serve a minimum non-parole period of three years and four months.
Mr Pollock was convicted on nine charges of breaching section 409 of the Western Australia Criminal Code in relation to fraud involving over $3 million.
The convictions relate to a revolving line of credit facility arrangement for $4.2 million of hire purchase financing for heavy earthmoving equipment obtained from National Australia Bank for a number of the Pollock Group companies.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
Background
Mr Pollock appealed against a previous conviction for the same charges. This appeal was upheld by the Western Australia Supreme Court of Appeal on 3 June 2009.
Mr Pollock's sentence has been published today following the lifting of a suppression order by Justice Heenan which had previously prohibited publication of the decision.
