A company director faces jail time after pleading guilty to managing a corporation while disqualified.
Melbourne-based company director Rocco Calabrese has been jailed after pleading guilty to charges brought by ASIC for managing a corporation while disqualified.
Calabrese was convicted and sentenced to a total of eight months imprisonment, to be released after serving four months on the basis that he give security of $1000 and be of good behaviour for a period of 12 months.
In 2002, Calabrese had been sentenced to three years and six months imprisonment after being convicted on 27 counts of obtaining financial advantage by deception and nine counts of obtaining property by deception.
Due to these convictions, Calabrese was automatically disqualified from managing a corporation until February 2009.
Despite Calabrese's disqualification, ASIC's investigation revealed that between 2004 and 2006 he was engaged in management of companies including Adlit, Property One Investment Holdings, KJ @ JF, and Glass Street Holdings.
ASIC found that Calabrese controlled the operation of these companies by operating company accounts, negotiating contracts and agreements in relation to purchases of property and leasing of a premise, engaging consultants and architects and raising a $522,000 mortgage to settle the purchase of a property.
Calabrese is also the subject of two current bankruptcies. The first, under his alias of Rocco De Gonza, commenced in June 2000, while the second commenced in November 2007.
Being an undischarged bankrupt, Calabrese is also automatically disqualified from managing a corporation.
The two non-consecutive alphabetic letters encountered most often last week caused more controversy than the underlying policy they represented, Wouter Klijn writes.... read more »
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