Tuesday 27 April 2010
Mr Oliver Banovec, 32, of Bellevue Hill, Sydney, NSW, has been sentenced to seven years jail, with a non-parole period of four years nine months in the District Court of NSW.
On 23 November 2009, Mr Banovec was found guilty by a jury of five fraud charges and one perjury charge following a four week trial. On Friday, 19 February 2010, in the same court, Mr Banovec pleaded guilty to a second count of perjury and one count of destroying documents relevant to an ASIC investigation. Mr Banovec was sentenced on all seven offences.
This follows an investigation by ASIC into Mr Banovec and companies he controlled, including Capital Securitisation Pty Ltd, ACN 110 802 205 Pty Ltd (formerly Staff Services A Pty Ltd), ACN 094 797 618 Pty Ltd (formerly DC Corporation Australia Pty Ltd) and ACN 110 802 938 Pty Ltd, all now in liquidation.
Mr Banovec was convicted of five fraud charges relating to a series of loans of almost $500,000 made by an investor between November 2004 and June 2005. The jury found that Mr Banovec fraudulently failed to on-lend the funds in accordance with the terms of the loan as was required. Instead of on-lending the money, Mr Banovec used the money to support his business. The jury also found that Mr Banovec made a statement on oath that he knew to be false in an affidavit in a Supreme Court of NSW proceeding.
The second perjury charge arose from the making of another statement by Mr Banovec that he knew to be false. Mr Banovec made the false statement in the witness box of the Supreme Court of NSW in proceedings brought by ASIC for the purpose of safeguarding investors’ funds. The destruction of documents charge related to Mr Banovec deleting computer files that he knew were relevant to ASIC’s investigation into his conduct.
Mr Banovec’s was remanded in custody on 1 December 2009 after breaching his bail conditions.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
As a consequence of Mr Banovec’s conviction he will be disqualified from managing corporations for 5 years from the date he is released from prison.
Editor's note:
On 2 December 2011, Mr Banovec appealed to the Court of Criminal Appeal of NSW (CCA) against both his conviction and sentence. On 25 May 2012, the CCA heard Mr Banovec's appeal and on 2 July 2012 the CCA handed down their unanimous decision rejecting Mr Banovec's appeal. As a consequence, Mr Banovec's conviction and sentence stands and Mr Banovec is not eligible for parole until 1
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