Ocean Keys’ former director imprisoned for four years: ASIC
After being found guilty of stealing more than $820,000, the former director of now-defunct Ocean Key Holdings Limited (Ocean Keys), a property developer, has been imprisoned for four years.
From Duncraig, Western Australia, 68 year old Neil James Duckworth was founding guilty of stealing money from Ocean Keys to pay for personal and unrelated expenses.
Duckworth was also company secretary for Ocean Keys.
Charged with 22 counts of stealing as a director, and being found guilty on 20 of those counts, this verdict follows a four-week Perth District Court trial, prosecuted by the Commonwealth Director of Public Prosecutions.
Each of the charges carried a maximum 10 year imprisonment penalty.
ASIC commissioner, John Price, outlined the expectations for directors of companies.
“ASIC expects directors to act with honesty and integrity at all times and to not use their position to advantage themselves. On this occasion, Mr Duckworth has fallen well short of these expectations and this judgment reflects that,” said Price.
Duckworth does have the right to appeal.
Earlier this month, Property Observer reported that Duckworth was facing the convictions.
Ocean Keys raised funds from the public in 2006 via an offer information statement seeking to raise $5 million for the purpose of undertaking the subdivision and sale of land purchased by the company.
The Ocean Keys land is located near Lancelin, 130 kilometres north of Perth in Western Australia. The land was never subdivided and no substantial progress was ever made on the project.
The Ocean Keys land was mortgaged and the borrowed funds were allegedly used by Duckworth for purposes largely unrelated to the company or the property development.
Ocean Keys was deregistered by ASIC in 2010.