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Ronald Cardwell dishonestly used his position to withdraw funds on 12 occasions from the account of a company in liquidation, ASIC says.
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Liquidator who stole $150k banned, avoids jail via corrections order
11 March 2024
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A court has sentenced a liquidator to two years imprisonment to be served by way of intensive correction in the community after he used his position dishonestly to withdraw over $150,000 in company funds.
Ronald Lester Cardwell of Cherrybrook, NSW, has also been disqualified from managing corporations for five years.
An ASIC investigation found Cardwell, who was not a registered liquidator, was appointed as a members’ voluntary liquidator of Loch-Co No 6 in December 2013.
Between 4 May 2015 and 17 March 2016, Cardwell dishonestly used his position to withdraw $150,367 in 12 separate transactions from Loch-Co's liquidation bank account, for his own financial advantage, ASIC said.
This matter was reported to ASIC by registered liquidator Steven Gladman of Hall Chadwick, who was appointed the replacement liquidator to Loch-Co on 17 October 2016 by the NSW Supreme Court, following an application by the members of Loch-Co to have Cardwell removed as liquidator.
Cardwell has pleaded guilty to the Paramatta District Court to one count of contravening s184(2) of the Corporations Act, with one count of contravening s63(1) of the ASIC Act taken into account at sentence. The court sentenced him to 24 months imprisonment to be served by way of an intensive correction order (ICO).
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As part of the ICO, Cardwell would be banned from committing any further offences and would have to submit to supervision by a community corrections officer. Cardwell would also be required to complete 150 hours of community service.
Cardwell has also been referred to community corrections for a report relating to the imposition of a home detention condition, ASIC said.
As a result of his conviction, he has also been disqualified from managing corporations for five years.
The matter is next listed on 4 April 2024 for receipt of the report on a home detention condition as part of the ICO.
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