$13 MILLION FRAUD CONVICTION FOR FORMER KLEENMAID BOSS

Written on the 8 August 2016

$13 MILLION FRAUD CONVICTION FOR FORMER KLEENMAID BOSS

A FORMER director of whitegoods distributor Kleenmaid, Bradley Wendell Young, on Friday was found guilty of dishonestly gaining a $13 million loan and insolvent trading of debts of $4 million.

A jury found Young guilty on 18 charges, following a 761 day trial at the Brisbane District Court.

He was found guilty of:
  • one count of dishonestly gaining loan facilities from Westpac Bank in November 2007 totalling $13 million; and
  • seventeen counts of criminal insolvent trading of debts amounting to more than $4 million.

The jury found Young not guilty on one count of criminal insolvent trading. Bail was refused and he was remanded in custody pending sentencing on 12 August 2016.

"This is a strong result in an important case, and should send a signal to all directors and companies that regulators will pursue them through the courts when they break the law," says ASIC Commissioner John Price.  

A date is yet to be set for the trial of his fellow former Director, the founder of Kleenmaid, Andrew Eric Young.

The Commonwealth Director of Public Prosecutions prosecuted the matter.
 

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