Criminal charges laid against former BCU CEO
3 December 2019, Written by Matt Ogg
A former director and CEO of credit union BCU could face up to 10 years in jail if found guilty of criminal charges made against him by the Australian Securities and Investments Commission (ASIC).
Lyndon Allen Kingston (pictured) was an executive - first as CFO and then CEO - at Coffs Harbour-based BCU for nine years and was a senior manager at the Australian Prudential Regulation Authority (APRA) before that.
Kingston has been charged on seven separate accounts by ASIC, including three counts of dishonest use of his position as a director of BCU and two counts of providing false information to the credit union.
The alleged offences took place between December 2015 and August 2017 at a time when BCU had at least 50,000 members.
The case came to light after Kingston took his former employer to court claiming $3.4 million in unpaid entitlements, but BCU came back with a counterclaim alleging he took "fraudulently concealed" secret commissions and gave a sham redundancy of $340,000 to his wife.
ASIC alleges the former executive made and used a false document "with the intention of dishonestly inducing a public official to accept as genuine", which if found to be true would carry a maximum prison sentence of 10 years.
Kingston faced court on 29 November 2019 in Brisbane Magistrates Court and was released on bail, with the matter adjourned to 14 February 2020.
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Business News Australia
Author: Matt Ogg