Queensland man convicted of fraud following ASIC investigation

Mr John Albert Wharton has been convicted on two charges - fraud and managing a company while disqualified. From 2010 to 2012, Mr Wharton was an undischarged bankrupt and disqualified from managing a company. During this time, Mr Wharton incorporated Universal Power Systems Pty Ltd, which was started to develop, manufacture and sell small solar engines. Mr Wharton sold $10,000 worth of shares to an investor but failed to issue the shares despite issuing a share certificate.

 

Mr Wharton has been sentenced to 12 months imprisonment and ordered to perform 120 hours of community service and repay the $10,000 to the investor.

Originally Published: 
28/08/2013