The accountant who embezzled $20 million from electronically good chains Clive Peeters to indulge her “deluded” idea that she was a property guru, has been sentenced to eight years in jail with a non-parole period of five years.
Sonya Denise Causer, 39, made 125 unauthorised payments to eight separate bank accounts between July 2007 and July 2009, when her crimes were discovered. The transactions, which were disguised as payroll payments, netted her $19.3 million, the bulk of which was invested in property around Australia.
Victorian Supreme Court judge Justice Jack Forrest described the crime as ”one of the largest – if not the largest – thefts perpetrated by a person in a position of trust in the history of this state” and said the scam was sophisticated in its execution and scope.
“Not only was it perpetrated month by month over a period of two years, but it was calculated and required a degree of sophistication,” Forrest said.
“It was not just a case of one entry in the company’s books; rather, you took steps before and after the misappropriation to hide your fraudulent activities from company officers and auditors.”
“Moreover, once the funds were obtained by you, they were promptly utilised to purchase properties which in turn were placed by you in the hands of managing agents. You then derived income from their rental.”
“From beginning to end this was a plan of some sophistication over a lengthy period.”
And in a bitter blow for Clive Peeters shareholders, Forrest also found Causer’s crimes had contributed to the downfall of the chain by damaging its cashflow.
“The effect of the loss of the funds on Clive Peeters’ financial position – the absence of that amount of cash, while a the triggering cause, must have played a part in its ultimate collapse.”
Also in the Victorian Supreme Court yesterday, the company secretary of collapsed investment firm Chartwell Enterprises was sentenced to 31 months jail for his role in an investment scam that cost investors $68 million.
Ian Stewart Rau will spend 18 months behind bars for what Supreme Court judge Justice Terry Forrest described as a “classic Ponzi scheme”, where money received from investors was used to pay “interest” on previous investments.
Forrest said that Chartwell principal Graham Hoy invested just $449,139 of the $21.9 million he received between January 2007 and April 2008.
Forrest described Rau’s role as director of trading as a sham.
“You acquired a staff of approximately 40 analysts by January 2008. They studied trends and graphs and made predictions. Charts were displayed on the walls. Prospective investors were allowed access to this hive of financial activity. They were told the methodology of W D Gann was employed to generate profits not available to others and that sophisticated risk management systems were in place.”
“It was all smoke and mirrors. You and your team of 40 had nothing to trade. Hoy passed on approximately 2% of investors’ funds received for trading, during the last 14 months of Chartwell’s purported trading.”
Rau has agreed to give evidence in the upcoming trial of Hoy.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
