Former construction director sentenced after using $1.2 million in company funds for personal expenses

Overview

Vickie Anne Vella, former director of Coast Reo Pty Ltd and Midcoast Reinforcement Pty Ltd (which traded as Newcastle Plastamasta, Central Coast Plastamasta and Port Macquarie Plastamasta), was sentenced on 23 July 2026 in the NSW District Court to 18 months imprisonment served as an Intensive Corrections Order.

What happened

Between 4 August 2016 and 5 April 2018, Vella used her sole signatory access to company bank accounts to withdraw $1,216,806 in company funds. The money was spent on gambling, sequential cash withdrawals, iTunes, and Star City Hotel Pyrmont subscriptions.

Vella pleaded guilty on 10 April 2026 to one charge under section 184(2)(a) of the Corporations Act 2001 (Cth) - using her position dishonestly to gain an advantage or cause detriment to the companies. That offence carries a maximum penalty of 5 years imprisonment, 2,000 penalty units ($360,000), or both.

Both companies went into liquidation in 2018.

Automatic disqualification

As a result of her conviction, Vella is automatically disqualified from managing any company for five years until 23 July 2031.

Sentencing remarks

The sentencing judge noted that general deterrence carried significant weight to discourage those with apparent good character from taking advantage of the system.

Investigation and prosecution

The case was referred to the Australian Securities and Investments Commission (ASIC) and prosecuted by the Commonwealth Director of Public Prosecutions (CDPP).

Reporting corporate misconduct

To report suspected director misconduct or corporate fraud to ASIC, visit asic.gov.au or call 1300 300 630.

This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.