Overview
Benjamin Thomas Molloy, a former company director from Point Cook in Victoria, was convicted in the Melbourne Magistrates' Court on 13 December 2024 for making false statements to ASIC.
The offences
Molloy pleaded guilty to two counts under sections 1308(1) and 1308(2) of the Corporations Act 2001. The magistrate described the offending as objectively serious and connected it to family violence, finding Molloy used it to support a complex structure that benefited his lifestyle and business interests.
Sentence
Molloy was sentenced to a 12-month suspended prison term, with a 2-year good behaviour condition and a $2,000 recognisance security.
Background
The case began after the liquidator of Consultel Cloud, David Coyne of BRI Ferrier, filed a funded report with ASIC following that company going into liquidation on 23 June 2021.
Key facts for company directors
- Making false or misleading statements to ASIC is a criminal offence carrying up to 12 months' imprisonment when heard summarily under sections 1308(1) and 1308(2) of the Corporations Act 2001.
- ASIC is able to fund liquidators to investigate director conduct even where a company has no assets.
This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.