ASIC charges former company CEO over alleged acts of fraud
THE former director and CEO of Bananacoast Community Credit Union has been slapped with seven criminal charges following an investigation by the Australian Securities and Investments Comission (ASIC).
Lyndon Kingston, who was recruited as the Chief Financial Officer in 2008 before later becoming the CEO of the Coffs Harbour-based credit union, could potentially face up to ten years imprisonment if found guilty of the charges.
Before his time at bcu Mr Kingston was a senior manager at banking watchdog APRA.
The Queensland man appeared at Brisbane Magistrates Court on Friday charged with three counts of dishonestly using his position as director of bcu, and two counts of providing false information to bcu.
He is also facing two charges related to making and using a false document with the intention of dishonestly inducing a public official to accept it as genuine.
ASIC alleges the crimes took place between December 2015 and August 2017.
Mr Kingston was stood down from his position as CEO in 2017.
Mr Kingston has since been released on bail and the matter has been adjourned to February 14 next year.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
These charges come after Mr Kingston lodged a $3.4m lawsuit against bcu last year alleging it broke his contract and still owed him bonuses following his sacking.
The credit union then filed a counter claim alleging that Mr Kingston had fraudulently concealed secret commissions by doctoring paperwork sought by his previous employer APRA.