Accountant, former company director and former mortgage broker, Mr Rex Charles Goldring of Meadowbank, NSW, was convicted on Tuesday 16 February 2010 in relation to two charges brought by ASIC.

Mr Goldring was sentenced to eighteen months imprisonment, with the sentence to be suspended upon him entering into an eighteen-month good behaviour bond.

Mr Goldring pleaded guilty to two counts of obtaining money by deception under the New South Wales Crimes Act in relation to investments of almost $240,000 made by four investors. Each charge carries a maximum penalty of five years imprisonment.

Between February and September 2004, whilst a director of Australian Synergies Group Pty Ltd, Mr Goldring obtained the deferral of the repayment of loans owed by the company to investors by omitting to tell the investors material information about their investments. Mr Goldring gave a personal guarantee to the investors in relation to the repayment of their investments.

Mr Goldring also assisted a number of investors to refinance their mortgages and redraw equity on their property to fund the investments he promoted.

The Commonwealth Director of Public Prosecutions prosecuted the matter.

This story is available in full at ASIC.