Mr Oliver Banovec, 32, of Bellevue Hill, Sydney, NSW, has been sentenced to seven years jail, with a non-parole period of four years nine months in the District Court of NSW.

On 23 November 2009, Mr Banovec was found guilty by a jury of five fraud charges and one perjury charge following a four week trial. On Friday, 19 February 2010, in the same court, Mr Banovec pleaded guilty to a second count of perjury and one count of destroying documents relevant to an ASIC investigation. Mr Banovec was sentenced on all seven offences.

This follows an investigation by ASIC into Mr Banovec and companies he controlled, including Capital Securitisation Pty Ltd, ACN 110 802 205 Pty Ltd (formerly Staff Services A Pty Ltd), ACN 094 797 618 Pty Ltd (formerly DC Corporation Australia Pty Ltd) and ACN 110 802 938 Pty Ltd, all now in liquidation.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions.

As a consequence of Mr Banovec’s conviction he will be disqualified from managing corporations for 5 years from the date he is released from prison.

Further details are available at ASIC.