Jail time for smart lock fraud
Sydney tech boss Andrew Sigalla has been sentenced to ten years in jail.
Mr Sigalla was found guilty of defrauding technology firm TZ Limited of $9 million in 24 counts of dishonest conduct.
TZ Limited is an ASX-listed smart lock technology company led by founder and chairman of ‘Wizard Home Loans’ and chairman of finance firm Yellow Brick Road, Mark Bouris.
The court found the 51-year-old used his position as a director to funnel $8.7 million from the company to himself and to related entities.
The court heard he took the money to fund a gambling habit and pay down a $10 million mortgage, over three years from December 2006 to March 2009.
Mr Sigalla had large debts with Tom Waterhouse, who testified during the trial that Mr Sigalla was a “big punter” who was “known by all the big bookmakers”.
ASIC commenced investigations in 2009, charged and arrested Mr Sigalla in 2013, and has now seen him sentenced to ten years imprisonment with a non-parole period of six years.
“The offending conduct took place over a period of more than two years in circumstances which demonstrated considerable deception, ingenuity, opportunism and greed,” Justice Christine Adamson said.
“Private investment in public companies is a significant aspect of the market economy. If potential investors fear that the directors of public companies will misuse their positions to their own advantage, they will be loath to invest and the market will be deprived of capital which would otherwise have been available.”