Media release: NSW (Xenos) – Bankrupt convicted for obtaining credit without disclosing his bankruptcy

Tuesday, May 1, 2018

Mr Tim Xenos of Peakhurst, New South Wales, was sentenced on 31 January 2018 at the Downing Centre Local Court for twice obtaining credit without disclosing to the credit providers that he was an undischarged bankrupt.

Mr Xenos was convicted and sentenced to 7 months imprisonment to be served by way of an Intensive Corrections Order.

Mr Xenos was made bankrupt using the name Tim Xenos on 9 August 2011 by order of the court.

The following year, under the name Efthymios Xenos, he borrowed $1,020,000 from the ANZ Bank to purchase a property at Elanora in Queensland. The loan was approved and settled on December 2012.

The following year, using the name Efthymios Xenos he borrowed a further $960,000 from La Trobe Financial Services to purchase a property at North Sydney in New South Wales. The loan was approved and settled on September 2013.

He did not disclose to either credit provider that he was an undischarged bankrupt under the name Tim Xenos.

During sentencing, Magistrate Atkinson commented that in her view, the matter was very serious as Mr Xenos obtained the loans without disclosing his bankruptcy and also provided false information in his loan applications.

Mr Xenos appealed the sentence.

On 27 April 2018, his honour Judge Russell entered his Judgment on the appeal and upheld the sentence.

His Honour noted the need for both general and specific deterrence given Mr Xenos’ criminal history and found that imprisonment was the only appropriate punishment.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions on behalf of the Australian Financial Security Authority.