Mr Steve (Wassef) Boulad of Keilor East, Victoria, was sentenced on 7 June 2018 after pleading guilty to the offences of removing property and failing to comply with his trustee’s direction.
Mr Boulad filed for voluntary bankruptcy on 13 August 2014.
In December 2013, Mr Boulad received a net amount of $277,850 from the sale of his house. The funds were placed in his bank account. Between 2 January 2014 and 3 February 2014, Mr Boulad made seven withdrawals totalling $276,500, of which $100,000 was electronically transferred to a Kuwait-based bank account belonging to a relative.
Mr Boulad also failed to deliver books and records of an associated entity, as directed by his trustee. This related to a mortgage loan agreement between a bank and Greenacre Properties Pty Ltd ATF the Greenacre Properties Trust in relation to a Keilor East property. Mr Boulad had paid $196,678.43 to the bank towards this mortgage.
On 7 June 2018 Mr Boulad entered a plea of guilty at the Broadmeadows Magistrates Court.
Her Honour, Magistrate Burchill found the charges proven.
Mr Boulad was convicted and pursuant to section 20(1) (a) of the Crimes Act, was placed on a $500 good behaviour bond for five years. Her Honour made the point that Mr Boulad will be required to continue to work with the Official Trustee and be honest in his dealings with them. He was warned that if he breached the bond he could be brought back to Court.
The matter was prosecuted by the office of the Commonwealth Director of Public Prosecutions on behalf of the Australian Financial Security Authority.