Media release: Vic (Lock) Two time bankrupt disposes of cash

Wednesday, September 27, 2017

Mr Richard Lock, a 51 year old Mechanical Fitter, was sentenced on 17 August 2017 after pleading guilty to removal of property prior to bankruptcy.

Mr Lock was previously bankrupt in 2001 and again filed for voluntary bankruptcy on 14 February 2013 with debts of over $78,000. On 9 November 2012, Mr Lock withdrew $50,000 from his personal bank account—money that should have been used to pay his creditors.

In an interview with investigators from the Australian Financial Security Authority, Mr Lock stated the money was used to fund his gambling addiction and he was living above his means. He stated the money was all gone within six weeks. Mr Lock was discharged from his bankruptcy on 15 February 2016.

Mr Lock was sentenced at Frankston Magistrates Court by Magistrate Gattuso who convicted and sentenced him to pay a fine of $2,500 plus costs of $262.00. In sentencing, the Magistrate stated that the offending was too serious to warrant a non-conviction. Had the defendant had prior convictions, he would have imposed a Community Corrections Order.

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