Media Release: WA (Jacobsen) – Bankrupt convicted for disposing of funds and filing a false Statement of Affairs

Tuesday, December 18, 2018

On 3 October 2018, Mr Matthew Jacobsen of Derby, Western Australia, pleaded guilty to two offences under the Bankruptcy Act: one charge of disposing of property with intent to defraud creditors, and one charge of filing a false or misleading Statement of Affairs.

In September 2016, Mr Jacobsen sold a property in Queensland, and received funds totalling $94,734.51 as a result of the sale. At the time of the sale of the property, Mr Jacobsen had an unsatisfied judgement debt to the ATO in the amount of $168,753.89. He also made two cash withdrawals from his bank account, totalling $55,000, in an attempt to hide the money from his creditors.

In the following January, he filed his Statement of Affairs and did not disclose the money obtained from the sale of the property or the bank withdrawals. Instead, Mr Jacobsen only disclosed that he had cash in the amount of $15,700, and that he had not disposed of any assets with a value in excess of $1,000 in the five year’s previous. Mr Jacobsen only transferred $35,000 to the trustee once it had been discovered through the Trustee’s investigation.

On 11 December 2018 Mr JACOBSEN was sentenced in the Broome Magistrates Court. He received a sentence of 9 months’ imprisonment to be released forthwith on a 12 month good behaviour bond in the amount of $5,000. He was also fined an additional $5,000.
The matter was prosecuted by the Office of the Commonwealth Director of Public Prosecutions on behalf of the Australian Financial Security Authority.

Key details

  • On or about 26 September 2016, Mr Jacobsen sold a property in Queensland, and received funds totalling $94,734.51, representing the net equity in the property. At the time of the sale of the property, Mr Jacobsen had an unsatisfied judgement debt to the ATO in the amount of $168,753.89.
  • Mr Jacobsen subsequently made two cash withdrawals totalling $55,000 from his bank account; one on 29 September 2016 of $45000, and one on 8 November 2016 of $10000.
  • On 11 December 2018 Mr Jacobsen was sentenced in the Broome Magistrates Court. In relation to the offence contrary to s266(3) he received a sentence of 9 months’ imprisonment to be released forthwith on a recognisance release order to be of good behaviour for a period of 12 months with a monetary security in the amount of $5,000. In relation to the offence contrary to s267(2) he received a fine of $5,000.