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An Australian diamond trader, previously responsible for managing and directing a number of companies involved in the sale of jewellery, has been convicted of committing offences under the Bankruptcy Act.
Mr Ron Bensimon was fined $17,500, following a hearing in the Downing Centre Local Court yesterday. Mr Bensimon, who became bankrupt in July 2016, was charged after failing to disclose ownership of property including diamonds and jewellery.
It is alleged that Mr Bensimon knowingly made a false declaration in a statement and disposed of property valued at almost $90,000 through cash withdrawals and bank transfers while bankrupt. The bank account used for these transactions was not disclosed in Mr Bensimon’s Statement of Affairs.
The charges follow an extensive investigation by the Australian Financial Security Authority (AFSA).
AFSA Deputy Chief Executive Gavin McCosker highlighted the need for compliance and integrity in the insolvency system.
“We are committed to investigating and prosecuting anyone who deliberately misuses the system and fails to comply with their legal obligations.”
“The personal insolvency system relies on people doing the right thing. This matter is a clear example of the strong action we take when bankrupt individuals intentionally defraud creditors and trustees.”