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Following the verdict reached in Sydney’s Downing Centre District Court in June 2020, Mr Stanley Phillip Kaftel has been sentenced to 18 months imprisonment after breaching bankruptcy law for the second time in two years.
He will be released on a recognisance after serving 9 months imprisonment.
Mr Kaftel was found guilty of obtaining credit of $25,000 from Mr Rodney Adler without informing Mr Adler of his status as an undischarged bankrupt.
This is the second similar offence Mr Kaftel has been convicted of, after pleading guilty in July 2018 to obtaining credit of over $300,000 from two acquaintances while he was bankrupt. Following the earlier guilty plea, Mr Kaftel was sentenced to six months imprisonment, fined $2,000 and ordered to repay his victims.
In sentencing, Judge Arnott indicated that Mr Kaftel’s conduct was motivated by greed, and behaved dishonestly towards the victim without serious thought to repay the debt.
Despite the reasonable prospects of Mr Kaftel’s rehabilitation, his Honour determined that the offending was mid-range and recognised the importance of specific deterrence.
“Breaches of bankruptcy law, particular repeat offences, can pose a serious threat to the public’s trust and confidence in the personal insolvency system,” said Australian Financial Security Authority (AFSA) Deputy Chief Executive, Gavin McCosker.
“As a firm and fair regulator, we investigate allegations of law-breaking and seek convictions in order to maintain the integrity of the system for all involved.”
The matter was prosecuted by the Commonwealth Director of Public Prosecutions following the referral of a brief of evidence by AFSA.
Charges and sentence:
Mr Kaftel was found guilty of charge under section 269(1)(a) of the Bankruptcy Act 1966 (Cth).
He was sentenced to 18 months imprisonment, and will be released on a recognisance in May 2021.
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