Three counts of fraud were determined to be true, and Mr. Farmouz Farhaad (also known as Fred Mohammed) of Hope Island, Queensland, received a prison term.
In Queensland, New South Wales, and Victoria, Crane Trucks R Us Pty Ltd ACN 128 496 597 (Crane Trucks R Us) operated a wet hire, road-based logistics, and lifting services business. Mr. Mohammed served as the company’s former director. On November 6, 2015, the company was declared in liquidation.
According to an ASIC inquiry, Mr. MD fraudulently took a total of $256,000 from the Crane Trucks R Us corporate account on three consecutive occasions in August 2015. Ten weeks or so before to Crane Trucks R Us being declared insolvent and placed in liquidation, the money was withdrawn.
At the time Crane Trucks R Us was put into liquidation, company owed 198 creditors a total of $6,266,394.69 in liabilities.
Between June 8 and June 11, 2021, Mr. Mohammed appeared before the Queensland District Court at Ipswich. He was found guilty by a jury and given concurrent sentences of two years and six months for the first count, and twelve months for counts two and three.
Following the completion of the six-month sentence, Judge Lynch QC ruled that the sentence would be suspended for three years, beginning on June 11, 2021, during which Mr. Mohammed would be prohibited from committing any more crimes that would carry a jail sentence.
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Farmouz Farhaad Mohammed Barred
Mr. Md is automatically barred from managing corporations until 10 December 2026 as a result of this conviction.
The Commonwealth Director of Public Prosecutions brought the case.
Background
On three occasions, Mr. MD was found guilty of violating section 408C of the Criminal Code (Queensland) by dishonestly harming Crane Trucks R Us.
Michael Dullaway of Pearce & Heers Insolvency Accountants helped ASIC with the investigation. On November 6, 2015, Crane Trucks R Us’s joint and several liquidators, Michael Dullaway and Mark Pearce, were appointed. By providing cash from the Assetless Administration Fund, ASIC helped the liquidators create a supplement report.
It was previously reported that Mr. MD was accused of these things (refer: 18-075MR).
Author’s note
This statement was revised on June 21, 2021, to reflect that Mr. Md will be automatically barred from managing corporations through December 10, 2026. His period of exclusion won’t start until after he’s released from jail.