Victorian director gets 5-year ban for cooking the books
ASIC has disqualified Richard Sparreboom for falsifying records and allowing two logistic companies to trade while insolvent.
ASIC has banned a Victorian director for the maximum term of five years over “serious” misconduct, including for falsifying and deleting company books and failing to comply with tax obligations.
Richard Andrew Sparreboom has been barred from managing corporations until August 2029 following an ASIC investigation that uncovered a pattern of deception and mismanagement.
Between March 2019 and March 2022, Sparreboom was the director of two now-defunct logistics firms Sparrk Logistics and Hedgehoge Logisitics Solutions.
ASIC said Sparreboom acted improperly and failed to meet his obligations as a director when he failed to lodge activity and income statements with the ATO for Sparrk Logistics.
He had also deleted books and records, and produced false records, ASIC said.
ASIC said Sparreboom authorised Hedgehog Group and Sparrk Logistics to make payments that were not in the best interests of the companies, including unfair preferential payments when Hedgehog Group was insolvent.
He also allowed both companies to trade for “significant” periods of time after there were numerous indicators that the companies were insolvent.
Companies directed by Sparreboom owe almost $10 million to 178 unsecured creditors and $1.2 million to staff to former employees for unpaid wages, superannuation, and leave entitlements.
In disqualifying Sparreboom, ASIC relied on supplementary reports lodged by liquidators, Anne Meagher of SV Partners and Suelen McCallum of DVT Group.
Sparreboom has the right to appeal the ruling through the Administrative Appeals Tribunal, ASIC said.
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