ASIC has been investigating the collapse of satellite communications company NewSat, which had been listed on the ASX until August 2015, when it entered liquidation.
Those investigations have led the companies regulator to charge Melbourne accountant Jason Dermot Cullen with two counts of breaching the Corporations Act.
The charges relate to ASIC’s allegations that Mr Cullen authorised two invoices for accounting services to NewSat that were false or misleading. NewSat paid the invoices – amounting to $275,000 – to a private company that was associated with Mr Cullen as well as NewSat’s former CEO, Adrian Ballintine.
Mr Cullen will face trial in the County Court of Victoria, although the date has yet to be determined.
If found guilty on both counts, Mr Cullen faces a jail term of up to 10 years.
Mr Ballintine will face three counts of the same charge for his role in authorising those and another invoice to NewSat totalling $357,000.
The additional invoice was also paid to a private company he had ties with.
The trials of both men come after a committal hearing in the Melbourne Magistrate’s Court, which had been flagged by ASIC in December last year.