According to the Australian Securities and Investments Commission (ASIC), Paul Joseph Hanson, a former director of Melbourne-based Wida Plumbing Supplies, transferred funds from a business overdraft facility eight months after Wida was placed in liquidation.
The amount, which totalled $124,763.84, was taken from the overdraft facility the company held with Bendigo Bank and transferred to a family member.
ASIC said Mr Hanson then arranged for his family member to withdraw the funds, which he used for personal use.
Mr Hanson pleaded guilty in his appearance at Melbourne Magistrate’s Court. He was released on bail and will be sentenced in November 2017.
The regulator noted that the maximum penalty for obtaining financial advantage by deception is 10 years in jail.