Former Chief Financial Officer Convicted of Causing False Records

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ASIC

Former Chief Financial Officer Convicted of Causing False Records and Providing False Information to Company Auditor

February 22, 2019

ASIC LogoMr Wayne Allan Armistead of Portland, Victoria, has been convicted and sentenced in the ACT Magistrates Court after pleading guilty to two ASIC charges of causing false entries to be recorded in the financial records of Calvary Health Care ACT Ltd and providing false information to the company auditor.

Between 7 September 2012 and 9 July 2014 Mr Armistead, who was the Chief Financial Officer of Calvary Health Care ACT Ltd, caused twenty-eight false entries to be made in the financial records of Calvary Health Care ACT Ltd to incorrectly state revenue for the 2012-2013 and 2013-2014 financial years. Between 30 July 2014 and 1 August 2014 Mr Armistead gave information to the company auditor relating to the affairs of Calvary Health Care ACT Ltd that he knew to be false.

Primarily as a result of the false entries, Calvary Health Care ACT Ltd reported earnings of $1.925 million in the 30 June 2014 financial report. Once the entries were readjusted to reflect the true financial position, Calvary Health Care ACT Ltd reported a loss of $9.451 million.

Mr Armistead was sentenced on 13 February 2019. In relation to causing the false entries, Mr Armistead was sentenced to a $1000 good behaviour bond for two years. He was also fined $3000.

He was sentenced to a $1000 good behaviour for two years and fined $2000 in relation to  the charges of providing false information to the company auditor.

As a result of his conviction, Mr Armistead is automatically disqualified from managing companies for five years.

ASIC’s investigation followed the lodgement of a report by the company auditor.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions.

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