A former Brisbane liquidator has pleaded guilty to embezzling $800,000 from a property development company he'd been appointed to dissolve.
David John Leigh, 56, of Sherwood, appearing in the Brisbane Magistrates Court, admitted three counts of fraud on Thursday, the Australian Securities and Investments Commission said in a statement.
The corporate watchdog said between July and November 2017, Leigh transferred the money from Neolido Holdings Pty Ltd's external administration bank account to an account he controlled and used it for his own purposes.
The former partner of PPB Advisory had been appointed as a co-liquidator of the south-Brisbane-based property development company in 2010 after it was wound up following a court application by ASIC.
Following an investigation by ASIC, Leigh's registration as a company liquidator was suspended in 2018 and Leigh agreed to resign as external administrator of all his current appointments, ASIC says.
Replacement liquidators have since been appointed to 16 companies Leigh was the sole liquidator of.
The maximum penalty for fraud involving $100,000 or more is 20 years' imprisonment.
A date is yet to be determined for Leigh's sentencing in Brisbane District Court.