Professional Misconduct

David John Barrett

Address: Glenhaven, Sydney, NSW, Australia
Sex: Male
Occupation: Financial services
Date: 16 October 2013


David John Barrett, previously of Glenhaven, New South Wales, has been convicted after being charged by ASIC with one count of fraudulent concealment of property from a liquidator. 

Mr Barrett pleaded guilty in the Downing Centre Local Court on 1 October 2013.

Mr Barrett was the sole director of Preferred Finance Solutions Pty Ltd, a mortgage broking business in Parramatta that sourced and negotiated home loans for consumers on behalf of various financial institutions. 

ASIC's investigation found that Mr Barrett failed to provide details of a company bank account that was receiving trailing commissions from the loans that had been secured for consumers. Mr Barrett failed to provide the details of the bank account to the liquidator until 2 September 2008. During this period the account transactions were approximately $40,000.

Mr Barrett was convicted without passing sentence under section 20(1)(a) of the Crimes Act 1914 (Cth) upon entering into a recognizance release order with a condition to be of good behaviour for 2 years. As a result of the conviction Mr Barrett is automatically disqualified from managing corporations for 5 years.