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Professional Misconduct

John Tsingaris


Address: Rosanna, Melbourne, Victoria, Australia
Age: 61
Sex: Male
Occupation: Company Director/Executive
Date: 18 September 2008


Details



Mr John Tsingaris of Rosanna, Victoria, has been sentenced on 18 September 2008 in the Melbourne County Court to two and a half years imprisonment for offences involving the misappropriation of over $160,000 from 20 investors. He will serve a minimum of 18 months. 

The sentence followed an Australian Securities and Investments Commission (ASIC) investigation into Mr Tsingaris’conduct as director of the plasma screen advertising business, Marketing Solutions Group (Australasia) Pty Ltd (MSGA).

Mr Tsingaris, 50, pleaded guilty to the following:



  • one charge of dishonestly obtaining a credit limit in the amount of $35,000 with a 30 day trading term with Arrow Electrical Imports Pty Ltd granted to MSGA;

  • two charges of misusing his position as a director of MSGA with the intention of directly or indirectly gaining an advantage for himself; and

  • managing corporations while disqualified.



ASIC alleged that between November 2003 and March 2004, Mr Tsingaris transferred investors’ funds totalling $160,000 from MSGA’s bank account to the accounts of two companies of which he was a director, Marketing Solutions Group Pty Ltd (MSG) and IRM Digital Pty Ltd (IRM). These bank transfers were recorded in the books of MSGA for the purchase of plasma screens, satellite dishes and GST input but were instead transferred to MSG and IRM for unrelated purposes including lifestyle and entertainment expenditure.

MSGA’s business concept involved the delivery of advertising over an Internet technology base, using satellite services. Its business plan was to supply, install and operate a network of plasma screens at various sites, such as shopping centres and club venues. All plasma screens were to be linked by satellites and operated from a central control room. Clients of MSGA would pay to advertise their products and services on the network.