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Professional Misconduct

Richard Clayton Jackson Sharland


Address: Sinnamon Park, Brisbane, Qld, Australia
Sex: Male
Occupation: Company Director/Executive
Date: 7 August 2008


Details



A Brisbane man has been jailed after pleading guilty on 7 August 2008 in the Brisbane District Court to 20 fraud charges following an investigation by ASIC. 

ASIC alleged that between May 2002 and October 2003, Mr Richard Clayton Jackson Sharland dishonestly gained an advantage of $437,688 from 20 superannuants who invested in his investment scheme, Self Managed Capital Australia (SMC Australia). Mr Sharland also pleaded guilty and was sentenced in relation to one count of operating an unregistered managed investment scheme. 

Mr Sharland was sentenced to four-and-a-half years imprisonment, to serve a minimum of 12 months on a recognisance of $3,000 and to be of good behaviour for five years.

Mr Sharland, of Sinnamon Park, Brisbane, was the former director of Comcash Australasia Pty Ltd which was involved in the promotion of early release of superannuation funds. It involved superannuants rolling over their superannuation into a self-managed fund and then investing a portion with SMC Australia.

ASIC alleged that Mr Sharland gained an advantage for himself, trading as Self Managed Capital Australia. Investors were told that SMC Australia would invest the funds in joint ventures with a company, SMC Corporation, which was incorporated in the Commonwealth of Dominica and that they would receive profits earned by the joint ventures. The funds were never invested with SMC Corporation or in any other company. The funds were allegedly used for various personal and company expenses. 

Many of the investors, who were predominantly from Brisbane, learnt about the offer from newspaper advertisements. At least 60 people invested over $1.1million in the scheme. 

The criminal charges against Mr Sharland follow related civil action taken by ASIC.

In June 2004, ASIC obtained orders from the Supreme Court of Queensland disqualifying Mr Sharland from acting as a director for 20 years. ASIC also obtained orders winding up the schemes that operated under the names of Comcash Australasia Pty Ltd, SMC Corporation or similar names. On 14 July 2004 Comcash Australasia Pty Ltd was placed into liquidation.

Mr Sharland was discharged from bankruptcy in February 2008 after entering bankruptcy in November 2000. Mr Sharland is also known as Richard Clayton Jackson Stagg and Clayton Michael Richards.