Man accused of using 10,000 fake Bunnings invoices in $8.3m fraud scheme
A bankrupt alleged former shadow director has been charged with creating over 10,000 fraudulent invoices to Bunnings, allegedly obtaining $8.3 million in advanced payments.
A bankrupt former alleged shadow director faces up to 20 years in prison if found guilty after allegedly creating thousands of fraudulent invoices to Bunnings Warehouse to obtain more than $8m in advanced payments under a debt factoring agreement.
Following an investigation by the corporate watchdog, Brent Young appeared at the Brisbane Magistrates Court on Friday for mention, charged with one count of fraud and one count of managing a corporation while disqualified. No pleas were entered and Young was placed on bail with conditions.
It is alleged Young, while acting as a shadow director of HWT Group Australia, created and lodged over 10,000 fraudulent invoices to obtain over $8.3m in advanced payments between 30 September 30, 2020 and June 30, 2023.
ASIC alleged that the advance payments were under a debt factoring agreement Young set up on behalf of the Brisbane-based HWT Group.
ASIC alleges Young created invoices issued to Bunnings for payment of goods shipped to various stores but that neither Young nor HWT Group had any existing business relationship with the hardware giant.
ASIC says HWT isn’t accused of any wrongdoing, but was the entity under which Young alleged to have committed wrongdoing.
Debt factoring is where a business makes an agreement with a third-party finance provider to sell its unpaid invoices at a discount to receive cash prior to the invoices being due for payment.
At the time of the alleged offences, Young was bankrupt and therefore automatically disqualified from managing corporations.
The matter has been adjourned to December 19. The charge of fraud, according to section 408C of the Criminal Code 1899 (Qld), carries a maximum penalty of 20 years’ imprisonment.
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Originally published as Man accused of using 10,000 fake Bunnings invoices in $8.3m fraud scheme
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