Salvatore ‘Sam’ Sgherza facing potential jail time or massive fine after pleading guilty to criminal conduct

An ex-bankrupt Adelaide property developer could be jailed after pleading guilty to four criminal charges.

Salvatore ‘Sam’ Sgherza has admitted to four counts of breaching bankruptcy laws. Picture: Tricia Watkinson

• Sgherza hit with 46 criminal charges
• Sgherza expected to plead guilty to amended charges
• Sgherza loses control of apartment tower build

Developer Salvatore ‘Sam’ Sgherza has pleaded guilty in the Adelaide Magistrates Court to four criminal charges of breaching bankruptcy laws.

Sgherza, 56, was facing 46 criminal charges of breaching the Bankruptcy Act, following an investigation by the Australian Financial Services Authority.

He admitted last month, through his lawyers, to four revised charges of concealing or removing property after becoming a bankrupt, taking out loans knowing he could not repay the debt, signing a false declaration and failing to disclose information about his conduct and affairs.

The charges related to his conduct before and after he was declared bankrupt on August 30, 2012.

The offences carry a maximum $120,000 fine or up to two year’s jail.

Sentencing submissions will be heard on June 17.