Developer and ex-bankrupt Salvatore ‘Sam’ Sgherza on fraud charges

A PROMINENT property developer is facing 46 criminal charges including allegations he withdrew $146,800 from a bank account just weeks before declaring himself bankrupt.

Salvatore “Sam” Sgherza, pictured in 2011, has been charged with 45 offences under the Bankruptcy Act following an investigation by the Australian Financial Security Authority.

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A PROMINENT property developer is facing 46 criminal charges including allegations he withdrew $146,800 from a bank account just weeks before declaring himself bankrupt.

Salvatore “Sam” Sgherza, 55, is also accused of intending to defraud creditors of $128,000, taking out nearly $40,000 in bank loans knowing he would not be able to repay the money and making false statements while bankrupt, according to a charge sheet filed in the Adelaide Magistrates Court.

The charges, some which carry penalties of up to five years’ jail, have been brought by the Commonwealth DPP following an investigation by the Australian Financial Services Authority into alleged breaches by Mr Sgherza of the Bankruptcy Act.

Mr Sgherza, developer of projects including West Lakes’ Infinity Waters, Crown Marina at North Haven and August Towers in the city, declared himself bankrupt on August 30, 2012.

The West Lakes resident was discharged from the bankruptcy three years later.

The DPP filed the charges against Mr Sgherzha on June 24, 2016 with the matter listed for court argument today.

Among the more serious charges filed against Mr Sgherza — who is yet to enter any pleas — are that on July 12, July 20 and July 24, 2012 he separately “disposed of” $28,000, $50,000 and $50,000 respectively with the intention to defraud creditors before declaring himself bankrupt.

He faces a maximum five years’ jail if convicted of the charges.

Mr Sgherza has also been charged with taking out loans ranging from $500 to $2000 with American Express, National Australia Bank and GE Capital Finance between July 21, 2012 and August 8, 2012 “without having at the time of contracting any reasonable or probable ground or expectation … of being able to pay the debt”.

He is also accused of signing a declaration in August 30, 2012, accompanying his bankruptcy petition, knowing it to be “false” as he had not disclosed the “full amount of moneys owed to a secured creditor and failed to disclose all of his unsecured creditors”.

He is also charged with failing to “fully and truly disclose” to the trustee of his estate information relating to the proceeds of the sale of three motor vehicles in his possession.

Lawyer Andrew Moffa, acting for Mr Sgherza, said he had not received instructions to comment to the media.

The Advertiser revealed last week that Build 29, part of the Sgherza Group, completed the August Towers development on Hutt St without holding a builders’ licence.

The company had blamed the oversight on an administration error.