Matthew Perrin guilty of fraud

FALLEN Billabong founder Matthew Perrin kept his composure but his mistress-turned-partner could not as he was found guilty on nine of 12 fraud and forgery charges.

Former Billabong boss Matthew Perrin. Picture: AAP

FAILED corporate titan Matthew Perrin will spend Christmas behind bars after a Brisbane District Court jury this afternoon returned a verdict of guilty on nine fraud and forgery charges.

It is a crushing fall from grace for a man who was once the envied for his wealth and skill in building a fortune from scratch from surfwear retailer Billabong.

The jury could not return a verdict on a further three charges after eight hours deliberating.

The conviction means the jury believed that Perrin, a father of three, was lying when he testified he didn’t knowingly deceive the Commonwealth Bank by signing for his ex-wife and his brother Fraser on loan documents worth $13 million signed in 2008.

Perrin, accompanied to court by his mistress-turned-partner Belinda Otton and his daughter, endured a tense eight-hour wait for the jury of six men and six women to arrive at their decision.

After the verdict was handed down Perrin kept his composure, leaning forward in his seat with his head down and hands clasped.

Before he was led away to the cells, he kissed a crying Otton three times on the lips.

Throughout the trial the jury were presented with conflicting evidence. They had to choose to either believe Perrin’s version or his ex-wife’s.

Ex-wife Nicole Bricknell told the jury that Perrin had “taken” the family home “from me and my children, without my knowledge”.

“That is worse than having an affair,” Ms Bricknell told the jury.

Ms Bricknell, who is now working on the Gold Coast as a residential real estate agent, told the court that she was blindsided when she learned Perrin had hidden the loans, risking the foreclosure of the home, held solely in her name to protect it.

Nicole Bricknell, the ex-wife of failed surfwear mogul Matthew Perrin. Photo: Jodie Richter

“The only way I’m going to get peace is with him in jail,” Bricknell is alleged to have told long-time friend Karl Rameau.

Perrin repeatedly proclaimed his innocence, arguing his ex-wife Nicole Bricknell had given him the green light to sign for her.

“If Nicole was available and it was convenient she would sign them, if she wasn’t available … I would sign them for her.” Perrin said in his evidence.

Perrin tried to rely on a Commonwealth Bank form, claiming it meant that Ms Bricknell “authorised me solely to do any dealings with the bank”.

But the jury did not believe this evidence.

Perrin told the jury he had been signing Ms Bricknell’s signature on documents with her permission since 1999, when he built his $75 million empire from scratch by buying 49 per cent of surfing retailer Billabong from founders Gordon and Rena Merchant for $35 million, together with his brother Scott and other investors.

“We openly discussed that I could sign anything on her behalf throughout our relationship,” Perrin told the jury during his evidence last week.

Perrin was desperate for a cash injection from the Commonwealth Bank in 2008 after a Chinese supermarket investment soured and he tried in vain to keep it afloat.

Matthew Perrin and Nicole Bricknell in happier times.

He borrowed against the couple’s $15 million six-bedroom trophy home in the exclusive enclave of Cronin Island, behind Surfers Paradise and fronting the Nerang River.

The couple were so wealthy that at one point they bought the house next door, and installed a jetty to launch their collection of watersports toys branded with the Billabong logo.

During the trial the court was told Perrin was a risk-taker who had usually come out on top on all the risky deals he did, and he was a gambler who loved nothing more than going to the racetrack to bet on the horses.

The Chinese supermarket deal — which triggered his financial ruin — involved investing about $9 million in the hope of getting a return of up to $30m.

Ms Bricknell got to keep the house after a legal battle with the bank. She sold it for $6.1 million in January 2012.

Perrin will be sentenced early next year to allow time to prepare character references and psychological reports.

After the verdict was handed down Perrin kept his composure, leaning forward in his seat with his head down and hands clasped.

Before he was led away to the cells, he kissed his crying partner Belinda Otton.