Former Gold Coast company director Richard Ludwig alleged to have laundered $750k from Cap Coast Telecoms Pty Ltd

A Gold Coast company director is alleged to have laundered close to $750,000 from his own company before acting with two other men to have it wound up.

A FORMER Gold Coast company director is alleged to have laundered close to $750,000 from his own company before acting with two other men to have it wound up.

The Australian Securities and Investments Commission said this morning that Broadbeach Waters resident Richard Ludwig had been charged with 10 counts of breaching his director duties and one count of dealing in the proceeds of crime worth $100,000 or more.

The charges related to an ASIC investigation into Cap Coast Telecoms Pty Ltd and its former director, Mr Ludwig.

ASIC has alleged that Mr Ludwig sought advice from Port Melbourne resident Stephen O’Neill and Main Beach resident John Narramore of pre-insolvency firm SME’s R Us.

He was having a dispute with a creditor of the company and it is alleged that Mr O’Neill and Mr Narramore helped Mr Ludwig to illegally remove a total of $743,050 of company money between October, 2014 and January, 2015 to accounts in their control.

It is alleged the three men worked together to remove the money before the company was wound up.

ASIC said after the liquidation a large portion of the money was redirected back to Mr Ludwig and that Mr O’Neill and Mr Narramore also retained a share of the money.

Mr O’Neill and Mr Narramore have been charged with one count each of dealing in the proceeds of crime worth $100,000 or more.

The case came before the Brisbane Magistrates Court on March 1 where all three men were granted bail and ordered to reappear on May 3.

ASIC said Mark Hutchins of Cor Cordis, who is the liquidator of Cap Coast Telecoms Pty Ltd, referred the issue to the regulator.

Breaching director duties is an offence under the Corporations Act and carries a penalty of 2000 penalty units or imprisonment for five years, or both.

Dealing with the proceeds of crime is an offence under the Criminal Code 1995 and carries a penalty of 1200 penalty units or imprisonment for 20 years, or both.