Paddy’s Markets operator pursues former boss over $1.4m in fraud allegations

Paddy’s Markets, in Haymarket, Sydney. Picture: Justin Lloyd.

Bradley Latham’s sudden departure as the boss of the iconic Sydney Markets last November came with thanks and best wishes from the board, and a five-month consulting contract. It has ended with freezing orders and allegations Latham misappropriated around $1.4m from the markets.

The company – known as the Sydney Markets Authority before it was privatised – operates the Paddy’s fresh food markets in Flemington, as well as the Haymarket tourist trap on the border of Sydney’s Chinatown.

In November Latham and Sydney Markets chairman Peter McBride put out a joint statement, saying the former had “decided to step down from his role”.

“We appreciate Bradley’s contribution to the Markets and dedication over many years. On behalf of the board and staff of Sydney Markets I wish him all the best in his future endeavours,” McBride said at the time.

But only two weeks later McBride released a terse new statement, saying Latham had been terminated, with further details to come.

Those further details have now come to light, courtesy of a Federal Court decision released on Monday, in which Justice Jane Needham granted freezing orders over Latham’s assets, amid allegations the veteran market boss had misappropriated almost $1.4m in company funds.

Concerns came to light, the judgment says, after acting CFO Dale Doonan discovered the existence of an Audi Q5 sedan, bought by Sydney Markets but apparently not allocated to any particular employee for their use.

Struck by the mystery, Doonan took the matter to his boss, who denied any knowledge of the car – including to Sydney Market’s Finance, Audit, Risk & Remuneration Committee.

Turns out, when Doonan asked the question of a contractor, the Audi was sitting in the car park at the Flemington markets, where it had been for a month since Latham had asked the man to pick it up from the family of former chairman John Pearson – who quit the board in 2023 and passed away in 2024.

Latham also asked the contractor to delete the hard drive of one of the company’s computers, the judgment says.

Those two events, not unreasonably, sparked a little further investigation into the company’s books, and the board called in law firm Gilbert and Tobin and KordaMentha.

KordaMentha’s report revealed a litany of alleged misdeeds, according to Justice Needham’s decision – which, to be clear, was directed only at whether issuing freezing orders was reasonable, and makes no findings of wrongdoing against Latham.

Latham, according to the KordaMentha report, had claimed sick leave to which he was not entitled, used company credit cards for personal spending, sold Sydney Markets’ cars to family members at a discount, and used Covid-era travel credits issued to the company – for a trip to Italy and Thailand, “ostensibly to attend a conference” – for his personal use.

“Those travel credits included the travel credits of the former chair, his wife, and daughter,” Justice Needham said.

On top of that, Latham allegedly had a putting green installed at his own house, disguising the work as a job to put in artificial turf at a children’s playground at the markets.

All-in-all, KordaMentha thinks that Latham gained about $1.4m in benefits from misusing his position as the market’s boss.

The investigation is ongoing, but Justice Needham ordered Latham’s assets frozen as Sydney Markets sorts through the mess.