Alan Bond (Bondy)

By Henry Simpson

The Case

Bondy was found guilty to siphoning off $1.2 billion from Bell Resources to his company, Bond Corp. He was sentenced to 4 years (1298 days) of jail in Fremantle prison.

It was considered the nations biggest fraud.

Key facts
Bondy and other directors (Peter Mitchell and Tony Oates) were found guilty of transferring $1.2 billion from Bell Resources to Bond Corporation between 1988 and 1989. Along side Bondy stood Peter Mitchell at the trial on the 3rd of May, 1996.

They pleaded guilty in failing to act honestly as company directors.

Peter served 3 years and 4 months in jail. Bondy served 4 years in jail.

Legislation Used in the Case

He was convicted in 1996 of being in breach of Section 229 of the Companies (Western Australia) code and the Corporation Act of 1989.

Charged and pleaded guilty in failing to act honestly as a company director.

Corporations Law: Fraud

Corporation law: The branch of jurisprudence that studies the laws governing corporations.

Fraud: Wrongful or criminal deception intended to result in financial or personal gain.

Outcome

Bondy and Peter served prison time. The Corporations Act was amended in 2001.

Fairness and Justice of the Case

It was unjust that he served only 4 years. He only had to pay $3.25 million to evade $600 million of personal debt. A aboriginal man at the time served the same amount of time for stealing $23 worth of food and drink.

Bibliography
www.google.com.au

http://decisions.justice.wa.gov.au/supreme/supdcsn.nsf
http://www.wsws.org/articles/2000/mar2000/bondm11.shtml http://www.nytimes.com/1996/01/18/business/bondwill-face-trial-in-australian-case.html?ref=alanbond http://www.wsws.org/articles/2000/mar2000/bondm11.shtml Family