Following an ASIC investigation, former director and Chief Executive Officer (CEO) of Bananacoast Community Credit Union Limited (BCU), Mr Lyndon Allen Kingston, of Windsor, Queensland, appeared on 29 November 2019 in Brisbane Magistrates Court charged with:
- Three counts of dishonest use of his position as a director of BCU under section 184(2) of the Corporations Act (maximum sentence of imprisonment of five years);
- Two counts of providing false information to BCU under section 1309(1) of the Corporations Act (maximum sentence of imprisonment of five years);
- One count of making a false document with the intention of dishonestly inducing a public official to accept as genuine under section 144.1(l) of the Criminal Code (Cth) (maximum sentence of imprisonment of ten years); and
- One count of using a false document with the intention of dishonestly inducing a public official to accept as genuine under section 145.1(l) of the Criminal Code (Cth) (maximum sentence of imprisonment of ten years).
The alleged offending occurred between December 2015 and August 2017.
Mr Kingston was released on bail and the matter adjourned to 14 February 2020 before the Brisbane Magistrates court for further mention.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
Background
In 2008, Mr Kingston became the Chief Financial Officer and then the CEO of BCU.
During the relevant period, BCU was a credit union based in Northern NSW and South East Qld.
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