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Bankrupt man convicted of spending $140k

  • March 06 2020
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Bankrupt man convicted of spending $140k

By Cameron Micallef
March 06 2020

A bankrupt Queensland man was sentenced in the Caboolture Magistrates Courts on two charges under Commonwealth bankruptcy law following an inheritance spending spree, the government states.

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Bankrupt man convicted of spending $140k

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  • March 06 2020
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A bankrupt Queensland man was sentenced in the Caboolture Magistrates Courts on two charges under Commonwealth bankruptcy law following an inheritance spending spree, the government states.

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According to the Australian Financial Security Authority, Nicholas Gannon filed for voluntary bankruptcy in May 2013, owing creditors $1.3 million. 

During his bankruptcy, Mr Gannon received over $150,000 as an inheritance, which under Commonwealth law requires bankrupt people to let their trustee know if they receive money or assets during bankruptcy. 

Instead of informing the authorities, Mr Gannon stifled $140,000 away through friends and family which he used to pay for large purchases including racing car parts, supplements and furniture. 

Australian Financial Security Authority (AFSA) deputy chief executive Gavin McCosker explained that despite AFSA’s intelligence gathering and monitoring systems, the community is a vital source of information.

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“Mr Gannon knew that he was required to let his bankruptcy trustee know if he received any funds or assets while bankrupt,” Mr McCosker said.

“However, he chose to not only attempt to hide the money that he had received, he also went out of his way to spend it.

“The existence of the money was only discovered in November 2017, thanks to a tip-off from the community.

“We encourage anyone who suspects wrongdoing by a bankrupt person to submit a tip-off — they are a vital source of intelligence and can make a real difference.”

Bankrupt man convicted of spending $140k
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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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