NSW IT systems developer sentenced on ASIC charges

Payment systems developer, Lindsay William Field of West Pennant Hills, New South Wales, has been sentenced in the Downing Centre Local Court following a charge brought by the Australian Securities and Investments Commission (ASIC).

ASIC’s investigation found that Field acted as chief executive officer of Think Systems and negotiated and signed contracts, agreements and charges on behalf of the company.

On 29 September 2005, Think Systems went into liquidation owing $8,444,800 to creditors. Based in Dural, New South Wales, the company developed telecommunications payment methods for taxis. Field’s daughter, Dominique Field, was the company’s sole director and secretary.

Field was fined the maximum amount of $5,500 and ordered to enter into a two year good behaviour bond. An order was also made that Field be fingerprinted.

According to the Australian Securities and Investments Commission, Field was convicted of managing a company while an undischarged bankrupt in relation to his involvement in the day-to-day operations of Think Systems Pty Ltd (in liquidation) between 10 February 2004 and 30 April 2005.

In July 2006, ASIC banned Field from managing corporations for three years.

In October 2007, ASIC disqualified Dominique Field from managing corporations for five years.