Sydney-based technology executive Andrew Sigalla was today sentenced to ten years in jail after being found guilty of defrauding listed technology firm TZ Limited of $9 million.
His sentencing follows his guilty conviction for 24 counts of dishonest conduct last November.
The court found the 51-year-old had used his position as a director to redirect $8.7 million in funds out from the company either to himself or related entities, in large part to fund a gambling habit and pay down a $10 million mortgage, from December 2006 to March 2009.
Sigalla had a large debt with bookmaker Tom Waterhouse, who had testified during the trial that the executive was "known by all the big bookmakers" and considered a "big punter".
Corporate watchdog ASIC commenced investigations into Sigalla in 2009, and he was charged and arrested in 2013.
He was today sentenced to ten years imprisonment with a non-parole period of six years.
"The offending conduct took place over a period of more than two years in circumstances which demonstrated considerable deception, ingenuity, opportunism and greed," Justice Christine Adamson said.
'Private investment in public companies is a significant aspect of the market economy. If potential investors fear that the directors of public companies will misuse their positions to their own advantage, they will be loath to invest and the market will be deprived of capital which would otherwise have been available."
ASIC commissioner John Price said the ten year sentence reflected the gravity of Sigalla's offences.
TZ Limited is an ASX-listed smart lock technology company led by financial services guru and media personality Mark Bouris.