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Former NewSat CEO pleads guilty to ASIC charges

Former NewSat CEO pleads guilty to ASIC charges

Allegedly faces a maximum penalty of five years’ imprisonment

Credit: ID 143558745 © Khwaneigq | Dreamstime.com

Adrian Ballintine, former chief executive officer and director of satellite communications provider NewSat, has pleaded guilty to one 'rolled-up' charge brought against him by the Australian Securities and Investments Commission (ASIC).

The 'rolled up' charge consists of three counts against section 1308(2) of the Corporations Act. ASIC alleged that Ballintine authorised the making of three invoices between 18 January 2012 and 15 September 2012 that were false or misleading.

According to ASIC, the three invoices caused NewSat to make payments totalling $357,000 to a private company associated with Ballintine.

The charge carries a maximum penalty of five years’ imprisonment.

ASIC also stated that Jason Cullen, an accountant engaged to provide services to NewStat, was charged with two counts against section 1308(2) of the Corporations Act.

The case has been adjourned for sentencing on a future date in the County Court of Victoria.

Previously listed on the Australian Securities Exchange (ASX), NewSat was based in Victoria and delivered internet, voice, data and video communications.

In April 2015, NewSat went into administration. In July 2015 its teleport and satellite business assets were acquired by global satellite telecommunications service provider Speedcast. It was then delisted and liquidated in August 2015.

NewSat’s customer base was composed of a reseller network, blue chip enterprise customers and government customers.  


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