ASIC Sentences Former CEO of van Eyk Research to 15 Months Imprisonment

Thomas will be banned from managing a company for five years.

He was ordered to perform 250 hours of community service.

The Australian Securities and Investments Commission (ASIC) has informed that Mark Peter Thomas, the former CEO of van Eyk Research, was sentenced to 15 months imprisonment. He used his position to obtain a financial advantage for himself.

In 2014, for a period of almost a month, Thomas used his role as the CEO of van Eyk Research subsidiary Blueprint Investment Management Limited. The convict independently recommended and facilitated the company to invest about $5 million in the Wholesale Enhanced Income Fund.

Later, the funds were loaned to TAA Melbourne Pty Ltd and used to acquire shares in van Eyk Research where Thomas also held an executive position. The court found that the convict misused his executive role with this action, preventing a third party from taking control over Blueprint. According to the court, he acted only in his own interest to ensure that he retained his seat as the Chief Investment Officer at van Eyk Research and as a general director at Blueprint.

According to the ASIC's press release, imprisonment will be served through an Intensive Correction Order (ICO). It is a custodial sentence of up to two years that is done in the community under intensive supervision. Additionally, Thomas was ordered to complete 250 hours of community service. After serving his sentence, Thomas will be banned from managing a company for five years.

ASIC reports that the court took mitigating circumstances into account, as the maximum penalty for Thomas's misconduct is $340,000, five years in prison, or both.

Another Week, Another Case

Thomas's case is yet another that the Australian market watchdog has reported in recent months. A week ago, the creator of the $180 million FX Ponzi scheme pleaded guilty at the Australian court. Tony Iervasi, a former Courtenay House Director, faces up to 10 years imprisonment and a fine of $810,000.

Two weeks earlier, ASIC banned Mark Bringans, a former employee of Trade360 who acted as a responsible manager, for eight years. The regulator found that his duties were not appropriately met.