Australian Tech Entrepreneur Sent To Trial On $3 Million Fraud Charges

Peter Mavridis on Sky News 2008. Screenshot.

Former rich lister and tech industry figure Peter Mavridis has been sent to trial to face fraud charges over a $3 million line of credit at the NAB.

The former chief executive of a group of IT companies has been ordered to stand trial in the County Court of Victoria on 24 charges of obtaining financial advantage by deception, 10 charges of false accounting and 1 charge of dishonest use of position as a director.

The corporate watchdog, ASIC (Australian Securities and Investments Commission), launched an investigation following the collapse of the S Central Group of companies, which provided information technology services in Victoria, New South Wales and Queensland.

Peter Mavridis made the 2007 Young Rich List with a worth of $74 million but in 2009-10 his S Central Group companies went into liquidation owing $7 million.

ASIC alleges Mavridis, who was the chief executive officer of the S Central Group, either directly or through his financial controller, submitted duplicated and falsely inflated invoices to National Australia Bank (NAB) in order to secure credit in excess of $3 million.

In November 2013, the former financial controller of S Central Pty Ltd, David Cologna, was sentenced to 12 months jail, suspended for two years, for falsifying the books of companies in the S Central Group.

Cologna pleaded guilty to five charges of falsifying the books and submitting duplicated and/or falsely inflated invoices to National Australia Bank.

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