The District Court of New South Wales on Tuesday sentenced 32-year-old former corporate executive Oliver Banovec, of Bellevue Hill, Sydney, NSW, after he was found guilty of five counts of fraud and one count of perjury. The court also said that Banovec would not be eligible for parole for a period of four years and nine months during his imprisonment.

Banovec's sentence came after a jury found him guilty of the charges against him on November 23, 2009 following a four week trial. The former director of Capital Securitisation Pty Ltd, CAN Pty Ltd (formerly Staff Services A Pty Ltd), and ACN Pty Ltd (formerly DC Corporation Australia Pty Ltd), p[leaded guilty to second count of perjury and one count of destroying documents relevant to an investigation by the Australian Securities and Investments Commission (ASIC).

Banovec was found guilty on all seven charges.

Records showed that Banovec was convicted of five fraud charges relating to a series of loans of almost $500,000 made by an investor between November 2004 and June 2005. The jury found that Mr Banovec fraudulently failed to on-lend the funds in accordance with the terms of the loan as was required. Instead of on-lending the money, Banovec used the money to support his business. The jury also found that Banovec made a statement on oath that he knew to be false in an affidavit in a Supreme Court of NSW proceeding.

The second perjury charge arose from the making of another statement Banovec that he knew to be false. Banovec made the false statement in the witness box of the Supreme Court of NSW in proceedings brought by ASIC for the purpose of safeguarding investors' funds. The destruction of documents charge related to Banovec deleting computer files that he knew were relevant to ASIC's investigation into his conduct.