Ex-councillor fined $70,000 for false $5 billion claim
FORMER Toodyay shire councillor Ben Bell has been fined $70,000 and banned from company directorships for two years for making false claims about an alleged $5 billion mining deal.
The offences occurred while Mr Bell was serving on the Toodyay council and also cost his former employer $450,000 in fines.
Federal Court Judge Craig Colvin ordered last month that Mr Bell also pays $60,000 to the Australian Securities and Investment Commission in prosecution legal costs.
Judge Colvin said Mr Bell had made statements that he knew were “false or materially misleading” in London and Hong Kong in April and May 2018.Read more
His conduct was difficult for a regulator to detect and the false statements were not immediately corrected when revealed.
The defendant had provided no explanation for his conduct.
Mr Bell apologised in writing to the court, saying “my actions which resulted in these proceedings have caused me significant personal hardship and embarrassment.”