A Sydney builder who declared bankruptcy in May 2010 has been convicted of managing a company while disqualified and been ordered to undertake 100 hours of community service.
Following an investigation by the Australian Securities and Investments Commission, Michael Vincent Iannello pleaded guilty to one charge of managing a corporation while disqualified in Sydney’s Downing Centre Local Court on October 7.
According to ASIC, Iannello continued to act as general manger of Vibo Constructions despite declaring bankruptcy in 2010, and therefore being disqualified from managing a company.
Get business news first
Sign up to SmartCompany’s daily newsletter
Vibo Constructions collapsed into liquidation in April 2011.
The business book Murdoch is buying for his top execs
Media mogul Rupert Murdoch has taken to Twitter to endorse the latest book from PayPal founder and serial investor Peter Thiel.
Theil’s book Zero to One covers his thoughts on startups and the motives behind entrepreneurship.
The book deals with the business challenges of the future and how successful innovation shapes society.
It’s already received rave reviews from Mark Zuckerberg who says: “This book delivers completely new and refreshing ideas on how to create value in the world.”
Zero to One is going to be required reading at Murdoch’s headquarters with the billionaire tweeting that he will buy a copy for each of his senior managers.
Sharemarket slightly lower
The Australian sharemarket opened slightly lower following steep falls on Wall Street overnight.
At the official market opening this morning, the benchmark S&P/ASX200 index was down 11.7 points, or 0.23%, at 5,143.8 points, while the broader All Ordinaries index lost 11.9 points, or 0.23%, at 5,141.2 points.
Michael McCarthy, chief market strategist at CMC Markets said further falls in US and European share markets saw Australian shares under pressure at the open today.
But McCarthy said the news is not all bad for Australian investors.
“Commodity prices are on the rise and recent local falls have outstripped losses in the US – suggesting today’s market reaction may not be as severe some expect.”