The Australian Securities & Investments Commission announced that former director Vickie Anne Vella has been sentenced in the New South Wales District Court to 18 months' imprisonment, to be served by way of an Intensive Corrections Order, after pleading guilty to dishonestly using her position. The conviction relates to Ms Vella's use of more than AUD 1.2 million in company funds for personal purposes. Ms Vella was a former director of Coast Reo Pty Ltd and Midcoast Reinforcement Pty Ltd, which traded as Newcastle Plastamasta, Central Coast Plastamasta and Port Macquarie Plastamasta and supplied plasterboard and steel in New South Wales. As sole signatory to the companies' bank accounts, she withdrew about AUD 1,216,806 between 4 August 2016 and 5 April 2018 and spent the money on gambling, sequential cash withdrawals, iTunes and Star City Hotel Pyrmont subscriptions. Both companies entered liquidation in 2018. Following the conviction on 23 July 2026, Ms Vella is automatically disqualified from managing companies for five years until 23 July 2031. The case was prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.
Australian Securities & Investments Commission2026-07-24
Australian Securities & Investments Commission secures 18 month sentence for former director who misused more than AUD 1.2 million in company funds
The Australian Securities & Investments Commission said former director Vickie Anne Vella was sentenced to 18 months' imprisonment, to be served by way of an Intensive Corrections Order, for dishonestly using her position to divert more than AUD 1.2 million in company funds for personal use. The money was withdrawn from Coast Reo Pty Ltd and Midcoast Reinforcement Pty Ltd between August 2016 and April 2018. Her conviction also triggers an automatic five-year ban on managing companies until 23 July 2031.