The Australian Securities & Investments Commission (ASIC) reported that Queensland resident Brent Young has appeared in the Brisbane Magistrates Court charged with one count of fraud and one count of managing a corporation while disqualified, following an ASIC investigation into an alleged invoice and debt factoring scheme involving HWT Group Australia Pty Ltd. ASIC alleges that between 30 September 2020 and 30 June 2023, while acting as a shadow director of HWT Group, Mr Young created and lodged more than 10,000 fraudulent invoices with a Queensland-based finance provider to obtain over AUD 8.3 million in advanced payments under a debt factoring agreement he set up for the company. The invoices purported to be issued to Bunnings Warehouse for goods shipped to various stores, despite ASIC alleging there was no existing business relationship with Bunnings relating to those goods. ASIC also stated Mr Young was bankrupt at the time and therefore automatically disqualified from managing corporations; the fraud charge is under section 408C of the Criminal Code 1899 (Qld) and the disqualified management charge is under section 206A of the Corporations Act 2001 (Cth), with the matter prosecuted by the Commonwealth Director of Public Prosecutions. The case has been adjourned to 19 December 2025 for mention.
Australian Securities & Investments Commission 2025-11-21
Australian Securities & Investments Commission investigation leads to Queensland shadow director being charged over AUD 8.3 million debt factoring fraud involving Bunnings invoices
ASIC has charged Brent Young with fraud and managing a corporation while disqualified, following an investigation into an alleged scheme involving HWT Group Australia Pty Ltd. Young allegedly lodged over 10,000 fraudulent invoices to obtain more than AUD 8.3 million, falsely representing transactions with Bunnings Warehouse. He was bankrupt and disqualified from managing corporations, with charges under the Criminal Code 1899 (Qld) and Corporations Act 2001 (Cth).