News

Michael Sanby jailed for $450k fraud

JAILED: Gympie business man Michael Sanby has been imprisoned for fraud.
JAILED: Gympie business man Michael Sanby has been imprisoned for fraud. Tanya Easterby

A GYMPIE business man has been sentenced to five years' jail for defrauding nearly half a million dollars from financial institutions.

Gympie District Court heard Michael Winston Sanby, 60, defrauded hundreds of thousands of dollars from the Commonwealth Bank and Scottish Pacific Business Finance.

His offending began at the end of 2007 against SPB and was committed through his Gympie-based business AAA Advanced Stairlifts. Sanby started submitting false invoices to SPB, the debtor finance company Sanby used to assist clients in attaining loans to buy his equipment.

Sanby selected names of real people and businesses - many were either prior customers or known to him - forged their signatures on false invoices and verification material and ultimately attained payments from SPB for the fictitious purchases.

In total, SPB paid Sanby $1,056,586.79 for equipment he never sold, however Sanby was using new loans to pay old ones back so by the end of the scheming in May 2009, SPB was out of pocket $110,497.29.

The court heard as Sanby continued to cash in from SPB, he was also in the process of defrauding $330,433.00 from the Commonwealth Bank.

Sanby was approved for two loans from the Commonwealth Bank to build houses on one property in Curra and another in Bauple.

Sanby put up mortgage insurance and both properties that were to be developed as security for the loans. The money was to be lent as the development progressed, and Sanby was required to submit documented proof that work was being done.

The court heard Sanby lodged false documents, using a building company's letterhead and forging the signature of a builder, in order to attain further payments for the properties.

In total, $188,433 was loaned for the Curra property and $142,000 was loaned for development at Bauple.

It wasn't until September 2009, after Sanby's business went into liquidation and he declared bankruptcy, that the bank foreclosed on the properties and it was discovered that the Curra development was only partially completed and there had been little work at all undertaken on the property at Bauple.

While Sanby had been loaned a total of $330,433 from the Commonwealth Bank, however after the mortgage insurance was paid and both properties were sold, the bank was left with a defrauded deficit of $82,794.12.

In Gympie District Court on Thursday, where Sanby fronted via video link from jail, he pleaded guilty to defrauding a total of $440,930.29.

Justice Judge Fleur Kingham said the total defrauded amount "shows your level of dishonesty".

He was given five years jail, suspended after two years.

Gympie Times

Topics:  banks, fraud, gympie district court, jail



Pomona ram raider jailed after $600,000 crime spree

A 35 year old man was sentenced to three years jail in Gympie District Court.

A 35 year old man was sentenced to three years jail today

Time for Gympie council to be more open and inclusive

Editorial on shock resignation of head engineer at Gympie council

Spring's here: say 'bye' to winter

Spring is here, and today is Wattle day in celebration of our floral emblem.

Today marks the first day of spring.

Latest deals and offers

Love is in the air on The Bachelor, but not for Kiki

The Bachelor Australia contestant Kirralee 'Kiki' Morris.

BACHELORETTE bows out gracefully as show enters its final weeks.

A $65,000 bathroom? The Block's incredible budget blow-outs

The Block contestants Julia and Sasha spent a whopping $65,000 on their first renovated room.

TEAMS deliver most expensive en-suites in reno show's history.

Gympie Muster couch dumps down, but still a problem

TIPPING POINT: After an appalling year of couches being dumped at the end of the last Muster, festival organisers have taken litterbugs to task

EFFORTS to combat post-Muster couch dumping are proving effective

Cryptic crosswords: Top clues to solving them

Your guide to solving the cryptic crosswords in your local paper

Muster wristbands yield $21,000 in unclaimed refunds

Muster-goers collectively left about $21,000 worth of unused spending funds when they failed to claim back money on their bands after exiting the Muster.

Muster wristbands yield $21,000 windfall for organisers

How high? Twin 20-storey high-rises plan for "over 50s"

A development application has been lodged with the Fraser Coast Regional Council to build two skyscrapers in Hervey Bay.

Developer says Bay needs to move with the times.

City View Hotel: From a pub to a backpackers

NEW LIFE: Hamish Parker has purchsed the City View Hotel and wants to turn it into an accomodation venue.

Architect picks up a little piece of history for a steal

Bunnings starts demolition of historic foundry buildings

SAWTOOTH GONE: Demolition of Foundry sawtooth shed to make way for new Bunnings building.

Lane and footpath closures will take place

Australia's most expensive balcony and it hasn't been built

Viridian Noosa.

How Noosa millionares' squabble could affect body corporates

Receivers move in on Springfield's 'Tower of Power'

The 10-storey tower at Springfield is up for sale with interest high in the iconic structure.

Interest high in iconic 10-storey office building

Palm Lake Resort set to move in to Coast with 276 villas

Palm Lake Group has been given approval by Sunshine Coast Council to build a 276-villa over 50s resort and 120-bed aged care facility at the intersection of Caloundra Rd and Caloundra Mooloolaba Rd in Little Mountain.

New facility planned for Caloundra Rd