R v Cassidy [2005] NSWSC 410

R v Cassidy [2005] NSWSC 410

Cassidy’s conduct, though not intentionally dishonest, constituted serious recklessness in the discharge of director’s duties by signing false and misleading documents and backdated records, impacting the viability and transparency of financial entities, warranting concurrent imprisonment for the NSW offences and a further term for the Commonwealth offence, discounted for early plea and assistance to authorities.

Parties
Offender/defendant: Terence Kevin Cassidy; Prosecutor: Director of Public Prosecutions for New South Wales; Prosecutor: Director of Public Prosecutions for the Commonwealth
Jurisdiction
Australia
Judgment Date
29 April 2005
Procedural Posture
Criminal / Sentencing Judgment
Outcome
Conviction and sentencing; custodial sentence with recognizance release order.
Legal Topics
Director's Duties, Recklessness, False and Misleading Statements, Financial Advantage, General Deterrence, Public Confidence in Securities and Equities Market, Objective Criminality, Guilty Plea
Criminal Law Corporate Crime Director's Duties Recklessness False and Misleading Statements Financial Advantage General Deterrence Public Confidence in Securities and Equities Market +2 more

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Parties

Terence Kevin Cassidy

Offender/defendant

Director of Public Prosecutions for New South Wales

Prosecutor

Director of Public Prosecutions for the Commonwealth

Prosecutor

Procedural Posture

Criminal / Sentencing Judgment

Legal Issues

  1. 1 Whether Cassidy committed offences of making false and misleading statements with reckless disregard under Crimes Act 1900 (NSW) s 178BB(1)
  2. 2 Whether Cassidy breached director duties under Corporations Act 2001 (Cth) s 184(1) by recklessly executing backdated documents
  3. 3 Appropriate sentencing for white collar crime involving recklessness rather than intentional dishonesty

Ratio Decidendi

Cassidy’s conduct, though not intentionally dishonest, constituted serious recklessness in the discharge of director’s duties by signing false and misleading documents and backdated records, impacting the viability and transparency of financial entities, warranting concurrent imprisonment for the NSW offences and a further term for the Commonwealth offence, discounted for early plea and assistance to authorities.

Court Disposition

Conviction and sentencing; custodial sentence with recognizance release order.

Orders

  • Cassidy sentenced to fixed terms of imprisonment for 9 months for NSW offences, to be served concurrently, to expire on 28 January 2006.
  • No non-parole period fixed for NSW offences due to sentence on Commonwealth count.