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Gold Coast embezzler jailed for four years

AAP logoAAP 10/11/2016 Stuart Layt

A Gold Coast investment company former director, who embezzled almost $6 million, has been jailed for four years.

Frederick Leslie Hansen was sentenced in the Southport District Court on Thursday, after pleading guilty last month to two counts of dishonestly using his position as a director of Global Rule Pty Ltd.

An investigation by the Australian Securities and Investments Commission found between October 2008 and September 2010 Hansen transferred a personal debt of $8,423,333 to Global Rule, and then used $5,721,424 of investors' funds in an effort to pay it off.

ASIC commissioner Greg Tanzer said that decision left several investors in serious financial hardship.

"Today's decision shows that this type of behaviour will be met with serious consequences," Mr Tanzer said in a statement.

Hansen will be eligible for parole after two years, taking into account time served.

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