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Sydney Morning Herald
8 hours ago
- Sydney Morning Herald
Genius Childcare boss fined for handling proceeds of crime as investigators chase missing millions
The boss of the collapsed Genius childcare group has escaped conviction after admitting to handling $120,000 six years ago that was the proceeds of a fraud. Melbourne Magistrates' Court fined Darren Misquitta $4000 and recorded no conviction after the 41-year-old businessman pleaded guilty to one count of dealing in the proceeds of crime. Two charges of using a false document were dropped. But the Gold Coast-based entrepreneur's legal woes may be just beginning. Administrators of companies in his failed business empire – whose known debts now top $115 million – allege various breaches of corporation laws by Misquitta when he was running Genius and other enterprises. Corporate investigators are still trying to trace the whereabouts of tens of millions of dollars moved out of one of the companies before it went broke. The court accepted on Thursday that no evidence of deliberate fraudulent activity had been found against Misquitta after he took receipt of $120,000 from a client of his business consultancy in 2019. The money had turned out to be the proceeds of a fraudulently obtained bank loan. Before releasing him without conviction and imposing the fine, Magistrate Patrick Allen also took into account that Misquitta had no criminal record. Loading The businessman's chain of 39 Genius childcare centres around the country collapsed in June, leaving workers, creditors and tax authorities chasing unpaid wages, super and business debts. He was declared bankrupt last month. The administration processes of the various companies behind the group are still playing out, but two of the insolvency practitioners handling the wind-ups say they have forwarded allegations of potentially criminal conduct by Misquitta in his business dealings to corporate regulator ASIC.

The Age
8 hours ago
- The Age
Genius Childcare boss fined for handling proceeds of crime as investigators chase missing millions
The boss of the collapsed Genius childcare group has escaped conviction after admitting to handling $120,000 six years ago that was the proceeds of a fraud. Melbourne Magistrates' Court fined Darren Misquitta $4000 and recorded no conviction after the 41-year-old businessman pleaded guilty to one count of dealing in the proceeds of crime. Two charges of using a false document were dropped. But the Gold Coast-based entrepreneur's legal woes may be just beginning. Administrators of companies in his failed business empire – whose known debts now top $115 million – allege various breaches of corporation laws by Misquitta when he was running Genius and other enterprises. Corporate investigators are still trying to trace the whereabouts of tens of millions of dollars moved out of one of the companies before it went broke. The court accepted on Thursday that no evidence of deliberate fraudulent activity had been found against Misquitta after he took receipt of $120,000 from a client of his business consultancy in 2019. The money had turned out to be the proceeds of a fraudulently obtained bank loan. Before releasing him without conviction and imposing the fine, Magistrate Patrick Allen also took into account that Misquitta had no criminal record. Loading The businessman's chain of 39 Genius childcare centres around the country collapsed in June, leaving workers, creditors and tax authorities chasing unpaid wages, super and business debts. He was declared bankrupt last month. The administration processes of the various companies behind the group are still playing out, but two of the insolvency practitioners handling the wind-ups say they have forwarded allegations of potentially criminal conduct by Misquitta in his business dealings to corporate regulator ASIC.

Sky News AU
13 hours ago
- Sky News AU
'Passion for the outdoors': US university student killed while snowboarding at Perisher identified as new details reveal he was in Australia to work for snow season
A young American university student killed in a snowboarding accident at Perisher had travelled to Australia to work during the snow season before tragedy struck. The man, identified as Drew Youngquist, 22, died at the Perisher Ski Resort while snowboarding about 30 kilometres west of Jindabyne on Tuesday afternoon. Mr Youngquist was seriously injured after he hit a padded pole. NSW Police said emergency services were called to the scene at Perisher Valley about 2.30pm. A NSW Ambulance spokesman said a Toll Ambulance helicopter and several ambulance crews attended, but despite the desperate efforts of ski rescue teams and paramedics, Youngquist could not be saved. Mr Youngquist was an experienced skier and had only been in Australia for three months after travelling across the world to work as a guide, according to the Daily Telegraph. Earlier in the year, he wrote on LinkedIn he was heading to Australia to work for a local Jindabyne-based outdoors company, Action Learning Initiatives. The company's director Nathan Brown told The Daily Telegraph the accident had left Mr Youngquist's colleagues ''deeply saddened'', as they described him to be a 'young man full of energy and passion for the outdoors'. 'We are deeply saddened by the passing of Drew yesterday. He was a much-loved member of our team at ALI,' Mr Brown said. 'He was a warm and loving young man full of energy and passion for the outdoors. 'We will miss him, and our thoughts are with his family in Utah during this tragic time.' 'I grew up skiing from a young age at Snowbasin resort. After my dad taught me how to ski, I decided I wanted to snowboard and taught myself that,'Youngquist previously wrote online. 'I recently got into ski touring and got my avalanche rescue certifications. I even enjoy working on my skis and just finished my first season as a ski patroller." A report on his death is due to be prepared for the coroner.