07 3152 4444


Two pre-insolvency advisers plead guilty to money laundering. A classic example of what happens when you let unqualified, non-vetted people tamper with your affairs. You wouldn’t let an unqualified electrician near your house but…

Mr Stephen O’Neill of Port Melbourne, Victoria and Mr John Narramore, of Main Beach Queensland have both pleaded guilty in the Brisbane District Court to one charge for dealing in the proceeds of crime.


An ASIC investigation found that in October 2014 Mr Richard Ludwig, a former director of Cap Coast Telecoms Pty Ltd (Cap Coast Telecoms) sought pre-insolvency advice from O’Neill and Narramore of SME’s R Us following a dispute his company was having with a creditor. They advised Ludwig about an asset protection strategy that would involve the illegal removal of company assets so as to prevent creditors having access to those assets.


Between October 2014 and January 2015, O’Neill and Narramore issued fictitious invoices from companies under their control to Cap Coast Telecoms for purported services that were never provided. Ludwig dishonestly transferred a total of $743,050 from the bank account of Cap Coast Telecoms Pty Ltd to the bank accounts of the companies under O’Neill
and Narramore control. O’Neill and Narramore subsequently transferred the funds to Ludwig or his associates. Once the funds were transferred, Cap Coast Telecoms was wound up in liquidation on 19 January 2015.


At the time of when Cap Coast Telecoms was wound up, it owed creditors a total of $2,955,138.


The matter was referred to ASIC through an unfunded supplementary report by the liquidator of Cap Coast Telecoms, Mr
Mark Hutchins of Cor Cordis.


The matter is being prosecuted by the Commonwealth Director of Public Prosecutions. We will update once we hear more.

Often it is the director being prosecuted whilst the cowboys ride off into the sunset. No word here on the director’s fate.

There are Director Advocates and Turnaround Advisors who are legitimate and recognized for adding value. If you or your client need a referral. Pick up the phone to us. It won’t cost a cent to get the referral and it might save someone from jail time.


There are Director Advocates and Turnaround Advisors who are legitimate and recognized for adding value. If you or your client need a referral. Pick up the phone to us. It won’t cost a cent to get the referral and it might save someone from jail time.