https://thewest.com.au/business/boards/peter-landau-former-high-flyer-jailed-for-at-least-44-months-over-continental-coal-citation-resources-crimes-c-12832326Former top Perth lawyer and globe-trotting promoter Peter Landau has been sentenced to potentially more than five years in jail for a $2.2 million spree of thefts and cover-ups.
Imposing a minimum term of 44 months, Justice Joseph McGrath said Landau’s theft of $2.24m from listed Citation Resources involved extended breaches of trust and went against the fundamental responsibilities of company directors.
The WA Supreme Court judge said offences of the kinds Landau had admitted committing between 2015 and 2016 had the potential to undermine confidence in Australia’s financial markets.
“You stole from a company of which you were a director,” Justice McGrath said. “Anyone considering such acts must know the consequences.”
The judge made the comments ahead of imposing a head sentence of five years and two months on five WA stealing offences and one count of forging a bank statement.
After serving a non-parole period of three years and two months for the State crimes, he will begin serving six months minimum imprisonment for three Federal offences, headlined by providing false or misleading material to the Australian Securities Exchange and to Federal investigators.
“You stole from a company of which you were a director,” Justice McGrath said. “Anyone considering such acts must know the consequences.”
The judge made the comments ahead of imposing a head sentence of five years and two months on five WA stealing offences and one count of forging a bank statement.
After serving a non-parole period of three years and two months for the State crimes, he will begin serving six months minimum imprisonment for three Federal offences, headlined by providing false or misleading material to the Australian Securities Exchange and to Federal investigators.
“It is at the time of financial difficulty that directors must adhere to the proper performance of their duties,” Justice McGrath said.
“This you failed to do.”
Justice McGrath imposed the minimum 44 month sentence package after giving Landau the maximum 25 per cent State discount for pleading guilty before the matter was sent up to the Supreme Court, which would have required a prolonged and complex trial.
In assessing contrition, the judge also acknowledged that Landau arranged for an unidentified associate to put $2m into Citation in January 2017 after it collapsed.
