Frogmarch to jail for Froggy director

Disgraced high-tech entrepreneur, Karl Suleman – director of the Froggy chain of companies – has been found guilty on four counts of fraud and sentenced to 21 months in jail, with a non-parole period of 12 months.

Sulemann was sentenced in the NSW District Court, Downing Centre, on April 8, on charges brought by the Australian Securities and Investments Commission (ASIC), which had been investigating Suleman’s business dealings since 2001.

The case revolved around several allegations that Suleman had lied in applications for finance for luxury items including a yacht and two Ferraris.

The fraud charges arose from an ASIC investigation into Karl Suleman Enterprises (KSE) over an unregistered managed investment scheme and other businesses in the Froggy Group of companies.

Suleman was a director of KSE and all companies within the Froggy Group.

ASIC alleged that in December 2000, Suleman used a false bank statement, through a finance broker, with the intention to obtain $355,000 in finances to purchase a Ferrari Spyder 355 motor car.

Additionally, ASIC alleged that on three separate occasions between March and October 2001, Suleman made false statements to finance brokers with the intention of obtaining finances to purchase a $3.3 million Princess Motor yacht and a $360,000 Ferrari Modena.

Suleman was declared bankrupt on July 30, 2002, less than a year after he was ordered to pay $17.4 million in damages to KSE, which was placed in voluntary administration in November 2001.

This followed soon after ASIC took action in the NSW Supreme Court to close down an unregistered managed investment scheme operated by the company.

ISP, Froggy, was bought by successive owners before being acquired by WA-based ISP iinet in February, as part of its purchase of FlowCom, which had entered receivership in January.

Suleman had pleaded not guilty to all the changes. In announcing the sentence, NSW District Court Judge Peter Berman commented on Suleman's lack of remorse. He will be eligible for parole on March 4, 2005.

In a statement, ASIC said its investigation into Suleman was continuing.

Join the newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.
Show Comments

Cool Tech

Breitling Superocean Heritage Chronographe 44

Learn more >

SanDisk MicroSDXC™ for Nintendo® Switch™

Learn more >

Toys for Boys

Family Friendly

Panasonic 4K UHD Blu-Ray Player and Full HD Recorder with Netflix - UBT1GL-K

Learn more >

Stocking Stuffer

Razer DeathAdder Expert Ergonomic Gaming Mouse

Learn more >

Christmas Gift Guide

Click for more ›

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Walid Mikhael

Brother QL-820NWB Professional Label Printer

It’s easy to set up, it’s compact and quiet when printing and to top if off, the print quality is excellent. This is hands down the best printer I’ve used for printing labels.

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?