ASIC alleges Mr Duckworth, of Mindarie, stole over $835,000 in October 2007, when he used money borrowed by Ocean Keys, and secured against property owned by the company, to pay for personal and other unrelated expenses.

The funds borrowed by Ocean Keys have never been repaid.

Mr Duckworth did not enter a plea. The matter will return to the Perth Magistrates Court for committal mention on 7th March, 2012.

Mr Duckworth faces a prison sentence if convicted, with the 22 charges carrying a maximum penalty of 10 years each.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.

ASIC’s charges against Mr Duckworth arise from ASIC’s investigation into a property development run by Ocean Keys, a company of which Mr Duckworth was a director and company secretary.

Ocean Keys raised funds from the public in 2006 via an ‘Offer Information Statement’ seeking to raise $5 million for the purpose of undertaking the subdivision and sale of land purchased by the company.

The Ocean Keys land is located near Lancelin, 130 kilometres north of Perth in Western Australia. The land was never subdivided and no substantial progress was ever made on the project.

The Ocean Keys land was mortgaged and the borrowed funds were allegedly used by Mr Duckworth for purposes largely unrelated to the company or the property development.

Ocean Keys was deregistered by ASIC in 2010.

Sun City News understands Mr Duckworth owes the Shire of Gingin about $500,000 plus interest for overdue land rates on this Lancelin property.