A South Australian butcher who could not secure a bank loan to repay a large business debt has escaped jail for money laundering a man’s superannuation funds “in desperation”.
Key points:
- Michael Kevin Cheney admitted knowingly engaging in money laundering
- The court heard he spent the money to feed his gambling addiction
- He received a suspended sentence and was placed on a good behaviour bond
Thirty-year-old Michael Kevin Cheney pleaded guilty to knowingly engaging in money laundering after his Paralowie butchery fell into debt in December 2018.
The District Court of South Australia heard he could not repay the debt or secure a bridging loan so he placed an advertisement for a loan on popular buy and sell site, Gumtree.
“You were carrying abou…
Read the full article at: https://www.abc.net.au/news/2021-03-04/butcher-escapes-jail-after-laundering-mans-superannuation/13215418