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Billabong’s Matthew Perrin loses appeal against fraud conviction
Former Billabong Chief Executive Matthew Perrin has lost an appeal to overturn his fraud conviction, but will be paroled six months early.
The surf wear entrepreneur was sentenced in January to eight years jail for forging his then-wife's signature in 2008 to access more than $13 million from the Commonwealth Bank.
The Court of Appeal knocked back an appeal against his conviction, but will make the 44-year-old eligible for parole in June 2020, six months earlier than originally instructed.
The presiding Judges found that allowances had not been made for the fact admissions made by Perrin had shortened the trial, "at a considerable saving in time and cost".
The Court will also allow Perrin to appeal his sentence.
Prior to his financial troubles, Perrin was worth at least $50 million. However, after a series of failed investments left him facing financial ruin.
The trial had heard Perrin and his then-wife, Nicole Bricknell, netted about $60 million from their stake in Billabong when it was publicly floated in 2000, and lived in an $8 million Gold Coast mansion.
His fortune evaporated after Perrin's investments in a Chinese supermarket franchise soured, leaving him owing tens of millions of dollars to creditors.
He was declared bankrupt in 2009.
27th January 2017 - FORMER BILLABONG CHIEF EXECUTIVE HANDED EIGHT-YEAR JAIL SENTENCE FOR FRAUD
15th March 2010 - BILLABONG SUED FOR $168 MILLION IN INDONESIA
29th June 2009 - NUTRI-GRAIN AND BILLABONG MOST RECOGNISED SPORTS SPONSORS
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