Following an ASIC investigation, Mr Cymon Fontaine has been sentenced to four years' imprisonment in the Southport District Court for seven charges of fraud.
Mr Fontaine pleaded guilty to defrauding six clients for a total of $105,910.10 and caused a loss of $4500 to another client.
Between 28 June 2011 and 1 July 2013, Mr Fontaine was an authorised representative and Corporate Upgrades Consultant for Wyndham Vacation Resorts South Pacific Limited (Wyndham), a financial services company selling time share interests in resorts and hotels.
Between April 2013 and October 2013, Mr Fontaine exploited the credibility and contacts gained from his position as a Corporate Upgrades Consultant to contact existing clients. He then offered to assist them with upgrades and the purchase of secondhand credits at a cheaper rate than that being offered by Wyndham.
Mr Fontaine used these funds for his own purposes, never purchasing the agreed secondhand credits for the clients. Once discovered, Wyndham terminated Mr Fontaine's employment on 1 July 2013. However, Mr Fontaine continued to defraud some clients after his employment was terminated.
ASIC Deputy Chair Peter Kell said, 'This kind of dishonesty is not tolerated by ASIC or the community.'
This matter was prosecuted by the Commonwealth Director of Public Prosecutions.
Mr Fontaine was charged under sections 408C(1)(d) and 408C(1)(e) of the Criminal Code 1899 (Qld).
Wyndham is a developer and marketer of flexible, points-based holiday ownership products. Clients buy into different levels of memberships with Wyndham by buying 'points' or 'credits' from Wyndham. Depending on a client's level of membership (determined by the number of credits the client has) they are allowed different levels of privileges and benefits, including using their credits to stay at Wyndham's resorts and hotels or partner resorts or hotels.
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