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Businessman Peter Gregg found guilty of faking the books, faces four-year jail sentence

Australian executive Peter Gregg has been found guilty of falsifying company documents in relation to payments worth $15 million.

He faces up to four years in jail for the crimes committed during his time at construction giant Leighton Holdings.

An NSW District Court returned its verdicts after a five-week trial on two charges brought by the Australian Securities and Investments Commission (ASIC).

Russell Waugh, the former managing director of Leighton Welspun Contractors, was found not guilty of aiding Mr Gregg in committing the offences.

ASIC Commissioner John Price tells Ross Greenwood it’s an “important decision”.

“It demonstrates that ASIC will pursue senior executives of companies where we have concerns of wrongdoing.”

He says the maximum penalty, which could see Mr Gregg face up to four years in prison, is “not huge”.

“But here are some government processes underway that will look at our penalties more broadly.

“We certainly, strongly support the review of white collar crimes.”

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