Michael W Tokley

Member’s name: Mr Michael W Tokley
Dates of Hearing: 15 December 2015
Division: South Australia
Tribunal: Disciplinary Tribunal

On 15 December 2015, the Disciplinary Tribunal found Mr Michael W Tokley breached:

• Article 39(a)(ii)G of the Constitution in that on 1 November 2013, he was found guilty in the Magistrates’ Court of South Australia of two counts of breaching section 184(2) of the Corporations Act 2001 (Act)
• Article 39(a)(ii)G of the Constitution in that on 1 November 2013, he was found guilty in the Magistrates’ Court of South Australia of one count of breaching section 1309(1) of the Act.

Mr Tokley was sentenced to a total of six months imprisonment wholly suspended for 12 months.

The Court found Mr Tokley had dishonestly used his position as a director of an organisation on two occasions to gain a financial advantage. The Court further found Mr Tokley had provided information to a director of that organisation that he knew was false or misleading in a material particular.

Mr Tokley appealed the conviction and sentence to the Supreme Court, but on 1 August 2014, the Supreme Court dismissed his appeal (Tokley v Holmes (ASIC) [2014] SASC 101).

Mr Tokley then sought leave to appeal to the Full Supreme Court. In a Judgment dated 27 March 2015, the Full Court refused him permission to appeal (Tokley v Homes (ASIC) [2015] SASCFC 33).

Mr Tokley attended the Disciplinary Tribunal and denied the Complaints.

Penalty and Costs:

• forfeiture of Membership
• Mr Tokley is not eligible for readmission to Membership until 1 January 2018
• prior to any application for readmission, Mr Tokley must first have successfully completed the Ethics & Governance segment of the CPA Program
• if Mr Tokley is offering public accounting services, prior to readmission he must first obtain a CPA Australia Public Practice Certificate.

Mr Tokley was also ordered to pay CPA Australia’s costs of $865.24.