The ASIC Commissioner has warned business people could face larger penalties after a former chief financial officer escaped jail time for falsifying company records.

Former CFO at Qantas and construction giant Leighton Holdings Peter Gregg was sentenced to 12 months in home detention after he was found guilty of falsifying company records while working in the building industry.

The maximum penalty he was facing was two years in jail.

ASIC Commissioner John Price tells Ross Greenwood future offenders will face tougher penalties.

“The evidence, in this case, was overwhelming and I think the criminality in this case, the judge remarked was serious.

“The penalties for this particular offence, just recently, have been increased.

“So, if the same conduct were to happen this year it’s quite possible people will have a tougher sentence than the one that’s been handed down at the moment.”

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