Restaurateur charged with stealing more than $1m during sale

The corporate regulator has brought charges alleging that an NSW man dishonestly used his position as an employee to redirect funds from the sales of a restaurant to himself.

Prior to its liquidation, the restaurant operated under the name The Italian Food Project.

The matter was heard in Downing Centre Local Court after an ASIC investigation alleged Giuseppe DeFrancesco abused his position as an employee of Jasa Dining to redirect $935,000 from sale proceeds to himself between 17 August 2023 and 5 April 2024.

It is further alleged that DeFrancesco “procured, incited, induced or encouraged” Jasa Dining to redirect another $96,793 to himself, again through the process of the business’s sale, between 10 April 2024 and 22 April 2024.

The Australian Securities and Investments Commission (ASIC) also alleged that DeFrancesco offered an individual a bribe of $50,000 to withhold testimony within a federal judicial proceeding.

The case was adjourned to 11 August 2026.

According to ASIC, the charges are the first under the criminal creditor defeating disposition legislation.

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