Craig Anthony McMahon’s home in Fitzherbert Street, Featherston, together with his 2007 Ford Mustang were seized as profits of crime with McMahon sentenced to 23 months’ imprisonment for possession and supply of cannabis, money laundering and theft of electricity.
The High Court was told McMahon banked over $470,000 through bank accounts over a three year period, a time when he was in no paid employment. He admitted to using proceeds of crime to pay down his mortgage and to buy the Ford Mustang. In a negotiated settlement with police, it was agreed $470,000 represented his gross revenue generated from drug dealing.
The High Court ruled McMahon’s assets to a value of $470,000 were forfeit as proceeds of crime, starting with sale of the Ford Mustang and confiscation of $27,200 cash found at Fitzherbert Street. The balance was to come from $12,700 McMahon held in sundry bank accounts and the equity in his home.
If a loan cannot be raised on security of his home to pay the balance, a forced sale is likely.
Commissioner of Police v. McMahon – High Court (16.03.22)
22.059