Successful career over

From 70 employees to ASIC disqualification

A CAIRNS businessman who once employed more than 70 people now works at a bottle shop to make ends meet after falling on tough times and copping a business ban.

ASIC has disqualified Steven Paul Corradi from managing companies for five years – the maximum disqualification period – over his involvement in seven failed companies, which left creditors $2 million out of pocket.

Life has changed a lot for the Redlynch man, who has spent two years working menial jobs to support his young family and get back on his feet.

It is a stark contrast from his days running companies including online education firm I Want That Course, but Mr Corradi remains optimistic about the future.

“I’d just like to say I went into business with the best of intentions, and with the help of over 70 awesome employees across both Cairns and Brisbane was able to build one of the most successful and reputable educational sales and marketing teams in the country,” he told the Cairns Post.

“The business was significantly impacted by the government changes to educational funding and as result I was forced to put the business entities into receivership – just as many other edu-sector companies were forced into.

“My family and I have suffered significant personal financial loss as a result of the ultimate business model failure – but most definitely still hold a positive outlook on our futures.”

Mr Corradi, who goes by the nickname “Skullsy”, was willing to cop ASIC’s ban on the chin although he noted he had lacked the funds to defend himself when things went south a couple of years ago.

He said he was heartened to see his “loyal team of characters” who fought with him until the end had all gone on to greener pastures.

In a statement, ASIC said Mr Corradi had failed to exercise his duties as a director with due care and diligence, and had improperly used his corporate position to gain an advantage for himself.

It also found he had failed to prevent the companies from trading while potentially insolvent, failed to pay taxes and enabled conduct that showed evidence of illegal phoenix activity.