A former director of a now-defunct Perth-based property development company has been found guilty of stealing more than $820,000 after an investigation by the corporate watchdog.

Neil James Duckworth was accused of using money borrowed by Ocean Key Holdings Ltd and secured against land owned by the company to pay for personal and other unrelated expenses in October 2007.

Duckworth, of the northern suburb of Duncraig, was charged with 22 counts of stealing as a director.  Following a four-week trial in the Perth District Court, a jury found him guilty on 20 counts on Thursday.

Each of the charges carries a maximum penalty of 10 years imprisonment.  The case will return to court on December 20 for a sentencing hearing.

Ocean Keys was deregistered by the Australian Securities and Investments Commission in 2010.