Wednesday 6th October 2010 |
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All four directors of the Five Star group of finance companies have pleaded guilty to 40 charges relating to their promotion and will face sentencing later this year.
Principal officer Neil Williams and director Marcus Macdonald pleaded guilty earlier this week, adding to Nicholas Kirk's and Anthony Bowden's earlier pleas, according to a statement from the Ministry of Economic Development.
Williams, Macdonald and Kirk accepted fault on three charges of mis-statements in an advertisement or registered prospectus, one charge of false or misleading statements, and 36 charges of offering, distributing or allotting in contravention to the Securities Act.
Bowden didn't plead guilty to the false or misleading statement charge. The civil charges brought by the Companies Office are in addition to the five-year ban they each received.
The directors also face more than 100 criminal charges relating to $50 million worth of loans, which the Serious Fraud Office says is unrecoverable.
The criminal charges carry a maximum penalty of seven years imprisonment apiece.
Businesswire.co.nz
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