Sharechat Logo

Jailed Capital + Merchant fraudsters plead guilty to Securities Act charges

Friday 15th February 2013

Text too small?

Convicted Capital + Merchant fraudsters Wayne Douglas and Neal Nicholls have pleaded guilty to Securities Act charges of making untrue statements in offer documents laid by the Financial Markets Authority.

The guilty pleas by the former directors of the failed finance company follow those of fellow directors Robert Sutherland and Colin Ryan, who are to be sentenced in Auckland next month. Another director, Owen Tallentire, admitted similar charges. He is currently serving a five-year prison sentence for theft by a person in a special relationship in a prosecution taken by the Serious Fraud Office.

A sentencing date hasn't yet been set for Douglas and Nicholls. They are both currently serving 7 ½-year jail sentences after being found guilty of fraud charges in a prosecution by the SFO.

"All five directors have now pleaded guilty to the most serious charges we brought against them," said FMA head of enforcement Belinda Moffat. "These cases are important in the work we do to hold directors to account and to restore public confidence in our markets."

Capital + Merchant Finance collapsed in 2007 owing some $167.1 million to about 7,500 investors.

 

BusinessDesk.co.nz

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Govt eyes 2025 for farm-level emissions pricing, tests interim steps
Govt won't "die in a ditch" for 100% renewable target
NZ 2Q CPI +0.6% on quarter, +1.7% on year
16th July 2019 Morning Report
Suspect company faces liquidation after director dies
NZ dollar holds gains; focus on domestic inflation data
MARKET CLOSE: NZ shares slip as fears over slowing Chinese growth weigh; AMP slumps
NZ dollar rises after heartening Chinese data
Suspect company faces liquidation after director dies
Foreign investors face maximum penalty for breach after $13M purchase

IRG See IRG research reports