National Finance's Braithwaite gets home detention, community work

Tuesday 18th September 2012

Former National Finance 2000 director Carol Braithwaite has been sentenced to 10 months home detention and 300 hours community work after being convicted on one charge of making untrue statements in a prospectus.

Braithwaite was the last of four National Finance directors to face prosecution. Her husband Trevor Ludlow was jailed for six years for false accounting and theft by a person in a special relationship.

Braithwaite's sentence "highlights the fact that directors are accountable for disclosure obligations and that they cannot rely on what others tell them," Financial Markets Authority head of enforcement Belinda Moffat said in a statement.

Braithwaite will be subject to electronic monitoring while on home detention. Justice Pamela Andrews in the High Court said she took into account that Braithwaite was caregiver for an autistic child and had no money to make reparations.

National Finance collapsed in 2006 owing $24.8 million to more than 2,000 investors.

BusinessDesk.co.nz

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