Five Star Finance directors sentenced, two get prison
Dec. 21 (BusinessDesk) – Three Five Star Finance directors were sentenced today, with two of them getting prison sentences and the other a home detention order.
Nicholas Kirk was sentenced in the Auckland District Court to two years and eight months in jail, while Marcus McDonald received two years and three months for their roles in the “theft by a person in a special relationship” relating to some $50 million of investor money in the Five Star Finance group of companies.
McDonald was the first director to plead guilty to the charges levelled by the Serious Fraud Office.
“The SFO is pleased with the delivery of a custodial sentence,” chief executive Adam Feeley said in a statement. “This is the first sentencing in relation to a major finance company collapse, and continues the clear message.”
Earlier today director Anthony Bowden was sentenced to nine months home detention and 300 hours community service for breaching securities law in promoting the company’s prospectus. Bowden and Neill Williams are yet to stand trial over the SFO charges.