Serious Fraud Office: Corporate Criminals Going to Prison
For immediate release
21st December 2010
Five Star directors receive custodial sentences
Two former directors of Five Star Consumer Finance Limited, were today sentenced to prison terms. The sentences related to charges under the Crimes Act brought by the Serious Fraud Office (SFO).
Nicholas Kirk was sentenced to two years and eight months, and Marcus McDonald to two years and three months.
The Crimes Act charges relate to the theft of $50.1 million by a person in a special relationship (section 220, Crimes Act 1961).
Separate sentences were given for charges under the Securities Act brought by the National Enforcement Unit of the Ministry of Economic Development.
Anthony Bowden was also sentenced on Securities Act charges today.
SFO Chief Executive, Adam Feeley, said “SFO is pleased with the delivery of a custodial sentence. This is the first sentencing in relation to a major finance company collapse, and continues the clear message from the Courts as to the seriousness of white collar crime.”
The charges arose out of the operation of Five Star Consumer Finance Limited, which was placed into receivership on 29 August 2007 owing investors approximately $46 million.
Anthony Bowden and Neill Williams also face charges under the Crimes Act in relation to Five Star Consumer Finance. A trial date has yet to be set for them.