Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Finance directors receive increased prison sentences

News release
28 June 2013                                 

Capital + Merchant Finance directors receive increased prison sentences

Two former directors of Capital + Merchant Finance have today had their prison sentences increased following a prosecution taken by the Financial Markets Authority.

Wayne Douglas and Neal Nicholls, who pleaded guilty to Securities Act charges of making untrue statements in a registered prospectus, were today sentenced in the Auckland High Court.

Mr Douglas was sentenced to eight months’ imprisonment and Mr Nicholls was sentenced to 12 months’ imprisonment. This is on top of the seven and a half years’ imprisonment they are currently serving for fraud following a prosecution taken by the SFO.

FMA Head of Enforcement, Belinda Moffat, said she hoped today’s sentencing would act as a deterrent to others.

“Wayne Douglas and Neal Nicholls misled the public to get them to invest in Capital + Merchant Finance,” said Ms Moffat.

“If investors had known what was really going on, it is unlikely they would have invested at all. The offending has had a grave impact on investors both financially and emotionally.”

Capital + Merchant Finance (in receivership and liquidation) owed $167 million to approximately 7500 investors when it was placed in receivership in November 2007.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news