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

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

ALSO:

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news