Celebrating 25 Years of Scoop
Special: Up To 25% Off Scoop Pro Learn More

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

 

Five Star Finance directors sentenced, two get prison

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.

(BusinessDesk) 15:45:39

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.