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

 

FMA welcomes Belgrave Finance sentencing

News release
30 August 2012

FMA welcomes Belgrave Finance sentencing

The Financial Markets Authority has today welcomed the sentencing of former Belgrave Finance director Shane Buckley.

Mr Buckley was sentenced to three years in prison after he pleaded guilty to 25 charges under the Securities Act, Crimes Act and the Companies Act. The charges were laid by FMA and the Serious Fraud Office in a joint prosecution.

Mr Buckley admitted making untrue statements in documents offering securities to the public, and making a false or misleading statement to the trustee appointed to safeguard the interests of investors in Belgrave secured debenture stock.

“Today’s sentencing reinforces the sad conclusion that some former finance company directors were not fulfilling their obligations to investors to the standard required in law,” said FMA Head of Enforcement Belinda Moffat.

Belgrave Finance Limited was placed into receivership in May 2008 owing approximately $20.4 million to around 1000 investors.

The prosecution of another Belgrave director, Stephen Smith, and an associate, Raymond Schofield, continues with a trial dates yet to be set. They face similar charges to Shane Buckley.

Ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Maritime Union: Deepening Supply Chain Crisis Requires Action

Maritime Union of New Zealand National Secretary Craig Harrison says the global COVID-19 pandemic exposed pre-existing weaknesses in our logistics sector, and created enormous problems... More>>



Air New Zealand: Employees Recognised With $1,000 Share Award

The efforts Air New Zealand employees made during one of the airline’s toughest years will be recognised via an award of $1,000 worth of company shares to all permanent employees... More>>

Consumer NZ: Bank Complaints On The Rise, Survey Shows

Nearly one in five Kiwis had a problem with their bank in the past year, Consumer NZ’s latest satisfaction survey finds. Consumer NZ chief executive Jon Duffy said the number of bank customers reporting problems had jumped to 18%, up from 11% in 2020... More>>

Mercury: Enters Into Binding Agreements To Acquire Trustpower’s Retail Business

Mercury NZ Limited (Mercury) has announced that it has entered into binding agreements with Trustpower Limited (Trustpower, NZX:TPW) to acquire Trustpower’s retail business for NZ$441 million... More>>

ALSO:


ASB: New Zealanders Missing Out On Hundreds Of Millions In KiwiSaver Government Contributions

New Zealanders have just over a week to ensure they’re eligible for the maximum annual government KiwiSaver contribution... More>>


Stats NZ: GDP Climbs 1.6 Percent In March 2021 Quarter Following December Dip

Gross domestic product (GDP) rose by 1.6 percent in the March 2021 quarter, following a 1.0 percent fall in the December 2020 quarter, Stats NZ said today. "After an easing of economic activity in the December quarter, we’ve seen broad-based growth in the first quarter of 2021... More>>