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

 

Dominion Finance directors sentenced

16 August 2013

Dominion Finance directors sentenced

Three former directors of Dominion Finance and North South Finance have today been sentenced to home detention following a prosecution taken by the Financial Markets Authority (FMA).

Vance Eric Arkinstall, who pleaded guilty to five Securities Act charges including making untrue statements in offer documents, was sentenced to 10 months home detention and 200 hours of community work.

Richard Gilbert Bettle, who pleaded guilty to five Securities Act charges including making untrue statements in offer documents, was sentenced to 10 months home detention, 200 hours of community work and ordered to pay $90,000 in reparations.

Paul Winston Forsyth, who pleaded guilty to seven Securities Act charges including making untrue statements in offer documents, was sentenced to 11 months home detention, 200 hours of community work and ordered to pay $50,000 in reparations.

They were sentenced today in the Auckland High Court.

FMA CEO, Sean Hughes, said the men failed to perform their role as directors and that they did not take the steps required to ensure that they were aware of the true position of the company.

“Investors, many of them elderly, lost significant amounts of money and the effect of this has put a great deal of financial and emotional strain on them. They did not deserve this betrayal of trust,” said Mr Hughes.

“What this case highlights, like the many other finance company cases, is the responsibility of directors to provide truthful, accurate and timely disclosure of material information to investors.”

Dominion Finance and North South Finance were subsidiaries of Dominion Finance Holdings Limited.

Dominion Finance went into receivership in 2008 owing $176.9 million to approximately 5,900 investors. North South Finance was placed in receivership in 2010 owing $31 million to approximately 3900 debenture holders.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Stats NZ: Election Boosts October Job Numbers

Job numbers were boosted by general election staff in October 2020, along with rises in the manufacturing, retail, and hospitality industries, Stats NZ said today. Filled jobs rose by 27,667 to 2.2 million in October 2020 compared with September, after ... More>>

Government: New Year Border Exception For Seasonal Workers In The Horticulture And Wine Industries

2000 additional RSE workers to enter New Zealand early next year employers must pay these workers at least $22.10 an hour employers will cover costs of managed isolation for the RSE workers RSE workers will be paid the equivalent of 30 hours work a week ... More>>

ALSO:

Grey Power: Is Disappointed To Learn Of More Bank Closures

Many older people are being left without essential services because of cost cutting and the march of modern technology. It is now expected that most banking transactions can occur via the internet or telephone. Jan Pentecost, President of the Grey Power ... More>>

ALSO:


Media: Discovery, Inc. Completes Acquisition Of New Zealand’s Mediaworks TV Ltd

Auckland, New Zealand, December 1, 2020 - Discovery, Inc. (“Discovery”), the global leader in real-life entertainment, has completed its acquisition of New Zealand’s leading independent free-to-air commercial broadcaster, MediaWorks TV Ltd, now operating ... More>>

Department Of Conservation: Big Year Underway At Albatross Colony

Familiar faces are returning for the new season of Royal Cam, with a big breeding year underway for the toroa/northern royal albatross colony on Otago’s windswept Pukekura/Taiaroa Head. More than 120 albatrosses, a taonga species, have returned ... More>>

Real Estate: ASB Survey Reveals Majority Of Kiwis Expect House Prices To Keep Climbing

ALSO:

House price expectations are soaring as New Zealand’s housing market shifts up a gear. But stretched affordability is putting a dent in perceptions of whether it’s a good time to buy. While Kiwis reveal they do expect interest rates to fall further. ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>

ALSO: