By Paul McBeth
Sept. 18 (BusinessDesk) - Former OPI Pacific Finance Director Craig White has pleaded guilty to misleading investors, the same day two of his fellow board members were sentenced to community service for earlier pleas.
White pleaded guilty to two charges under the Securities Act including distributing an advertisement and signing off on an prospectus in 2007, which included untrue statements, market watchdog the Financial Markets Authority said in a statement. He will be sentenced in the High Court in Auckland on Sept. 23.
"The guilty plea shows that Mr White has accepted responsibility for his failure to fulfil his disclosure obligations to investors," said Paul O’Neil, FMA acting director of enforcement and investigations.
White's guilty plea comes the same day former OPI directors Mark Lacy and Jason Maywald were sentenced to 200 hours of community work and ordered to pay A$100,000 in reparations for their guilty pleas. Former director David Anderson is scheduled to stand trial on Oct. 5.
OPI provided finance to commercial property developers and investors and was tipped into receivership in September 2009 and then liquidation two years later.
More than 10,000 investors were owed about $247 million. As at July this year, investors had been repaid 30.23 cents in the dollar.