More Capital + Merchant director guilty pleas

Last updated 14:25 05/02/2013

Relevant offers

Industries

Briscoe's Rod Duke: the man who would own Kathmandu Christchurch's convention centre could be scaled down Eden Project founder has a vision for Christchurch Taco Bell could soon open in NZ through Restaurant Brands Helen Clark wins Kea World Class New Zealand Award EPMU vote in favour of merger with Service and Food Workers Union Banks, consultants and law firms dominate state house sale meetings Chorus victorious in Commerce Commission copper pricing decision Google's Victoria Ransom's tips for New Zealand entrepreneurs Fletcher Residential wins $800m Christchurch housing project

Two more directors of Capital + Merchant Finance have pleaded guilty to criminal charges laid by the Financial Markets Authority.

Robert Gordon Sutherland and Colin Gregory Ryan, who live in Australia, pleaded guilty today to two charges of making an untrue statement in a registered prospectus and one charge of distributing advertisements which included an untrue statement.

They will be sentenced on March 15 at Auckland High Court.

FMA head of enforcement Belinda Moffat said the law required directors to ensure investors receive accurate information in disclosure documents.
"FMA regards the guilty pleas of Mr Sutherland and Mr Ryan as reflecting their failure in their obligations to investors in this respect."

Last week another Capital + Merchant director, Owen Tallentire, pleaded guilty to the same charges.

Capital + Merchant collapsed in November 2007 owing debenture holders $167 million, none of which has been recovered.

Tallentire and two other directors, Neal Nicholls and Wayne Douglas were convicted and jailed last year on theft charges laid by the Serious Fraud Office.

Nicholls and Douglas have also been charged by the FMA and their trial is scheduled to begin on February 11.

Ad Feedback

- BusinessDay.co.nz

Special offers

Featured Promotions

Sponsored Content