Director sentencing delayed
The sentencing of former National Finance director Anthony Banbrook has been postponed.
Banbrook was due to be sentenced in the High Court at Auckland this morning, after earlier admitting a charge of making untrue statements in the company's September 2005 registered prospectus.
But the matter has been adjourned until August 24, because Justice Timothy Brewer said he had only received defence counsel submissions yesterday which was less than the required two days in advance of a hearing.
Justice Brewer said Banbrook's counsel Harry Waalkens QC was calling for a sentence "completely different" from the sentence sought by the Crown.
Against a complicated legal background and with insufficient time to review the submissions, he would not be able to do the case justice, the judge said.
The Securities Act charge carries a maximum penalty of five years' imprisonment or a fine of up to $300,000.
Banbrook was to stand trial with fellow director Carol Braithwaite but changed his plea in June shortly before that trial was to begin. Braithwaite was found guilty of the same charge last month and awaits sentencing.
Braithwaite's former de facto husband Trevor Ludlow founded National Finance. He was found guilty last year on charges brought by the Serious Fraud Office and was sentenced to five years and seven months' jail. He also admitted charges brought by the Financial Markets Authority and was sentenced in January to an additional nine months' imprisonment.
National Finance's former accountant John Gray pleaded guilty to SFO charges and was jailed for 18 months in November 2010.
National Finance collapsed in May 2006 owing some 2000 investors $24.8 million.
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