Former Merchant director pleads guilty

Last updated 11:41 30/01/2013

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Capital + Merchant Finance’s former managing director has pleaded guilty to misleading investors, just weeks before he was due to stand trial.

Owen Tallentire pleaded guilty this morning to three charges laid by the Financial Markets Authority of making and distributing untrue statements in the company’s prospectuses.

Tallentire, along with Neal Nicholls, Colin Ryan and Robert Sutherland, was due to stand trial on February 11.

His co-accused have pleaded not guilty.

Tallentire is serving a five year prison sentence after being found guilty in July of fraud, and will be sentenced on his new convictions on March 15.

Belinda Moffat, head of enforcement for the FMA, said: ‘‘This case is a further illustration of the importance of holding to account those who are responsible for untrue statements made to investors in offer documents, particularly in cases such as this where the conduct is particularly serious and the market impact is great,’’ she said.

Capital + Merchant collapsed in 2007 owing 7500 investors $167 million.

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