More Capital + Merchant director guilty pleas

Last updated 14:25 05/02/2013

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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.

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- BusinessDay.co.nz

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