• Home
  • About
  • ‘Enforcement 40’ for 2020
  • Webcasts
  • Enforcement Hall of Fame
  • Contact
Securities Docket
Ankura 480x60
  • Class Actions
  • Criminal
  • Global
  • People
  • SD Insider
  • SEC
  • Video
  • Subscribe by email
  • Subscribe
Browse: Home / 2008 / October / 03 / New Zealand: Three Directors of National Finance 2000 Face Criminal Charges For Alleged Misstatements

New Zealand: Three Directors of National Finance 2000 Face Criminal Charges For Alleged Misstatements

By Securities Docket on October 3, 2008, 6:07 pm

Three directors of New Zealand’s National Finance 2000, which collapsed in May 2006,  will face criminal charges carrying potential penalties of up to five years in prison.  The New Zealand Herald reports that the directors — Trevor Allan Ludlow, Anthony David Banbrook and Carol Anne Braithwaite — would face charges in the Auckland District Court “relating to untrue statements in the company’s registered prospectus and failure to comply with financial reporting standards.”  The defendants are due to appear on October 23.

The New Zealand Companies Office alleges that the directors failed to disclose material transactions between National Finance 2000 and related parties.  The Herald also reports that the directors are charged under the Securities Act “for stating that they had made proper and adequate provisioning for bad debts and that loans were secured by general security agreements when this was not the case.”

National Finance 2000 collapsed in May 2006 owing a reported $25.5 million to 2026 investors.

Read the New Zealand Herald article

Blog Widget by LinkWithin

Posted in Global | Tagged New Zealand, Prosecutors

« Previous Next »

Subscribe

‘Enforcement 40’ for 2020

Ankura 260x250

Our Sponsors

Securities-Docket_260x125_14Sec Ankura 260x125

Join Us On LinkedIn

Join the Securities Litigation and Enforcement Group on LinkedIn

Archives

Copyright © 2022 Securities Docket.

Powered by WordPress and Hybrid.