A High Court judge has ordered property connected to a failed finance company director is to be forfeited.
Police took unprecedented action last year to restrain assets they said were associated with two jailed Capital + Merchant Finance directors, Neal Nicholls and Wayne Douglas….
This followed a Serious Fraud Office trial where both men were found guilty of theft by a person in a special relationship for loans totalling almost $20 million. The men were also sentenced for misleading investors.
They loaned money for their own benefit in breach of Capital + Merchants trust deed. C+M collapsed in 2007 owing $167 million to investors.
See Full story by Hamish Fletcher published 23 May 2014: