Jailed Capital + Merchant Finance directors Wayne Leslie Douglas and Neal Medhurst Nicholls have had their record-setting prison sentences increased after pleading guilty to misleading investors.
They appeared before Justice Geoff Venning for sentencing in Auckland High Court today having, in February, pleaded guilty to five charges between them of signing prospectuses that contained false statements between 2006 and December 2007.
The misleading statements included information about Capital + Merchant’s liquidity and cashflow, management of loans and related-party lending.
Douglas was sentenced to eight months’ imprisonment and Nicholls was sentenced to 12 months on the charges, brought by the Financial Markets Authority.
The jail time is on top of the seven and a half year jail terms they are currently serving for fraud after a prosecution by the Serous Fraud Office [SFO] last year.
See full story here by Georgina Bond:
Published Friday June 28, 2013
See earlier story published 15/02/13