Police have made a formal bid in the High Court to seize property they allege is associated with a failed finance company director who is serving more than eight years in jail for fraud and misleading investors.
Police took unprecedented action last year to restrain assets they said were associated with two jailed Capital + Merchant Finance [founding directors], Neal Nicholls and Wayne Douglas….
Nicholls is serving eight years six months in jail and Douglas eight years two months. 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. 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 19 May 2014