Four people facing trial over the collapse of Lombard Finance have been found guilty of Securities Act charges in the High Court in Wellington.
Those former Lombard directors charged included two former justice ministers Sir Douglas Graham and Bill Jeffries, along with former press officer to the Queen Lawrie Bryant. Former Lombard chief executive Michael Reeves was also charged.
All four had pleaded not guilty to five Securities Act charges.
Lombard collapsed in 2008 owing 4400 investors about $127 million, an average of about $28,000 each.
Justice Robert Dobson heard the case alone and presided over a trial that began in October and only wrapped up earlier this month.
Justice Dobson indicated that he will consider community-based sentences and financial penalties.
He said the charges proven were a material step away from the seriousness requires for a custodial sentence.
Sentencing has been set down for March 29.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Auckland petrol tax will be in place by mid-next year
- NZ dollar gains as dovish Fed raises questions over rate hikes
- Robertson, Cullen and how not to have tax blow up in your face
- Three-storey motor yacht launched at Hobsonville Point said to be owned by Rich Lister
- Air NZ partners with Swiss travel platform Winding Tree to look at blockchain
Most listened to
- Ryman's Gordon MacLeod on the challenges the business faces
- Rob Hosking runs the rule over the new tax working group
- Charities expert Susan Barker discusses how a law change affects Destiny Church
- StretchSense CEO Ben O'Brien on his company's up-to-$US92m sale
- Sage CEO Stephen Kelly and CFO Steve Hare on Sage's transition to cloud computing
- NBR Radio: The best interviews, with Grant Walker – updated daily