Five Star Finance founder 'a broken man' – Parole Board
80-year-old released from prison.
Five Star Finance’s founder, Neill Allan Williams, now 80, has been released from prison.
A recent Parole Board decision says Williams presents as a broken man and one who has been humbled by the prison experience.
“There is no question in our minds over the remorse he feels,” the decision says.
Williams was generally recognised as the founder of Five Star group, which owed $97 million to 2300 investors when it collapsed in 2007.
In 2013, he pleaded guilty to three charges of making a false statement in a registered prospectus, one charge of making false or misleading statements in financial statements and 12 charges of offering securities to the public for subscription without the required offer documents.
He was generally recognised as the founder of Five Star and was an integral part of all major strategic decisions.
Williams was released earlier this month, under ordinary parole conditions and including special conditions that mean he cannot move from his approved accommodation without approval of his probation officer.
He must tell his probation officer before starting, ending or changing workm and he cannot work in a role which handles other people’s money, or gives financial advice without approval.
Williams is also restrained from having contact with victims of his offending without consent of his probation officer.
Under the Securities Act, he was automatically banned from managing companies for five years.
vyoung@nbr.co.nz
Victoria Young
Fri, 20 Feb 2015
Fri, 20 Feb 2015
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Five Star Finance founder 'a broken man' – Parole Board
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