FMA welcomes jail-time for Nathan's directors
Sean Hughes says sentences show the inclusion of untrue statements in prospectuses is a serious offence.
The Financial Markets Authority is applauding the sentences handed out to three directors of failed Nathan's Finance.
FMA chief executive Sean Hughes says the results - with prison terms imposed to two out of three directors - show the Courts regard the inclusion of untrue statements in financial offers to be a serious offence.
“The guilty verdict in this case, and the penalties imposed, show financial markets participants can expect to be held accountable for their conduct,” he says.
“This case demonstrates that directors have a personal duty to ensure documents and advertisements offering securities to investors do not mislead or deceive. This is not a duty they can delegate to staff or external advisers.”
Matt Nippert
Fri, 02 Sep 2011
Fri, 02 Sep 2011
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FMA welcomes jail-time for Nathan's directors
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