Former Five Star Finance director Marcus McDonald and “shadow” director Neill Williams have pleaded guilty to criminal charges laid by the Companies Office under the Securities Act and the Financial Reporting Act and been convicted.The Securit
Former Five Star Finance director Marcus McDonald and “shadow” director Neill Williams have pleaded guilty to criminal charges laid by the Companies Office under the Securities Act and the Financial Reporting Act and been convicted.
The Securities Act charges relate to false and misleading statements contained in investment statements and the September 2006 registered prospectus and carry a maximum sentence of five years' imprisonment.
They are to be sentenced in December.
Two other directors, Nicholas Kirk and Anthony Bowden, have also pleaded guilt and have been convicted. They will be sentenced later this month.
The Serious Fraud Office has also laid 100 charges under the Crimes Act against the former directors and Mr Williams over related party lending involving loans worth $50 million.
The four are due to reappear in court on October 28 for a pre-committal hearing.
They have not yet entered a plea on those charges.
The Five Star group collapsed in 2007 owing investors more than $90 million.
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