Lombard Finance 'four' due back next month
The Lombard Finance ‘four' are due back in court next month after a brief appearance on their behalf today.Lombard Finance directors Sir Douglas Graham, Michael Reeves, Bill Jeffries and Lawrence Bryant had their case called at the District Court in
Nina Fowler
Tue, 28 Sep 2010
The Lombard Finance ‘four’ are due back in court next month after a brief appearance on their behalf today.
Lombard Finance directors Sir Douglas Graham, Michael Reeves, Bill Jeffries and Lawrence Bryant had their case called at the District Court in Wellington today but did not appear in person.
The four were remanded for a post-committal conference on October 28.
A post-committal conference usually requires a defendant to return to court to sign committal papers and get their new bail bond – though this appearance can, in some cases, be excused.
The next step for the four will be a call-over to advise them of their jury trial date.
In April, Securities Commission laid parallel civil and criminal charges against the group for allegedly misleading investors in offer documents and advertisements.
The criminal charges, laid under section 58 of the Securities Act, carry a maximum penalty of five years’ imprisonment or fines of up to $300,000.
The civil charges have been stayed pending the outcome of the criminal case.
Lombard Finance went into receivership in April 2008 owing about $127 million to 4400 investors.
Nina Fowler
Tue, 28 Sep 2010
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.