National Finance's Anthony Banbrook censured
In 2012 Mr Banbrook was sentenced to eight and a half months' home detention and ordered to pay $75,000 in reparation for misleading investors
The Law Society has censured former National Finance director Anthony Banbrook for convictions following his role in the firm’s collapse.
In 2012 Mr Banbrook was convicted, sentenced to eight and a half months’ home detention and ordered to pay $75,000 in reparation for misleading investors.
Last month in the Lawyers and Conveyancers Disciplinary Tribunal Mr Banbrook was accused of bringing the profession into disrepute following his conviction under the Securities Act.
Mr Banbrook denied the charge and argued that in his case a reasonable member of the public who was fully informed would not think he was bringing the profession into disrepute.
However, the tribunal chaired by Judge Dale Clarkson, said a suspension of seven months was warranted.
According to a Fairfax report, Mr Banbrook has not paid his reparation and told the Wellington High Court in June he is “going bankrupt." [UPDATED: The FMA says Mr Banbrook has since paid this amount.]
The Crown had sought an order that he pay the $75,000 in a specified period or a warrant for his arrest be issued.
National Finance invested deposits received from the public into car loans through dealers of the related Payless Cars business. It went into receivership in May 2006 owing $24.8 million to about 2000 investors.
Victoria Young
Thu, 03 Jul 2014
Thu, 03 Jul 2014
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National Finance's Anthony Banbrook censured
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