Six years prison for National Finance director
Allan Ludlow was found guilty of seven charges under the Crimes Act in July, following an investigation by the SFO and sentenced in the Auckland District Court today.
Former National Finance 2000 director Trevor Allan Ludlow (52) has today been sentenced to six years in prison after being found guilty of false accounting and theft by a person in a special relationship.
Mr Ludlow was found guilty of seven charges under the Crimes Act in July, following an investigation by the Serious Fraud Office and sentenced in the Auckland District Court today.
Mr Ludlow was found to have breached the terms of the Trust Deed under which National Finance operated, defrauding investors of an estimated $3.5 million. This included approximately $2.7 million of unauthorised or unsecured advances made to his Payless Car group of companies; as well as undisclosed related party transactions totalling over $800,000 to an audio company; a property in Fiji; and land purchased for another company he owned.
“Concluding the investigations and prosecutions of failed finance companies has been our number one priority over the past 18 months, and this sentence reflects both the seriousness and importance of this work," SFO CEO Adam Feeley says.
In November 2010, John Gray (42), the former accountant for National Finance, pleaded guilty to theft by a person in a special relationship and one charge of false accounting. Mr Gray was sentenced to a term of 18 months imprisonment, later reduced after an appeal to nine months home detention.
NBR staff
Thu, 20 Oct 2011
Thu, 20 Oct 2011
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Six years prison for National Finance director
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