SPCS

SOCIETY FOR PROMOTION OF COMMUNITY STANDARDS INC.

Finance director property forfeited

by Leave a Comment

A High Court judge has ordered property connected to a failed finance company director is to be forfeited.

Police took unprecedented action last year to restrain assets they said were associated with two jailed Capital + Merchant Finance directors, Neal Nicholls and Wayne Douglas….

This followed a Serious Fraud Office trial where both men were found guilty of theft by a person in a special relationship for loans totalling almost $20 million. The men were also sentenced for misleading investors.

They loaned money for their own benefit in breach of Capital + Merchants trust deed. C+M collapsed in 2007 owing $167 million to investors.

See Full story by Hamish Fletcher published 23 May 2014:

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11260648

More jail for Capital + Merchant Finance pair

by Leave a Comment

Jailed Capital + Merchant Finance directors Wayne Leslie Douglas and Neal Medhurst Nicholls have had their record-setting prison sentences increased after pleading guilty to misleading investors.

They appeared before Justice Geoff Venning for sentencing in Auckland High Court today having, in February, pleaded guilty to five charges between them of signing prospectuses that contained false statements between 2006 and December 2007.

The misleading statements included information about Capital + Merchant’s liquidity and cashflow, management of loans and related-party lending.

Douglas was sentenced to eight months’ imprisonment and Nicholls was sentenced to 12 months on the charges, brought by the Financial Markets Authority.

The jail time is on top of the seven and a half year jail terms they are currently serving for fraud after a prosecution by the Serous Fraud Office [SFO] last year.

See full story here by Georgina Bond:

Published Friday June 28, 2013

http://www.nbr.co.nz/article/more-jail-capital-merchant-finance-pair-gb-142172

See earlier story published 15/02/13

http://www.nbr.co.nz/article/prison-garbed-duo-admit-misleading-investors-gb-135950