The charges against: National Finance
The following is details of the case referred by Securities Commission to National Enforcement Unit of Ministry of Economic Development for prosecution against National Finance directors
Friday, December 3rd 2010, 6:02PM
National Finance 2000 was one of the first finance companies to collapse.
The company was involved, primarily in motor vehicle finance and was headed by Trever Ludlow.
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Defendants |
Trevor Allan Ludlow, Carol Braithwaite, Anthony Banbrook, |
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Charges |
It is alleged that the Defendants directors made untrue statements in the registered prospectus for National Finance 2000 Limited dated 22 September 2005. These statements included those relating to National's provisioning for bad debts, the loans made by National to related parties, including the purpose for which those loans were made, the security provided for them and their amount relative to National's Total Tangible Assets, the security provided by borrowers for the loans made by National. The Defendants denied the charges. The SFO also laid charges against Allan Ludlow and National's accountant John Gray. Mr Gray has pleaded guilty and was sentenced to 18 months' imprisonment on 26 November 2010. |
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Penalties |
Criminal charges - these charges are laid indictably under section 58 of the Securities Act and carry a maximum penalty of five years imprisonment or fines of up to $300,000 |
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Date filed |
8 September 2008 in the District Court at Auckland. |
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Current status |
Trial set down for for 22 August 2011 for four weeks in the High Court at Auckland. |
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