Prison for former Five Star directors
Two former Five Star Finance directors, Nicholas Kirk and Marcus MacDonald, have been sentenced to prison terms at Auckland District Court today.
Tuesday, December 21st 2010, 4:36PM
Serious Fraud Office (SFO) chief executive Adam Feeley said, "SFO is pleased with the delivery of a custodial sentence. This is the first sentencing in relation to a major finance company collapse, and continues the clear message from the Courts as to the seriousness of white collar crime."
Kirk was sentenced to two years and eight months while MacDonald was jailed for two years and three months.
Both men had pleaded guilty to Securities Act and Financial Reporting Act charges earlier this year.
Former Five Star director Anthony Bowden was sentenced to nine months home detention and 300 hours community work.
Five Star collapsed back in August 27 with approximately $47 million debts to investors and charges were laid against Kirk, MacDonald and Bowden in July 2008 relating to securities being offered and allocated to the public without a registered prospectus, investment statement or trustee appointed.
Neill Williams also pleaded guilty but was not sentenced today after requesting a disputed facts hearing which will take place in March.
The four men were also banned in April 2009 by the Registrar of Companies from holding board or management positions in New Zealand companies for five years, and former chartered accountant Bowden has been suspended for five years for working as a chartered accountant.
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