For former accountant, crime adds up to 18 months
Former National Finance accountant John Gray has been sentenced to 18 months imprisonment after pleading guilty to charges of theft by a person in a special relationship at Auckland District Court.
Friday, November 26th 2010, 2:23PM
Former National Finance accountant John Gray has been sentenced to 18 months imprisonment after pleading guilty to charges of theft by a person in a special relationship at Auckland District Court.
Gray has indicated he will appeal the decision not to grant him home detention and remains on bail pending determination of that matter.
"This is a very significant result," said Serious Fraud Office (SFO) chief executive Adam Feeley.
"The delivery of a custodial sentence sends a clear message as to the Courts view on serious white collar crime."
Gray also pleaded guilty to a charge of False Accounting whereby he concealed the true recipient of funds by creating a false document.
"Results like this demonstrate the seriousness of white collar crime," Feeley said.
"It will be of great comfort to investors, and sends a positive message to the investing public about the integrity of our financial markets, and the consequences for breaching the law."
Former National Finance director Trevor Ludlow has also been charged by the SFO with offences relating to the misuse of funds.
He is yet to enter a plea in relation to the charge and a trial date has yet to be set.
The SFO has also announced former Five Star Consumer Finance director Nicholas Kirk has pleaded guilty to charges of theft by a person in a special relationship, which related to misuse of Five Star funds in breach of Trust Deed requirements.
Fellow director Marcus McDonald pleaded guilty to the same charges in late October.
The SFO has also charged former director Anthony Bowden and manager Neill Williams with charges relating to the misuse of funds.
Kirk was remanded to appear for sentencing on December 21.
In a separate case the SFO said it had been unable to secure sufficient evidence to charge Vending Technologies Ltd. directors and has closed the investigation.
In conjunction with earlier investigations into lending by Nathans Finance, the SFO has been investigating three licensing transactions entered into by VTL with a US company in December 2005, June 2006 and December 2006.
"While there are some frustrations with the outcome, the team accept the advice of the Crown solicitor that there is insufficient evidence to pursue the matter further," Feeley said.
"If there is a positive from this matter, it is that the SFO's work is now focused on 'fresh' cases where conclusions can be expected to be reached in quicker timeframes.
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