About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Wednesday, June 26th, 6:07PM
rss
News Bites

Jail term in Mutual Finance, Viaduct Capital case

One man has been jailed and two men sentenced to home detention at the Auckland High Court for their part in using finance companies to try to save commercial businesses during the global financial crisis.

Wednesday, March 27th 2019, 2:53PM

Paul Bublitz was found guilty of four charges of theft by a person in a special relationship and two charges of false statement by a promoter. He was sentenced to three years two months imprisonment for each of the charges, to be served concurrently.

Bruce McKay was found guilty of three charges of theft by a person in a special relationship. He was sentenced to 12 months home detention for each charge, to be served concurrently.

Richard Blackwood was found guilty of four charges of theft by a person in a special relationship. He was sentenced to 9 months home detention for each charge, to be served concurrently.

McKay and Blackwood were directors of Viaduct Capital and Bublitz was on the board of Mutual Finance when they went into receivership.

Nick Kynoch, Financial Markets Authority general counsel, said: “This case involved theft and deliberate misconduct in dealing with funds invested by the public. It also involved abuse of the Crown Retail Deposit Guarantee Scheme, which resulted in the taxpayer meeting substantial costs and losses.

“This was a difficult and complex case, which took considerable time and resource to investigate and prosecute. However, such was the cynical and egregious nature of the misconduct, the defendants had to be held to account for their actions. The FMA would like to acknowledge the support of the Crown Solicitor in being able to do so.

“This case shows how complex and difficult it can be to investigate and prosecute so-called ‘white collar crime’. This was criminal activity that affected not just the investors, but also taxpayers.

“It involved misleading investors, with false statements in the prospectus, as part of a deliberate plan designed to funnel investors funds, and ultimately tax payer funds, to support Mr Bublitz’s failing commercial enterprises. We are pleased that today sees the defendants being held to account for their actions.”

Tags: finance companies

« ETFs popular with direct clientsBooster launches new automated budget building tool »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Latest Comments
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.69 ▼4.35 4.35 4.55
ANZ Special - ▼3.85 3.85 4.05
ASB Bank 5.70 ▼4.29 ▼4.35 4.55
ASB Bank Special - ▼3.89 ▼3.85 4.05
BNZ - Classic - ▼3.85 ▼3.85 ▲4.05
BNZ - Mortgage One 6.40 - - -
BNZ - Rapid Repay 5.85 - - -
BNZ - Std, FlyBuys 5.80 4.69 4.59 4.79
BNZ - TotalMoney 5.80 - - -
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.60 4.75 -
Housing NZ Corp 5.80 4.69 4.49 4.45
HSBC Premier 5.89 3.79 3.79 3.89
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 4.60 ▲4.64 4.84
Kiwibank - Capped - - - -
Kiwibank - Offset 5.65 - - -
Kiwibank Special - 3.85 ▲3.89 4.09
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 4.89 4.99 -
Resimac 5.30 4.86 4.14 4.19
RESIMAC Special - - - -
SBS Bank 5.79 4.85 5.05 5.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 3.89 3.99 3.99
Sovereign 5.80 ▼4.29 ▼4.35 4.55
Sovereign Special - ▼3.89 ▼3.85 4.05
The Co-operative Bank - Owner Occ 5.65 ▼3.89 ▼3.95 4.05
The Co-operative Bank - Standard 5.65 ▼4.39 ▼4.45 4.55
TSB Bank 5.69 4.45 4.49 4.55
TSB Special - 3.95 3.99 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.79 4.69 4.79 5.19
Westpac - Offset 5.79 - - -
Westpac Special - 3.89 3.85 4.05
Median 5.80 4.35 4.35 4.19

Last updated: 26 June 2019 8:59am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com