Finance company accountant fights jail sentence
Former National Finance 2000 accountant John Gray is appealing a prison sentence, arguing for home detention instead.
Former National Finance 2000 accountant John Gray has appealed against a prison sentence handed down after he was convicted on charges brought by the Serious Fraud Office.
Last November Gray was sentenced in the District Court at Auckland to 18 months in prison; he is on bail awaiting the outcome of his appeal.
Gray had earlier pleaded guilty in the District Court in Auckland to theft by a person in a special relationship, which related to misuse of National Finance funds in breach of its trust deed requirements.
He also pleaded guilty to a charge of false accounting whereby he concealed the true recipient of funds by creating a false document.
In the High Court at Auckland today Gray's lawyer Sanjay Patel compared his sentence to those of former Nathans Finance director John Hotchin and former Clegg & Co director Brian Clegg, who both got home detention sentences.
He said Gray was arguably less culpable than Hotchin and Clegg, who were "principal actors" in the offences that took place in their companies.
Crown lawyer Nick Williams said the District Court has experience dealing with SFO cases and therefore is "well-placed to assess the seriousness in relation to other cases."
Justice Rebecca Ellis reserved her decision, saying she would make a judgment within the next couple of weeks.
National Finance collapsed in 2006 owing investors more than $21 million.
The financier's director and sole shareholder Trevor Allan Ludlow also faces SFO charges, which have yet to go before the court.
Two other former directors of National Finance also face criminal charges laid by the Ministry of Economic Development’s National Enforcement Unit in 2008.
It is alleged that directors Anthony Banbrook, Carol Braithwaite and Mr Ludlow failed to disclose material transactions between the company and related parties such as Payless Cars group and Great North Management.
Niko Kloeten
Tue, 22 Mar 2011
Tue, 22 Mar 2011
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Finance company accountant fights jail sentence
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