SFO files 19 charges against former media agency director Glenda Wynyard
Alleged to have used $2.4m of transactions to repay debts from her failed ad placing agency, The Media Counsel.
The Serious Fraud Office has laid 19 charges against former media agency director Glenda Wynyard over $2.4 million of transactions to repay debts from her failed ad placing agency, The Media Counsel.
The white-collar crime investigator has accused Ms Wynyard of causing loss by deception and four charges of dishonestly using a document, it says in a statement.
The SFO claims she used $2.4 million client invoices due to Aegis New Zealand to repay a TMC debt factoring facility with Marac Finance. From November 2009, Aegis was providing media buying services to TMC after Ms Wynyard's firm lost its accreditation.
"Financial crime inevitably results in an increase in the cost of doing business," acting chief executive Simon McArley says. "SFO is working hard to remove these costs from our economy and support a stronger and more confident business environment."
The SFO opened its investigation after receiving a complaint from TMC liquidators McDonald Vague in May this year.
Iain McLennan of McDonald Vague concluded the company failed solely because of "the director's action of removing funds from the company to fund her lifestyle" in his second report in March 2011.
"The director declared herself bankrupt in August 2010. However, given the level of mismanagement and what we consider to be the highly questionable actions of the director in late 2009 in regard to the companies trading and financing arrangements we are preparing reports to a number of government agencies for their consideration," the March 2011 report said.
Mr McLennan's latest report, in January this year, said the liquidator has filed an unsecured creditor's claim with the Official Assignee and are "pursuing other avenues against trusts and other parties that benefited directly from company".
Ms Wynyard appeared in Auckland District Court today and has been remanded to appear again on June 19.
(BusinessDesk)
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SFO files 19 charges against former media agency director Glenda Wynyard
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