SFO lays charges following Dominion Finance investigation
Two directors, the former CEO and another person subject to name suppression are charged over $20 million of related-party lending.
Four people have appeared in the Auckland District Court facing Serious Fraud Office charges over failed finance companies Dominion Finance and North South Finance.
Former directors Terence Butler and Robert Whale, and former CEO Paul Cropp - plus another person whose name is suppressed - face a combined 14 charges under the Crime Act.
They were all remanded without plea and are next scheduled to appear in court again in December.
The charges allege the defendants breached trust deeds by participating in $20 million of unauthorised related-party lending between 2004 and 2008.
The Serious Fraud Office began investigating the Dominion Finance group in November 2010, after the companies collapsed owing 6000 investors an average of $67,000 each.
SFO chief executive Adam Feeley said the laying of charges meant only three finance company investigations remained open.
“The remaining investigations – South Canterbury Finance; Rockforte Finance; and Hanover Finance, are well advanced and nearing conclusions," he said.
Matt Nippert
Thu, 27 Oct 2011
Thu, 27 Oct 2011
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SFO lays charges following Dominion Finance investigation
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