Two OPI directors plead guilty to Securities Act charges ahead of trial
FMA director of enforcement and investigations Belinda Moffat said that in pleading guilty.
Hot Topic
Hawke’s Bay
Two former directors of property finance company OPI Pacific Finance have pleaded guilty to two Securities Act charges laid by the Financial Markets Authority, ahead of a trial set down for October.
Mark Lacy and Jason Maywald faced charges relating to a registered prospectus and an advertisement distributed in 2007, which the FMA said contained untrue statements following an investigation in 2013.
FMA director of enforcement and investigations Belinda Moffat said that in pleading guilty, the two men accepted responsibility for their failure to fulfil their disclosure obligations to investors.
The trial of the remaining defendants – former OPI directors David Anderson and Craig White - is scheduled to start on Oct. 5 in the High Court at Auckland.
Lacy and Maywald will be sentenced on Sept. 18.
OPI provided finance to commercial property developers and investors and was tipped into receivership in September 2009 and then liquidation two years later.
More than 10,000 investors were owed about $247 million. As at July this year, investors had been repaid 30.23 cents in the dollar.
(BusinessDesk)
Fiona Rotherham
Fri, 21 Aug 2015
Fri, 21 Aug 2015
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Two OPI directors plead guilty to Securities Act charges ahead of trial
50795