Fraud charges laid against Capital + Merchant directors
The charges relate to transactions involving just over $28 million that occurred between 2004 and 2006.
The SFO alleges that these transactions were entered into in breach of the restrictions contained in the company's trust deed, and resulted in trusts controlled by the accused receiving benefits totalling approximately $15.9 million.
The three accused are Neal Medhurst Nicholls (55), Wayne Leslie Douglas (57) and Owen Francis Tallentire (64).
At the time C+M was placed into receivership the company owed over $165 million to approximately 7,000 investors.
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