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Lombard directors face criminal charges

The Securities Commission has added criminal proceedings to its civil prosecution of Lombard Finance & Investments' directors, including former cabinet ministers Doug Graham and Bill Jeffries.

The board's directors, which is completed by Lombard chief executive Michael Reeves and Lawrence Bryant, each face fines of up to $300,000 and a maximum of five years in jail if they are found guilty of misleading investors with a prospectus and investment statement in 2007. Each director faces a fine of up to $500,000 under the civil prosecution.