SFO charges four over Dominion Finance lending
Dominion founder and director Terry Butler, former director Robert Barry Whale, former chief executive Paul Cropp and a fourth person subject to a non-publication order appeared in the Auckland District Court today to face a total of 14 charges under the Crimes Act of theft by a person in a special relationship.
Six former directors, Butler and his wife Ann, Whale, former managing director Paul Forsyth, chairman Rick Bettle and former director Vance Arkinstall, who used to be the Investment Savings and Insurance Association chief executive, are already facing criminal charges laid in July last year by the Securities Commission, now the Financial Markets Authority.
Those charges relate to offer documents and advertisements which the commission alleges were misleading.
A Dominion Finance subsidiary went into receivership in September 2008 and the parent company went into voluntary administration a month later. Receivers were appointed to subsidiary North South Finance in July 2010 and the three entities owed about $400 million including about $208 million to about 6,000 debenture holders.
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