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White collar crime behind bars

Friday 02 Sep 2011 6:15p.m.

White collar crime behind bars

By Tony Field

Two finance company directors have been jailed over untrue statements made in company documents.

Mervyn Doolan and Roger Moses were both directors of Nathans Finance, which collapsed four years ago owing $170 million to 7000 investors.

The case has repercussions for company directors across the country.

The men entered the dock knowing they faced up to five years in prison, but it wasn't as bad as that.

Mervyn Doolan received two years and four months.

The chairman, Kenneth Roger Moses got two years and two months.

Donald Young received nine months home detention and 300 hours community work.

The case focused on investment documents issued in the nine months before the collapse.

Lawyers for all three say their clients are deeply remorseful.

Both the New Zealand Shareholders Association and the Financial Markets Authority say the sentencing sends a clear message.

The men will pay around $900,000 in reparations, to be divided among investors who put money into Nathans in the company's final nine months.

Watch the full video of the court sentencing today

3 News

 
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