Lombard directors appeal convictions
All four former directors of Lombard Finance have appealed against their recent convictions on Securities Act charges
Thursday, 12 April 2012
by Niko Kloeten
Lawrence Bryant, Michael Reeves and former Cabinet Ministers Sir Doug Graham and Bill Jeffries have filed papers with the Court of Appeal, although no hearing date has been set.
In February this year they were convicted of making misleading statements in offer documents between December 2007 and April 2008, when receivers were appointed to the company.
Sir Douglas and Bryant each received 300 hours community service and were ordered to pay $100,000 in reparation, while Jeffries and Reeves were sentenced to 400 hours community service.
Justice Robert Dobson said the offending was "a material step away from the seriousness required for a custodial sentence".
Sir Douglas also faces calls for his knighthood to be stripped as a result of his conviction.
Lombard owed $111 million to about 3600 debenture holders when it went into receivership.
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