Criminal Charges Laid Against Lombard Directors

(Media releases from the Securities Commission)
15 April 2010

The Securities Commission today confirmed that it has laid criminal charges against Lombard Finance & Investments directors Sir Douglas Graham, Michael Reeves, William Jeffries and Lawrence Bryant.

These charges relate to the same allegations as the civil proceedings announced earlier this week.

The criminal charges are laid under section 58 of the Securities Act and carry a maximum penalty of five years imprisonment or fines of up to $300,000. They were laid in the District Court at Wellington on 14 April 2010.

The Commission acknowledges the assistance of PricewaterhouseCoopers, the Lombard Finance & Investments receivers, with the investigation.

As these proceedings are now before the Court it would not be appropriate for the Commission to comment further.

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Contact: Roger Marwick ph 04 471 7659