1. News and resources
  2. Cases
  3. Capital + Merchant Finance Ltd (CMF)

Capital + Merchant Finance Ltd (CMF)

Page last updated: 25 Jul 2015

FMA laid criminal charges and civil proceedings against five directors of CMF, Neal Nicholls, Owen Tallentire, Colin Ryan, Wayne Douglas and Robert Sutherland, under the Securities Act. These charges related to untrue statements in offer documents distributed in 2006.

28 July 2015

The FMA has determined to discontinue its civil proceedings in light of the outcome of the criminal proceedings, the actions taken by the receivers and liquidators, and the limited personal assets of the directors, there would be little prospect of any recovery for investors if it were to pursue its civil claim. See media release.

28 June 2013

Mr Douglas was sentenced to eight months’ imprisonment and Mr Nicholls was sentenced to 12 months’ imprisonment. This is on top of the current seven and a half years’ imprisonment. See media release.

See High court sentencing notes.

15 March 2013

Owen Tallentire was sentenced to 12 months' imprisonment on top of his current five-year fraud sentence.

Colin Ryan was sentenced to seven months' home detention, 300 hours community work and ordered to pay $100,000 reparation.

Robert Sutherland was sentenced to six months' home detention, 300 hours community work and ordered to pay $60,000 reparation. See media release.

15 February 2013

Wayne Leslie Douglas and Neal Medhurst Nicholls pleaded guilty to FMA charges against them. See media release.

5 February 2013

Robert Gordon Sutherland and Colin Gregory Ryan, who reside in Australia, pleaded guilty to two charges of making an untrue statement in a registered prospectus and one charge of distributing advertisements which included an untrue statement. See media release.

30 January 2013

CMF director, Owen Francis Tallentire pleaded guilty to two charges of making an untrue statement in a registered prospectus and one charge of distributing advertisements which included an untrue statement. See media release.

17 December 2009

FMA filed criminal charges against the directors in the District Court at Auckland.

30 November 2009

FMA filed Civil Proceedings in the High Court at Auckland against four of the directors - Messrs Nicholls, Tallentire, Ryan, and Sutherland - seeking declarations of civil liability and civil pecuniary penalties.

Background

Three Directors were serving prisoners for offences under the Crimes Act following an investigation by SFO into the failure of CMF as below:

  • Owen Tallentire - a five-year sentence
  • Wayne Leslie Douglas - seven and a half years' imprisonment
  • Neal Medhurst Nicholls - seven and a half years' imprisonment

Capital + Merchant Finance (in receivership and liquidation) owed $167.1 million to about 7500 investors when it was placed in receivership in November 2007.