Dominion Finance Group and North South Finance

The FMA together with the liquidators of Dominion Finance Group (DFG) and the receivers of North South Finance (NSF), reached a settlement pursuant to which $10.235m will be paid to liquidators and receivers for distribution in the receivership.

As a result of the settlement, the FMA will discontinue its civil proceedings against the directors of DFG and NSF. Related media release: $10m settlement on Dominion Finance secured by FMA and liquidators and receivers.

High Court judgment

Vance Eric Arkinstall was sentenced to 10 months home detention and 200 hours of community work.

Richard Gilbert Bettle was sentenced to 10 months home detention, 200 hours of community work and ordered to pay $90,000 in reparations.

Paul Winston Forsyth was sentenced to 11 months home detention, 200 hours of community work and ordered to pay $50,000 in reparations. Related media release: Dominion Finance directors sentenced.

Vance Arkinstall and Richard Bettle each pleaded guilty to five Securities Act charges including making untrue statements in a Dominion Finance investment statement and extension certificate, and making an untrue statement in a North South Finance extension certificate.

Paul Forsyth pleaded guilty to seven charges of making untrue statements. Related media release: Guilty pleas in Dominion Finance case.

Ann Butler was sentenced to nine months’ home detention, 80 hours’ community work, and ordered to pay $300,000 reparation.

Barry Whale was sentenced to 12 months’ home detention, 250 hours’ community work and ordered to pay $75,000 reparation. Related media release: Home detention for Dominion Finance directors.

Robert Barry Whale, has pleaded guilty to seven Securities Act charges of misleading investors. Related media release: Another Dominion Finance director pleads guilty to FMA charges.

A former director of Dominion Finance Group and North South Finance, Ann Butler, has pleaded guilty to misleading investors. Related media release: Guilty plea in Dominion Finance case.

The Securities Commission has laid criminal charges and issued civil proceedings against Dominion Finance Group Limited and North South Finance Limited directors Vance Arkinstall, Richard Bettle, Terence Butler, Ann Butler, Paul Forsyth and Robert Barry Whale. Related media release: Dominion and North South Finance Directors Charged.

Dominion Finance and North South Finance were subsidiaries of the NZX-listed Dominion Finance Holdings Limited. Dominion Finance went into receivership in 2008 owing $176.9 million to 5,900 investors. North South Finance was placed in receivership in 2010, owing $31 million to 3900 investors.