FMA alleged that the directors (Trevor Allan Ludlow, Carol Braithwaite, Anthony Banbrook) made untrue statements in the registered prospectus for National Finance 2000 Limited.
Application for leave to appeal was dismissed.
Mr Banbrook's appeal was dismissed by CoA. He applied for leave to appeal this decision to the Supreme Court.
Trevor Allan Ludlow's appeal against FMA sentence was dismissed in the CoA.
National Finance director Anthony Banbrook has today been sentenced to eight and a half months' home detention and ordered to pay $75,000 in reparations. He filed an appeal against conviction. See media release.
Mrs Braithwaite was sentenced to 10 months' home detention and 300 hours of community work.
Carol Braithwaite was found guilty on one charge of making untrue statements in a National Finance 2000 prospectus. See media release.
Mr Banbrook pleaded guilty. He sought a disputed facts sentencing hearing, that was adjourned until 2013 but he then abandoned that on 15 February 2013.
Trevor Allan Ludlow pleaded guilty to the FMA charges and was sentenced to serve an additional nine months imprisonment cumulative on the existing SFO sentence. Accordingly, he has received a total sentence of six years four months imprisonment.
Mr Ludlow has since appealed his SFO and FMA sentence.
Case filed in the District Court at Auckland
National Finance collapsed in 2006 owing over $20 million to more than 2000 investors.
The SFO also laid charges against Mr Ludlow and National Finance's accountant John Gray. Mr Gray pleaded guilty and was sentenced to 18 months' imprisonment on 26 November 2010. Mr Ludlow was found guilty of all charges on 26 July 2011. He was sentenced on 20 October 2011 to five years and seven months imprisonment.