Third director sentenced in OPI Pacific Finance case
FMA: A former director of OPI Pacific Finance Limited, Craig Robert White, has today been sentenced in the Auckland High Court.
Mr White was sentenced to 250 hours community work and ordered to pay AUD $100,000 in reparation to be paid to the company’s receivers.
On 18 September 2015, the Australia-based director pleaded guilty to two charges under the Securities Act 1978. These charges related to a registered prospectus and an advertisement distributed in 2007, which the Financial Markets Authority alleges included untrue statements.
OPI provided finance to entities involved in commercial property investments and developments. It went into receivership in September 2009 and was put into liquidation in November 2011.
More than 10,000 investors were owed approximately NZD $247 million. As at July 2015, OPI investors had been repaid 30.23 cents in the dollar.
The trial of the remaining former director, David Mark Anderson, is scheduled to commence on 5 October 2015 at the Auckland High Court.
Last week, Mark Lawrence Lacy and Jason Robert Duncan Maywald, also former directors of OPI, were sentenced to 200 hours community work each and ordered to pay AUD $100,000 in reparation.
Source: FMA
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