Jan. 30 (BusinessDesk) – The Financial Markets Authority is welcoming guilty pleas today by Capital + Merchant Finance director, Owen Francis Tallentire.
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. He will be sentenced on March 15.
He is currently serving a five-year prison sentence after he was found guilty on two charges of theft by a person in a special relationship in a prosecution taken by the Serious Fraud Office.
"This case is a further illustration of the importance of holding to account those who are responsible for untrue statements made to investors in offer documents, particularly in cases such as this where the conduct is particularly serious and the market impact is great," Belinda Moffat, the FMA’s head of enforcement, said.
Tallentire’s conviction means he is automatically banned from managing companies for five years.
A trial involving other directors of Capital + Merchant Finance begins Feb 11.
Capital + Merchant Finance owed $167.1 million to about 7,500 investors when it was placed in receivership in November 2007.