St Laurence directors get warning rather than court summon
Thursday, May 29th 2014, 11:04AM
Eight directors of failed finance company St Laurence have got away with a warning from the FMA, rather than having a date in court.
FMA considers that St Laurence’s September 2007 prospectus failed to properly disclose information about loan quality and liquidity for the period March to June 2008.
It has decided to issue a warning to the directors, rather than bringing court proceedings, saying this was he appropriate and proportionate response in this case.
FMA concluded that minimal additional benefit in terms of punishment, deterrence or redress for investors would have been achieved by taking any proceedings in Court.
The directors warned are: Founder Kevin Podmore, James Sherwin, Geoffrey McWilliam, Keith Sutton, Barry Graham, Aeneas Edward O’Sullivan, Andrew Walker, and Sandra Lee.
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