5 Feb 2013

Capital and Merchant directors plead guilty

9:34 pm on 5 February 2013

Two more directors of Capital and Merchant Finance have entered guilty pleas to three charges laid by the Financial Markets Authority.

Robert Gordon Sutherland and Colin Gregory Ryan, who live in Australia, 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.

They will be sentenced on March 15.

Their convictions mean they are automatically banned from managing companies for five years.

Capital and Merchant was put in receivership in 2007, owing $167.1 million to thousands of investors.