7 Oct 2010

Guilty pleas by Five Star Group directors

7:56 am on 7 October 2010

All the former directors of failed finance firm Five Star Group have now pleaded guilty to breaching to the Securities Act and Financial Reporting Act.

Five Star Consumer Finance collapsed in 2007, owing $54 million to about 2300 secured debenture holders, while Five Star Finance and Five Star Debenture Nominee were later placed in liquidation.

Marcus MacDonald, Anthony Bowden, Nicolas Kirk, and Neil Williams were all charged with raising money without a prospectus or investment statement, and without using a trustee.

All are banned from running companies for five years last year.

They still face Serious Fraud Office charges.