The director of a finance company that collapsed owing a thousand investors a total of $22 million has pleaded guilty to fraud charges.
Stephen Charles Smith, 45, admitted 25 charges, including theft and making false statements.
They relate to more than $18 million worth of loans made by Belgrave Finance to related entities between June 2005 and March 2008.
It provided financial accommodation and mortgage facilities for commercial and residential property developments, and in 2010 was the twentieth finance company to collapse in two years.
One of its directors, Shane Buckley, was last year jailed for three years and a legal advisor has been committed to stand trial.
Smith has been remanded in custody pending a bail hearing at the High Court in Auckland at 3.15pm on Wednesday and will be sentenced in June.
