A multi-million dollar fraud trial has started at the High Court in Auckland with executives from Viaduct Capital and Mutual Finance charged with theft in a special relationship and making false statements.
Paul Bublitz, Richard Blackwood, Bruce McKay, Lance Morrison have pleaded not guilty to a raft of charges.
A fifth man, Peter Chevin, pleaded guilty to 10 charges of theft in a special relationship this morning and will be sentenced next month.
Mutual Finance went into receivership in 2010 owing about 450 investors some $17 million.
A related company, Viadcut Capital, was put into receivership in the same year, owing 110 depositers $7.8m.
The trial is expected to last 12 weeks.