National Finance director to appeal conviction
Updated at 5:55 am on 28 July 2011
The former director of National Finance says he will appeal against his conviction for theft and false accounting.
Trevor Allan Ludlow, 52, was convicted at the Auckland District Court on Tuesday of seven charges relating to theft and false accounting, following an investigation by the Serious Fraud Office (SFO).
Ludlow was found by the SFO to have breached the terms of the trust deed under which National Finance operated, defrauding investors of an estimated $3.5 million.
Ludlow, who represented himself throughout the trial, was found to have breached the terms of the trust deed under which National Finance operated.
He defrauded investors through approximately $2.7 million of unauthorised or unsecured advances made to his Payless Car group companies, and transactions of more than $800,000 to an audio company, a property in Fiji and land purchased for another company he owned.
He had earlier pleaded guilty to one count of theft and was found guilty of the remaining six charges by Judge Bouchier on Tuesday night.
Ludlow says he still believes the charges to be false and that he will appeal the conviction.
SFO Acting Director, Simon McArley, says the conviction shows that those guilty of misapplying investor funds will be held to account.
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