6 Dec 2011

Fraudster banned from working in finance industry

9:17 pm on 6 December 2011

A court order has stopped a convicted fraudster from working in the consumer finance industry.

The ban issued under the Credit Contracts and Consumer Finance Act indefinitely prevents former National Finance director Trevor Ludlow from setting up, operating or working in the industry.

Ludlow was prosecuted in the North Shore District Court on Tuesday, following a case taken by the Commerce Commission against Takarunga Management Limited, trading as Mortgage Rescue.

The commission prosecuted Mortgage Rescue and Ludlow under the Credit Contracts and Consumer Finance Act and the Fair Trading Act in relation to two consumer credit contracts.

Ludlow is serving a prison sentence after he was found to have breached the terms of a trust deed under which National Finance operated and defrauding investors of an estimated $3.5 million.

Judge Hinton said Ludlow lacked the skills to be in the industry and did not display the integrity and fair dealing that is appropriate in this type of dealing.