2 Jul 2013

Lombard directors' sentences increased

7:54 pm on 2 July 2013

The Court of Appeal has increased the sentences for the former directors of Lombard Finance.

The company collapsed in 2008, owing 3600 investors more than $111 million.

In 2012, former directors Sir Douglas Graham, William Jeffries, Michael Reeves and Lawrence Bryant were found guilty of making false statements in a company prospectus.

They were sentenced to community work and reparation payments. The Crown appealed against the sentences and the Court of Appeal on Friday agreed that the penalties were manifestly inadequate.

The Court of Appeal sentenced all four home detention, and all but Lawrence Bryant to community work. It said he had health problems which prevent him completing community work.

Sir Douglas Graham was sentenced to six months' home detention and 200 hours of community work; William Jeffries to eight months' home detention and 250 hours of community work; Michael Reeves to nine months' home detention and 250 hours of community work; and Lawrence Bryant to six months' home detention.

The men's lawyer is seeking leave to appeal against the new sentences at the Supreme Court.