19 Aug 2013

Finance company directors sentenced

6:24 pm on 19 August 2013

Three directors of the failed finance company Dominion Finance, and another firm, North South Finance, have received home detention after a trial in the High Court.

Dominion Finance collapsed in September 2008, owing almost $176.9 million to debenture holders, who later received 12 cents in the dollar.

North South failed owing $31 million and investors got 65 cents in the dollar.

The three were charged in connection with statements in letters and company prospectuses that were not true.

Vance Arkinstall and Richard Bettle were sentenced to 10 months' home detention and 200 hours' community work. Bettle was also ordered to pay $90,000 in reparations.

Paul Forsythe was sentenced to 11 months' home detention and 200 hours' community work, with a $50,000 reparations order.