13 Dec 2011

Ex-National Finance director admits misleading investors

8:18 pm on 13 December 2011

A former director of National Finance has pleaded guilty to eight charges of misleading investors.

Trevor Allan Ludlow entered his pleas in the High Court in Auckland on Tuesday relating to charges brought against him by the Financial Markets Authority.

They related to making false statements and misstatements in a registered prospectus.

He is already serving a near-six-year jail sentence for defrauding investors of about $3.5 million.

Earlier in the hearing, Ludlow asked the court to sentence him this week so he could get out of Mt Eden Prison to study, saying that it is a horrible environment.

Ludlow says he needs to be sentenced before he can ask to be moved to a different jail, one that is minimum-security and allows such study.

Justice Priestley denied the request to sentence this week, saying it will occur in January.

He says the matter is complex and should not be settled on the hoof.

Justice Priestley says the charges of misleading investors are serious, and the court needs time to consider whether any further jail time would be served concurrently or added onto Ludlow's existing jail sentence.