Lombard Directors Guilty but will they get punished?



Will justice be done? That's the question. 



Wheeler’s Corner got it spot on last week when it called on the government to consider stripping Sir Roger Douglas, Sir Douglas Graham and Sir Michael Fay of their knighthoods, now the person who forced Sir Douglas Graham into court is calling for the same thing…why because: This from the news media...

"Two former justice ministers Sir Douglas Graham and Bill Jeffries have been found guilty on four of five charges relating to their role in the collapse of the Lombard finance group.

But it would seem that the Judge [Robert Dobson] has no plans to give these guilty men any jail time, it would appear that jail time is reserved for shoplifters, speeding motorists, but not for white, aged rich males. The guilty four are very lucky that they are not Maori…

"Graham, knighted for his contribution to the Treaty of Waitangi settlements process, was reportedly visibly shaken by the verdict, delivered in the High Court in Wellington on Friday morning by Judge Robert Dobson against four Lombard directors: Graham, Jeffries, Lawrie Bryant, and Michael Reeves.

"All were released on bail without conditions after an eight-week trial that wrapped up earlier this month and involved some of the highest-profile professional directors to get caught up in the widespread collapses of finance companies as the New Zealand property market went sour and the global financial crisis hit.

The charges relate to making untrue statements in a 2007 prospectus, investment statement and advertising material.

Lombard went into receivership in April 2008, owing about $127 million to 4400 investors.

The four charges successfully prosecuted related to registration of a prospectus that omitted to disclose the company's deteriorating cash position, advertising in December 2007 seeking investors for various types of unsecured notes and debenture stock”.

We should not forget that Lombard was, when compared to some of the outfits that Smirky [John Key] worked for, a minor player in the business of ripping off, people, states and even countries.