Three former Capital + Merchant Finance directors have been warned they are likely to go to prison after being convicted on Crimes Act charges in what has been dubbed one of the most important commercial theft cases in recent years.
Directors Wayne Leslie Douglas, Neal Medhurst Nicholls and Owen Francis Tallentire faced numerous charges arising out of the affairs and demise of Capital + Merchant, which operated as a finance company and offered property loans.
It collapsed in November 2007 owing $167 million to 7500 investors, who are likely to see none of their money back.
The charges, brought by the Serious Fraud Office, alleged theft by a person in a special relationship.
The SFO alleged the accused knowingly used investor funds in ways that breached Capital + Merchant's trust deed.