A former director of collapsed Five Star Consumer Finance has pleaded guilty to two charges involving the theft of more than $50 million.
Anthony Walpole Bowden appeared at the High Court at Auckland yesterday where he pleaded to two charges of theft by a person in a special relationship.
The charges relate to Five Star Finance loans, one of which involves loans totaling over $35.9m. The second involves loans of over $14.2m.
Five Star marketed itself as a low or modest-risk finance entity that made small consumer loans for household purchases such as fridges.
Instead, it was allegedly investing large sums in complex commercial and related-party loans totalling more than $50m.