Justice Robert Dobson has reserved his decision after defence counsel for the directors of Lombard Finance & Investments concluded their summing up yesterday.
In the High Court at Wellington, the judge said he will work towards reaching his decision by February 24, though that might be deferred.
Lombard Finance directors Doug Graham, Bill Jeffries, Lawrie Bryant and Michael Reeves are accused of making untrue statements in a 2007 prospectus, investment statement and advertising material.
David Hurd, counsel for Jeffries, closed by criticising the Securities Commission's investigation, and saying lead investigator Michelle Peden's review was inadequate.
Peden, a forensic accountant, misunderstood Lombard Finance's operation, and didn't engage appropriate experts, such as valuers, auditors, and corporate governance specialists, Hurd said.
