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A fourth person linked to failed finance company Five Star Finance Ltd is facing criminal charges.
Neil Williams was charged by the Companies Office in his capacity as a principal officer with Five Star, which was placed in receivership in September 2007.
He was charged at Auckland District Court this morning under the Securities Act along with company directors Marcus MacDonald, Anthony Bowden and Nicholas Kirk.
The Companies Office regards Williams as an alleged shadow, or defacto, director.
None of the accused appeared in person at the court as they did not need to.
Their lawyers said outside court there would be no comment on their clients' behalf at this stage.
Williams, MacDonald, Bowden and Kirk are charged under the Securities Act with offering and allotting debenture stock to members of the public without having a registered prospectus or investment statement.
All four are at large as they do not face a jail sentence. If convicted the maximum fine is $300,000.
They were remanded without plea to reappear at Auckland District Court on September 15 to allow for further disclosure to them of the case against them.
The Securities Commission and Serious Fraud Office are conducting separate investigations into Five Star.
Five Star was placed in receivership in September 2007 with a loan book of $65.5 million and owing 2300 secured debenture investors $54.4 million.
Secured debenture investors received 17.5c in the dollar on April 16 and will receive another 5c in the dollar on August 15.
- NZPA
