Guilty plea from ex-finance boss Ludlow

Trevor Ludlow, who is currently serving a six-year jail term, has been banned from from setting up, operating or working in the consumer finance industry. Photo / Dean Purcell.

Former National Finance director Trevor Allan Ludlow has pleaded guilty this afternoon to eight charges of misleading investors and making false financial statements.

Ludlow, along with fellow directors Carol Braithwaite and Anthony Banbrook, was accused of making untrue statements in the registered prospectus for National Finance 2000 Limited dated 22 September 2005.

He told the High Court today that there was 'nothing to do' in Mt Eden prison and that he was trying to change his accommodation.

National Finance went into receivership in 2006, owing investors $21 million.

Some of this money has since been recovered and paid out to investors. Braithwaite and Banbrook deny the charge.

The single charge under the Securities Act was brought by the Financial Markets Authority and carries a maximum penalty of five years' imprisonment or fines of up to $300,000.

Ludlow also faced seven charges for making false financial statements.

Although Ludlow's lawyer Grant Collecutt requested this morning that Ludlow's sentencing take place on Friday, the FMA said it would be more appropriate for sentencing to take place in the New Year.

Justice John Priestley earlier indicated sentencing would likely happen in January because Ludlow was already incarcerated and there were "complicated issues" with his case.

It would be unfortunate if he was "sentenced on the hoof", Justice Priestley said.

"This is not a simple task....I'm not going to do it in a once-over -lightly fashion," he said.

Ludlow will be sentenced on January 26 next year.

The Serious Fraud Office also laid criminal charges against Ludlow relating to theft of a person in a special relationship and false accounting.

He was found guilty in July 2011. In October, he was sentenced to five years, seven months imprisonment.

"There is nothing to do in Mt Eden...it's a horrible environment," he said today.

"I have through a friend of mine enrolled to do some correspondence education. I can't do that in Mt Eden...I wish to move on from Mt Eden."

Ludlow plans to do a business course through the Open Polytechnic, his lawyer said outside court.

Ludlow openly discussed issues with his accommodation with Justice Priestley, despite being advised to use a lawyer to communicate with the court.

"I can't help you. You've been found guilty and sentenced to jail," the judge said.