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A jury in Wellington District Court has found a former sharebroking boss guilty on 14 fraud charges.
Peter Marshall, 62, a sickness beneficiary from Upper Hutt, was responsible for Access Brokerage when it collapsed owing $3.9 million in client accounts in September 2004.
Marshall had pleaded not guilty to the 14 Serious Fraud Office charges of false accounting with the intent to defraud, and making false statements with the intent to defraud between August 2001 and July 2004.
Access Brokerage was registered in 1986 and Marshall became chief executive in 2001.
When Marshall went on sick leave in July 2004, founder of the company Bill Garlick, temporarily took over as Access chief executive.
He discovered inconsistencies in Access reporting and advised the New Zealand Stock Exchange (NZX) in September.
Crown prosecutor Kristy McDonald QC said NZX identified a "very significant" cash shortfall and the company was placed in liquidation.
The shortfall was $4.8 million.
In his summary, Judge Bruce Davidson told the jury of 11, they needed to decide if Marshall had made false journal entries and NZX reports with the intent to defraud.
Judge Davidson said the jury needed to decide on a verdict for each of the 14 charges and treat each charge separately.
He went through each of the charges with the jury.
Judge Davidson said the case was "far from simple and straightforward".
He said the essence of the Crown's case was Marshall had acted deliberately and dishonestly.
Judge Davidson said the defence case was that Marshall was a man of good character, was not an accountant and thought he was doing the right thing.
- NZPA
