LDC Finance’s Harding, Schofield get lifetime ban

LDC Finance’s Harding, Schofield get lifetime ban over securities offer

By Paul McBeth

Two Nelson businessmen who owned the majority of failed financier LDC Finance Ltd. have agreed to a life ban on being directors after they offered securities without any paperwork.

Andrew Harding and Murray Schofield admitted their Finance & Investments partnership operated as a finance company open to the public by providing loans and accepting deposits without having a registered prospectus or investment statement.

They accepted an enforceable undertaking by the Securities Commission that neither of them will, “at any time in the future,” act as a director or manager of a New Zealand company, nor will either promote a securities offer to the public.

F&I was sent to the receivers in 2007 owing $16 million to 370 investors, following LDC, which owed 1,200 investors about $22 million.

Last year, part of the F&I loan book was snapped by the beleaguered South Canterbury Finance Ltd.

(BusinessDesk)

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