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Five Star Finance director MacDonald pleads guilty
Five Star Finance director MacDonald pleads guilty to SFO charges
Oct. 27 (BusinessDesk) – Five Star Consumer Finance director Marcus MacDonald pleaded guilty to criminal charges of theft levelled by the Serious Fraud Office.
The firm’s board, rounded out by Neil Williams, Nicholas Kirk and Anthony Bowden, faces 100 charges relating to $50 million worth of loans and carrying a maximum penalty of seven years imprisonment apiece.
MacDonald pleaded guilty to charges relating to the misuse of Five Star funds in breach of its trust deed, and will be sentenced on Dec. 22. Kirk, Bowden and Williams are yet to be committed to trial.
“This is the first result in relation to a major finance company collapse, and is hopefully indicative of things to come,” SFO director Adam Feeley said in a statement.
Earlier this month, the four directors pleaded guilty to civil charges laid by the Companies Office relating to the promotion of the firm’s prospectus, in addition to the five-year ban each received on holding a directorship.
(BusinessDesk)
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