News release
30 August 2012
FMA welcomes Belgrave Finance sentencing
The Financial Markets Authority has today welcomed the sentencing of former Belgrave Finance director Shane Buckley.
Mr Buckley was sentenced to three years in prison after he pleaded guilty to 25 charges under the Securities Act, Crimes
Act and the Companies Act. The charges were laid by FMA and the Serious Fraud Office in a joint prosecution.
Mr Buckley admitted making untrue statements in documents offering securities to the public, and making a false or
misleading statement to the trustee appointed to safeguard the interests of investors in Belgrave secured debenture
stock.
“Today’s sentencing reinforces the sad conclusion that some former finance company directors were not fulfilling their
obligations to investors to the standard required in law,” said FMA Head of Enforcement Belinda Moffat.
Belgrave Finance Limited was placed into receivership in May 2008 owing approximately $20.4 million to around 1000
investors.
The prosecution of another Belgrave director, Stephen Smith, and an associate, Raymond Schofield, continues with a trial
dates yet to be set. They face similar charges to Shane Buckley.
Ends