Capital + Merchant three found guilty of fraud over 2004-2006 transactions

Thu, 19 Jul 2012

By Jonathan Underhill July 19 (BusinessDesk) - Capital + Merchant Finance directors Neal Nicholls and Wayne Douglas and chief executive Owen Tallentine have been found guilty of fraud relating to $28 million of transactions that involved $15.9 million going to trusts they controlled. The finance company, which went into receivership in November 2007 owing $190 million to about 7,000 investors was founded by Nicholls and Douglas, who hired Tallentine first as CEO then as a director. It went into liquidation in December 2009. Nothing was recove...

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