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In what the Crown Prosecutor called "one of the most complicated finance company trials to date", directors Neal Nicholls and Wayne Douglas of the firm Capital + Merchant Finance stand trial for violations of the Securities Act.
The men, who are already serving a seven and a half year prison term for fraud, are accused of misleading investors by publishing false information. Prosecutors say that they used investor's money for asset transactions at grossly inflated prices, in order to pocket the proceeds for themselves.
When Capital + Merchant Finance was placed in receivership in November 2007, the firm owed $167.1 million to about 7,500 investors. Another director, Owen Francis Tallentire, has already pleaded guilty to misleading investors and is serving a five-year prison term.