Published 3 July 2013
The Court of Appeal set longer sentences for the directors of Lombard Finance & Investments Ltd yesterday, but whether they get served will await an appeal to the Supreme Court. And they stay out of jail.
The Court of Appeal ruled in May that the sentences of community work imposed in the High Court were “manifestly inadequate”. Former Labour justice minister Bill Jeffries was sentenced to 8 months’ home detention & 250 hours’ community work; Michael Reeves was sentenced to 9 months’ home detention & 250 hours’ community work; former National justice minister, attorney-general & minister in charge of treaty negotiations Sir Doug Graham was sentenced to 6 months’ home detention & 200 hours’ community work; and Laurie Bryant was sentenced to 6 months’ home detention.
Sir Doug & Mr Bryant were still required to make reparations of $100,000.
Justice Tony Randerson said Mr Bryant’s health might preclude him from completing a sentence of community work, while Sir Doug needed to take a one-hour walk daily, which the judge said might make it hard for him to complete a sentence of home detention.
Mr Jeffries & Mr Reeves indicated they might need to leave their homes for employment reasons for part of each day. Justice Randerson said the probation officer had the power to authorise that.
Lombard Finance & Investments collapsed in 2008, owing $111 million to 3500 investors. All 4 directors were found guilty in the High Court of making false statements in investment documents.