National Finance founder appeals for reduced prison sentence

NATIONAL FINANCE founder Trevor Ludlow is appealing to get his six-year jail sentence cut in half, even though he is only three months away from potential parole.

Trevor

Allan Ludlow,

55, was convicted of separate charges laid by both the Serious Fraud Office and the Financial Markets Authority after his company, National Finance, went into receivership in 2006. The finance firm owed 2026 investors $24 million, of which about $10m has been recovered.

Ludlow appealed against his prison sentence of six years and four months in the Court of Appeal at Wellington yesterday.

Ludlow represented himself in court via video link from prison, wearing a sweatshirt, shorts and with his now longer hair tied in a ponytail.

He said

his

sentence was

too harsh and suggested a term of 21⁄ to 31⁄ years would better represent the scale of his offending.

Ludlow is due to appear before the Parole Board in August.

‘‘I may have been a bit stupid and naive but I don’t accept I had criminal intent,’’ he said.

He had helped the receivers and liquidators, and had pleaded guilty to the eight charges filed by the Financial Markets Authority.

‘‘I’ve always worked hard for the receivers and, ultimately, the investors,’’ he said. He would be more than happy to assist, if asked, in the investigations of other failed finance companies.

‘‘I know what the charges should be and who should be charged. I would assist in giving evidence,’’ he said.

Ludlow said the charges represented a ‘‘train wreck in my life’’; he had ‘‘been to hell and back’’.

Crown prosecutor Steve Symon said the end sentence of six years and four months reflected Ludlow’s overall culpability on the two charges. Ludlow had acted dishonestly in getting money from the public through falsifying the prospectus and then acted fraudulently to use that money once it had been obtained.

The court reserved its decision.