R v Graham

The case of R v Graham involved a sentencing hearing for four defendants who had been found guilty of offences under section 58 of the Securities Act 1978. The defendants were directors of Lombard Finance & Investments Limited (Lombard) and had been responsible for issuing misleading offer documents in December 2007. The misleading statements expressed confidence in Lombard's liquidity, despite the company facing liquidity issues at the time. The court was required to decide the appropriate sentences for each defendant, taking into account the gravity of the offending, the effect on victims, and various mitigating and aggravating factors.

In deciding the sentences, the court considered the defendants' level of culpability, which was found to be towards the lower end of the scale. The court also took into account the defendants' previous good characters, remorse, and willingness to pay reparation. The court found that the appropriate starting point for the non-executive directors was a combination of community detention and community work, while the executive director (Mr Reeves) was to be dealt with differently due to his closer involvement with the company's day-to-day operations. The court also considered personal circumstances, such as health and family responsibilities, in determining the final sentences.

The court sentenced Sir Douglas Graham, Mr Bryant, and Mr Jeffries to 300 hours of community work on each of the four convictions, and ordered them to pay $100,000 in reparation. Mr Reeves was sentenced to 400 hours of community work on each conviction. All sentences were to be served concurrently. The court also directed that the reparation amounts be paid to the Registrar of the High Court by 31 May 2012 and disbursed to the victims by the receivers of Lombard.