Wellington, Aug 25 NZPA - The Serious Fraud Office (SFO) said it has laid over 100 charges under the Crimes Act against Nicholas Kirk, Marcus MacDonald, Anthony Bowden and Neill Williams who are associated with the collapsed Five Star Finance Group.

The offences each carry a maximum penalty of seven years imprisonment.

Kirk, McDonald and Bowden are former directors of Five Star Finance Ltd, while Williams, was heavily involved in its management.

SFO chief executive Adam Feeley said the conclusion of its investigation was an important step towards the SFO's new goal of contributing to greater investor confidence in New Zealand's financial markets.

The SFO's major cases currently under investigation -- which include Capital + Merchant Finance Ltd, Aorangi Securities Ltd, Belgrave Finance, and allegations of fraud inside the Accident Compensation Corporation -- were all scheduled to be completed well inside the SFO's new 12-month performance target. Aorangi Securities is a company associated with Timaru businessman Allan Hubbard.

"For investors to have confidence in the financial markets they need to know that there will be quick and effective intervention by a law enforcement agency with the powers and resources to deal with serious and complex fraud," Mr Feeley said.

The charges against the Five Star directors and manager concern related party lending that occurred between 2003 and 2007. They allege dishonesty and breaches of obligations under the trust deed.

The Companies Office earlier laid criminal charges in Auckland District Court against MacDonald, Bowden, Kirk and Williams. The case was referred to it by the Securities Commission.

Five Star Consumer Finance Ltd was put into receivership in August 2007 and shortly after various related companies, including Five Star Finance Ltd and Five Debenture Nominee Ltd, also failed.

The receivers of Five Star Consumer Finance have estimated that secured debenture holders will get back 25 cents in the dollar.