Yesterday, John Gray who is the ex accountant of a botched firm National Finance 2000 Ltd. pleaded guilty to several fraud charges.

He agreed in front of the Auckland District Court that he was involved in theft and false accounting scam.

Adam Feeley, the Chief Executive of Serious Fraud Office (SFO) expressed satisfaction over the result and the outcome of the investigation.

Feeley further said that serious punitive actions will be taken against those who will breach the law.

The SFO has also filed charges against Trevor Ludlow, the Former Director of National Finance for mishandling the Company funds. But the trial date for the case has not yet been decided.

On May 10, 2006, National Finance went into receivership and was yet to pay $24 million to as many as 2,000 investors. The Company provided car finance to customers.

A total of 19 suspected fraud cases worth $630 million are lying with the SFO and as many as 32 cases involving $265 million are under trial in the office.

Ludlow and two other ex directors Anthony Banbrook and Carol Braithwaite are also facing charges for violation of the Securities Act. They have not yet filed a petition against the charges.