Charges laid against directors of failed company Lombard Finance and Investments have had their first airing in court.
Sir Douglas Graham, Michael Reeves, William Jeffries and Lawrence Bryant each face five charges under the Securities Act.
The charges relate to claims made in advertisements and prospectuses issued by Lombard Finance and Investments between December 2007 and April 2008.
None of those charged appeared in Wellington District Court on Tuesday.
The charges will be back before the court on 15 June, but all four defendants have been excused from attending that hearing.