In a statement this afternoon, the Law Society said the tribunal had suspended Whale from practice as a barrister and solicitor for 12 twelve months commencing from 20 March and that he was ordered to pay costs.
New Zealand Law Society President Chris Moore said the High Court found that Whale's conduct amounted to "gross negligence" and that he had admitted that he had not read finance company prospectuses before signing them.
"Our securities laws are there to protect the public and to keep investors fully informed. The public is entitled to expect that members of the legal profession will perform to a high standard and ensure that protection is maintained," Moore said.
Whale's year-long suspension is higher than what the Law Society had suggested during the failed finance company director's hearing.
Peter Davey, acting for the Law Society's Auckland Standards Committee, said a period of suspension similar to that given to Bridgecorp chairman Bruce Davidson was appropriate,
although Whale did have the advantage of admitting the allegations.
Davidson, who was convicted for misleading investors, was last year suspended from practising as a lawyer for nine months.
Davey, during the March hearing, submitted that Whale should be suspended for at least seven months.
