On 24 February 2012 Jeffries was convicted, along with fellow former Justice Minister Sir Douglas Graham and two other men, of breaching the Securities Act by making untrue statements to investors in his capacity as a director of Lombard Finance. Justice Robert Dobson wrote, "I am satisfied that the accused genuinely believed in the accuracy and adequacy of the ... documents", but that the offences were ones of strict liability so there was no need for "any form of mental intent to distribute documents that were false or misleading". Jeffries was sentenced to 400 hours community service. The Court of Appeal dismissed his appeal against conviction and increased his sentence to eight months home detention and 250 hours community work. The Supreme Court has granted Jeffries leave to appeal against the sentence imposed by the Court of Appeal, but refused leave to appeal against the convictions. Retired Court of Appeal judge Sir Edmund Thomas described his convictions as a "grievous miscarriage of justice", saying of the crucial piece of evidence that "you would never ever convict a dog on the basis of the schedule".