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Options trader pleads guilty to fraud

Options trader pleads guilty to fraud

Gregory Alan Arnott has entered guilty pleas in the Auckland District Court to 10 Crimes Act charges brought by the Serious Fraud Office (SFO).

The 51 year-old stockbroker and options trader was the director of Derivatek New Zealand Limited (Derivatek) and traded in options on behalf of New Zealand clients on the Australian Stock Exchange (ASX).

Mr Arnott has admitted that, between April 2008 and May 2012, he used money received from investors for purposes other than options trading including; repaying other investors and funding a portion of an advance fee in an endeavour to obtain a US$20million loan. In order to conceal the fraud Mr Arnott issued false statements to his investors.

SFO Director, Julie Read said, “Mr Arnott earned the trust of a group of investors through his personal association with them. He misappropriated his clients’ funds and misrepresented the true position of their investments. The SFO hopes that this outcome will go some way to assuring investors that there is an effective response to offending of this nature.”

Mr Arnott will reappear in the Auckland District Court on 30 July.

ENDS

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Election Day: Make Sure You're A Part Of It!

Saturday 20 September, is election day, and New Zealanders’ last chance to have a say on who leads the country for the next three years.

“The people and parties we elect tomorrow will be making the decisions that affect us, our families and our communities,” says Robert Peden, Chief Electoral Officer. “It doesn’t get much more important than that, and we need all New Zealanders to use their voice and vote.”

Voting places will be open from 9.00am until 7.00pm on election day. The busiest time at voting places is usually 9.00am - 11.00am.

“Take your EasyVote card with you when you go to vote, as it will make voting faster and easier, and vote close to home if you can. But don’t worry if you forget your card, or didn’t receive one, because as long as you are enrolled to vote, your voice will be heard,” says Mr Peden. More>>

 

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