Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Warning To Investors - Securities Commission

Release: Securities Commission



Investors are warned to take great care before committing money to Quantum Executive Corporation (Quantum) and Prosper League International Limited (Prosper).

Quantum appears to be based in Antigua in the West Indies. Prosper appears to be an American company operating out of Nassau in the Bahamas.

Our information indicates that New Zealanders have been remitting significant sums of money to these companies in recent weeks.

Quantum's advertisements were banned by the Commission in 1998 because they did not comply with New Zealand securities law. At the time Quantum claimed to guarantee returns of 100% per year on the principal invested.

Prosper took part in the Quantum investment arrangements. Prosper claimed to provide an "international tax haven account" which would be used to receive investors' funds. This account was said to be registered in Belize.

On the evidence available to the Commission at the time, John Edward Baylis acted as a New Zealand agent for these companies and promoted their schemes in this country. Baylis was named in the banning order.

The Commission has issued warnings about Baylis in connection with IMI Pacific Group Limited and Walakahai Pacific Corporation Limited, now in statutory management. Baylis is a director and shareholder of each of these companies.

On the evidence available to us Baylis has continued his association with Prosper, either personally or through IMI and Walakahai. It would appear that he has used Prosper entities in the arrangements to hold New Zealand property bought with funds derived from New Zealand investors through the activities of IMI and Walakahai. The circumstances are described in the Statutory Managers' report of 2 February 2000.

The Commission again warns people not to be mislead by offers that seem too good to be true and where there is little information about the investments and the companies involved. If in doubt seek expert advice.

John Farrell Chief Executive

© Scoop Media

Business Headlines | Sci-Tech Headlines


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news