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

 


SFO charges options trader Greg Arnott with $2.5M fraud

SFO charges options trader Greg Arnott with $2.5M fraud

Oct. 23 (BusinessDesk) - The Serious Fraud Office has charged options trader Greg Arnott for using some $2.5 million of investor funds for other purposes, and expects to charge another person soon.

The charges come after the white-collar crime investigator completed its probe into Derivatek New Zealand, which traded options on the ASX on behalf of New Zealand clients. Arnott faces five charges under the Crimes Act of theft by a person in a special relationship and making a false statement by promoter.

The SFO alleges Arnott used investor funds for personal use, paying a portion of an advance fee on a US$20 million loan and repaying funds owed to other investors.

"This is a growing problem and highlights the importance of looking beyond personal connections and carefully assessing the risk of investments," acting chief executive Simon McArley said in a statement. "There is considerable danger in basing investment decisions on the recommendation of a relative, friend or acquaintance rather than careful investment analysis."

The SFO began its investigation into Derivatek after an earlier probe into another Arnott company, Australian Securities (NZ).

Arnott is scheduled to appear in the Auckland District Court on Nov. 13.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Callaghan Innovation: Investment To Help Deepen Innovation Reporting

Callaghan Innovation, the government’s high tech HQ for Kiwi business, is to help deepen New Zealand media coverage of the commercialisation of innovation through an arms-length partnership with independent business news service BusinessDesk. More>>

ALSO:

Tax Credits, Grants: Greens $1Bn R&D Plan

In the Party’s headline economic announcement, the Greens have launched their plan to build a smarter, more innovative economy which has as its centrepiece an additional $1 billion of government investment in research and development (R&D) above current spend, including tax breaks for business. More>>

ALSO:

Inflation: CPI Increases 0.3 Percent In June Quarter

The consumers price index (CPI) rose 0.3 percent in the June 2014 quarter, Statistics New Zealand said today. This follows rises of 0.3 percent the March quarter and 0.1 percent in the December 2013 quarter. More>>

ALSO:

Half Empty: Dairy Product Prices Drop To Lowest Since December 2012

Dairy product prices fell to the lowest level since December 2012 in the latest GlobalDairyTrade auction, paced by whole milk powder and anhydrous milk fat. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news