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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Speaking For The Bees: Greens Call For Neonicotinoid Pesticide Ban

The National Government should ban the use of controversial pesticides called neonicotinoids after evidence has revealed that even at low doses they cause harm to bee populations, the Green Party said today. More>>


Science Awards: NZAS Celebrate NZ Scientific Achievements

The Marsden Medal is awarded for a lifetime of outstanding service to the cause or profession of science, in recognition of service rendered to the cause or profession of science in the widest connotation of the phrase. This year’s medal is awarded to Dr Mike Andrews. More>>


Court Rules: Affco 'Unlawfully' Locked Out Meat Workers

The note says the full court found for the plaintiffs, "that is that the defendant locked out the second plaintiffs unlawfully and that it breached s 32 of the Act by acting otherwise than in good faith towards the plaintiffs while collective bargaining was still going on." More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news