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


Food: New National Science Challenge To Launch Research

What if New Zealand developed the next generation of foods that will help consumers maintain their health and protect them against diabetes, irritable bowel syndrome or chronic allergies? What if we could answer some big science questions – use that knowledge to develop foods with proven health benefits and boost our economy at the same time? More>>


Trade & Retail: Chinese Disaster Spells Quiet Season For NZ Fireworks Sales

In August, two massive explosions at a warehouse at the port in the port of Tianjin, Northern China, killing more than a hundred people and devastating large areas of the city. In the wake of the disaster, Chinese authorities rushed to regulate the distribution of all dangerous goods... More>>



Oceans: NOAA Declares Third Ever Global Coral Bleaching Event

As record ocean temperatures cause widespread coral bleaching across Hawaii, NOAA scientists confirm the same stressful conditions are expanding to the Caribbean and may last into the new year, prompting the declaration of the third global coral bleaching event ever on record. More>>

Scoop Business: A Decade Of Government Pre-Seed Investment

More publicly-funded science is being commercialised after a decade of government ‘pre-see’d investment, according to an independent review. More>>


Solid Energy: Plan To Shut Unprofitable Huntly East Mine

Solid Energy, the state-owned coal miner in voluntary administration, plans to shut down its unprofitable Huntly East mine and lay off 65 staff after deciding the site stands "no chance whatsoever" of finding a buyer. More>>


E Tū: Merger Creates NZ's Biggest Private Sector Union

E tū has been created by the merger of the Engineering, Printing and Manufacturing Union and Service and Food Workers’ Union. It represents more than 50,000 working New Zealanders in industries as diverse as aviation, construction, journalism, food manufacturing, mining and cleaning. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news