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

 


Forex trader charged over alleged thefts, cover-up

Forex trader charged over alleged thefts, cover-up

Jan 23 (BusinessDesk) - An Auckland foreign exchange trader is facing 15 charges of theft, dishonesty and false statements ina case involving the alleged misappropriation of $837,046 for personal use and mis-statement of clients' financial positions by some $4 million.

The circumstances of the charges, lodged by the Serious Fraud Office in the Auckland District Court, bear similarities to the Financial Markets Authority swoop late last year on Ross Asset Management, now in liquidation, which allegedly held customers at bay by claiming fictitious earnings from funds invested on their behalf.

The latest charges are against 42 year-old Rene Alan Chalmers, a principal of Chalmers Cameron Investments Ltd (CCIL), which traded from 2007 until being placed in liquidation last May, owing investors approximately US$5 million.

The charges of theft by a person in special relationship, dishonestly taking or using document and false statement by a promoter relate to foreign exchange trading on behalf of clients, and to three property purchases occurring in 2011 and 2012.

Chalmers began receiving money from family members and friends through CCIL for the purpose of forex trading in 2007, the SFO said in a statement, and lived in the United Arab Emirates from 2007 to 2011.

From 2009, he started accepting funds from colleagues and acquaintances.

"Although investors believed they were giving Mr Chalmers their money for the express purpose of forex trading, Mr Chalmers was using investor funds contrary to the agreement(s) under which they were accepted and reporting false gains to investors via monthly or quarterly investor statements," the SFO alleges.

“This case continues the current string of investment advisor and broker cases coming to our attention," said acting chief executive for the SFO, Simon McArley. "Those receiving money from others for investment need to be continually conscious of the need to use that money only for the purpose it was given to them and to be truthful when reporting to clients on the position of their investments.”

Chalmers has been remanded on bail and will reappear on Feb 13.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Auckland Outage: Power Mostly Restored Overnight

Vector wishes to advise that all but 324 customers have been restored overnight. These customers are spread throughout the network in small pockets. The main St Johns feeder was restored around midnight allowing most of the customers in all affected areas to have power this morning. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news