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

 

Budget Policy Statement: Spending Wins Over Tax Cuts; Big Ticket Items Get Boost

Income tax cuts are on hold as the government says “responding to the earthquakes and reducing debt are currently of higher priority”, although election year tax sweeteners remain possible. More>>

ALSO:

Fishy: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news