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Guilty pleas for FMA prosecutions

Guilty pleas for holding out as being in the business of providing financial services and obstructing FMA investigation

Garry James Patterson has pleaded guilty to two charges brought by the Financial Markets Authority (FMA) at the Christchurch District Court.

The FMA brought charges against Mr Patterson under the Financial Service Providers (Registration and Dispute Resolution Act) 2008 (FSP Act) in relation to various insurance policies between 1 July 2013 and 28 May 2015. To be in the business of providing financial services, individuals must be registered and a member of an approved dispute resolution scheme under the FSP Act and the Financial Advisers Act 2008.

The FMA also brought charges against Mr Patterson in relation to its investigation into his conduct under the Financial Markets Authority Act 2011 (FMA Act).

Mr Patterson entered guilty pleas for two charges:

• Holding out that he was in the business of providing financial services when not registered or a member of an approved dispute resolution scheme under section 12 of the FSP Act; and
• Obstructing the FMA’s investigation by refusing or failing to comply with a notice issued under section 25 of the FMA Act to attend an interview without reasonable excuse under section 61 of the FMA Act.

Sentencing is scheduled for 17 April 2018. We will provide further comment after sentencing.

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