Celebrating 25 Years of Scoop
FMA statement on Blackfort/Arena sentencing
FMA statement on Blackfort/Arena
sentencing
The Financial
Markets Authority acknowledges the sentencing today in the
Serious Fraud Office’s criminal prosecution of Mr Jimmy
McNicholl and Mr Lance Ryan, also known as Lance Jared
Thompson. These individuals were prosecuted in relation to a
Ponzi scheme in Christchurch that resulted in hundreds of
people investing a total of $8.3m.
The FMA secured asset preservation orders in May 2015 after serious concerns were raised about the activities of Blackfort/Arena, and referred the investigation to the SFO.
Nick Kynoch, General Counsel at the FMA said, “Mr McNicholl and Mr Ryan have caused serious distress and harm to the investors in this fraudulent scheme. We are pleased that they have been successfully prosecuted and held to account for their actions, while acknowledging that hundreds of people remain out of pocket.
It is also significant that the SFO successfully brought criminal charges for deceiving the FMA. This reflects that there are serious repercussions for misleading the regulator.”
The SFO media release can be found here
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