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SFO confirms investigation into American funds provider

SFO confirms investigation into American funds provider

The Serious Fraud Office (SFO) has confirmed a formal investigation has been commenced into the New Zealand activities of United States based funds provider, Brockstar Group (Brockstar).

Acting SFO Chief Executive, Simon McArley, confirmed that there is reason to suspect that an investigation may disclose serious or complex fraud. Accordingly a Part I investigation had been commenced.

The SFO investigation arises out of two other SFO cases. During both the B’on Financial Services and Derivatek investigations it was alleged that parties involved had sought funding from Brockstar. In both cases substantial sums had been paid as advanced fees in an attempt to secure loans. The loans were never received and the advance fees were not returned.

“The desire to meet these fees may have driven the conduct that was the subject of both investigations. It is important that we address these drivers of financial crime, and in doing so prevent further losses to the New Zealand public,” Simon McArley said.

He also cautioned that the conduct may not have occurred in New Zealand, and would be outside the New Zealand jurisdiction.

“However at the very least we can raise the matter with the US and other overseas agencies with whom we have ties, and see if they are in a position to initiate some action,” he said.

The SFO are interested to hear from anybody who has had interactions with Brockstar. Contact details for the Office are: free phone within New Zealand 0800 109 800 or from overseas +64 (9) 303 0121 or email complaints@sfo.govt.nz

ENDS

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