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

 

FMA charges Steven Robertson with stealing investor funds

FMA charges Steven Robertson with stealing investor funds

By Rebecca Howard

Oct. 26 (BusinessDesk) - The Financial Markets Authority has filed 47 criminal charges against Steven Robertson in the Auckland District Court accusing him stealing investor funds while purporting to be financial adviser.

The charges include 28 counts of theft by a person in a special relationship, 11 counts of obtaining by deception and eight counts of dishonestly taking or using document. Each carries a maximum penalty of seven years imprisonment per charge.

"It is alleged Mr Robertson misappropriated funds deposited by clients who believed those funds were to be traded on their behalf or were paid as consideration for the purported purchase of shares in PTT Limited or an associated entity," the FMA said. It also alleges that some clients had funds withdrawn from their credit card accounts without their authority and knowledge.

Robertson was not an authorised financial adviser or otherwise authorised or licensed by the FMA but held himself out as investing funds deposited with him by clients.

In 2015 the FMA secured interim asset preservation orders from the High Court in Auckland over the assets of PTT Limited, Steven Robertson and associated entities, as part of an ongoing investigation. It cited concerns that client funds may be at risk and the company may be operating in breach of financial market legislation.

At the time, John Fisk and David Bridgman of PwC were appointed receivers and managers of PTT and six other associated entities, on a limited basis. An initial report to the High Court indicated the PTT Group was estimated to have collected $4.4 million from third-parties between 2013 and 2015.

Robertson’s first appearance is scheduled for Nov. 28.

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Government: Delivering Lower Card Fees To Business

Commerce and Consumer Affairs Minister David Clark has today announced the Government’s next steps to reduce merchant service fees, that banks charge businesses when customers use a credit or debit card to pay, which is estimated to save New Zealand businesses ... More>>

SEEK NZ Employment Report: April 2021

OVERVIEW OF APRIL 2021: STATE OF THE NATION: April, for the second consecutive month, saw the highest number of jobs ever advertised on seek.co.nz. Applications per job ad fell 9% month-on-month (m/m). SEEK job ads were up by 12% m/m. SEEK job ads were ... More>>

Commerce Commission: Warns Genesis Over Business Billing Errors

The Commerce Commission has issued a warning to Genesis Energy Limited about billing errors concerning electricity line charges to business customers. Genesis reported the errors to the Commission. The Commission considers that Genesis is likely to ... More>>

Stats: Lower Job Security Linked To Lower Life Satisfaction

People who feel their employment is insecure are more likely than other employed people to rate their overall life satisfaction poorly, Stats NZ said today. New survey data from the March 2021 quarter shows that 26 percent of employed people who thought ... More>>

The Conversation: The Outlook For Coral Reefs Remains Grim Unless We Cut Emissions Fast — New Research

A study of 183 coral reefs worldwide quantified the impacts of ocean warming and acidification on reef growth rates. Even under the lowest emissions scenarios, the future of reefs is not bright. More>>

The Conversation: Why Now Would Be A Good Time For The Reserve Bank Of New Zealand To Publish Stress Test Results For Individual Banks

Set against the backdrop of an economy healing from 2020’s annus horribilis , this week’s Financial Stability Report (FSR) from the Reserve Bank (RBNZ) was cautiously reassuring: the country’s financial system is sound, though vulnerabilities remain. More>>