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 It also alleges that some clients had funds withdrawn from their credit card accounts without their authority and knowledge.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

 

Statistics: Food Prices Increase 7.4 Percent Annually
Food prices were 7.4 percent higher in July 2022 compared with July 2021, Stats NZ said today... More>>



REINZ: Market Activity And Prices Continue To Ease, First Home Buyers Start To Return To The Market

New Zealand’s winter property market continues its recent trend, slowing from the pace of sales and price rises of last year — properties stay on the market longer and median prices dip... More>>

FMA: Cigna Admits Making False And Misleading Representations
Cigna Life Insurance New Zealand Limited has admitted to making false and/or misleading representations to customers in proceedings brought by the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko... More>>



Retail NZ: Welcomes Return Of Cruise Ships

“Cruise visitors were big spenders in retail prior to COVID-19, and retailers in Auckland will be celebrating the arrival of P&O’s Pacific Explorer this morning... More>>



ASB: Full Year Results: Building Resilience Today And For Our Future

In its 175th year, ASB has reported a cash net profit after tax of $1,418 million for the 12 months to 30 June 2022, an increase of $122 million or 9% on the prior year... More>>


Commerce Commission: Draft Determination On News Publishers’ Association’s Collective Bargaining Application
The Commerce Commission (Commission) has reached a preliminary view that it should allow the News Publishers’ Association of New Zealand (NPA) to collectively negotiate with Meta and Google... More>>