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

 

Rodney McCall (aka Rodney Crichton) Pleads Guilty To Crimes Act And FMA Act Charges

Rodney McCall, also known as Rodney Crichton, has today plead guilty to charges brought by the Financial Markets Authority (FMA).

In the Manukau District Court, Mr McCall plead guilty to:

  • Two representative charges of obtaining by deception under section 240 of the Crimes Act 1961;
  • One representative charge of dishonestly using a document under section 228 of the Crimes Act 1961; and
  • Two charges of obstruction of the FMA’s powers under section 61(1)(b) of the Financial Markets Authority Act 2011.

The FMA filed 21 charges against Mr McCall in May 2019, which have been grouped as representative charges.

Mr McCall cold called people and convinced them to ‘invest’ by transferring money into bank accounts he controlled, obtaining just under $100,000 from the people he contacted. The investments made to him were instead spent by him on personal expenditure.

The initial investors were also investors in PTT Limited, which Mr McCall used to work for. PTT’s director, Steven Robertson, was last year sentenced to six years, eight months’ imprisonment and his appeal to reduce his sentence was rejected by the Court of Appeal last week.

After incorporating a company, Morgan Cooper Limited, Mr McCall contacted other investors to promote a foreign exchange investment service which did not exist. Neither he, nor his company was authorised or licensed by the FMA, but he claimed he would invest funds on investors’ behalf.

Mr McCall also obstructed the exercise of the FMA’s powers during the investigation by providing false evidence in purported compliance with a notice issued to him under section 25 of the Financial Markets Authority Act 2011.

The FMA said this was an important case because Mr McCall preyed on vulnerable people, including re-victimising those who had invested with PTT Limited, purporting to offer a legitimate investment prospect. This was compounded by Mr McCall’s obstruction of the FMA’s investigation, which led to additional charges.

The regulator will comment further at sentencing.

Sentencing has been scheduled for 23 July 2020 at 11.45am in the Manukau District Court.

The maximum penalty for each of the charges under the Crimes Act is seven years imprisonment. The maximum penalty for obstruction of FMA powers is a fine $300,000.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 




Air New Zealand: Employees Recognised With $1,000 Share Award

The efforts Air New Zealand employees made during one of the airline’s toughest years will be recognised via an award of $1,000 worth of company shares to all permanent employees... More>>

Consumer NZ: Bank Complaints On The Rise, Survey Shows

Nearly one in five Kiwis had a problem with their bank in the past year, Consumer NZ’s latest satisfaction survey finds. Consumer NZ chief executive Jon Duffy said the number of bank customers reporting problems had jumped to 18%, up from 11% in 2020... More>>

Federated Farmers: Applauds UK-Australia Free Trade Deal

News that Australia and the UK have signed a free trade agreement is a promising step forward in the fight against tariffs and protectionism, Federated Farmers says.
"It reinforces the international rules-based trading framework and is important for rural producers and global consumers," Feds President Andrew Hoggard says... More>>




ASB: New Zealanders Missing Out On Hundreds Of Millions In KiwiSaver Government Contributions

New Zealanders have just over a week to ensure they’re eligible for the maximum annual government KiwiSaver contribution... More>>


Stats NZ: GDP Climbs 1.6 Percent In March 2021 Quarter Following December Dip

Gross domestic product (GDP) rose by 1.6 percent in the March 2021 quarter, following a 1.0 percent fall in the December 2020 quarter, Stats NZ said today. "After an easing of economic activity in the December quarter, we’ve seen broad-based growth in the first quarter of 2021... More>>

Reserve Bank: Debt Serviceability Restrictions Added To Policy Toolkit

The Reserve Bank – Te Pūtea Matua and the Minister of Finance have agreed to update their shared Memorandum of Understanding (MoU) on macro-prudential policy and add debt serviceability restrictions to the list of potential tools available... More>>