Enforcement activity

CLSA Premium NZ Limited (formerly KVB Kunlun)

After finding CLSAP NZ failed to meet some of its audit and assurance obligations, we imposed conditions on its derivatives issuer licence that prevent the firm from making an offer to, or receiving further funds from, retail investors in relation to derivatives.

Read the media release

Forestlands

We filed criminal charges against an individual in relation to the Forestlands group of companies, for alleged disclosure and financial record keeping breaches.

Read the media release.

Pegasus Markets Ltd

Pegasus Markets Ltd and its New Zealand-based director Michael Reps were found guilty of criminal charges brought by the FMA for breaches of the Financial Service Providers (Registration and Dispute Resolution) Act.

Read the media release

CLSA Premium New Zealand Limited (formerly KVB Kunlun)

We filed civil High Court proceedings against CLSA Premium New Zealand Limited (formerly KVB Kunlun) for alleged breaches of the Anti-Money Laundering and Countering Financing of Terrorism Act. Read the media release. 

Rodney McCall/Morgan Cooper Limited

Rodney McCall pled guilty to charges brought by the FMA related to deceptively obtaining funds that he purported to be investing. He was neither authorised nor licensed to make investments on behalf of others. Read the media release. 

Steven Robertson

The Court of Appeal decided to dismiss a sentence appeal by Steven Robertson, who defrauded victims of $2.1 million through PTT Limited. Read the media release.

ANZ

We filed High Court proceedings against ANZ Bank New Zealand, alleging the bank charged some customers for credit card repayment insurance policies that offered those customers no cover. Read the media release.

Warning to Authorised Financial Adviser

We issued a formal warning to a financial adviser who made recommendations to clients that they urgently move their investments to ‘low risk’ funds in the wake of COVID-19, and failed to clarify that the advice may not be suitable for all clients. Read the media release.

AML warning

We issued a formal warning to Tiger Brokers (NZ) Limited for failing to have several adequate anti-money laundering (AML) protections in place. We also privately warned six other businesses for their AML practices, mainly due to late auditing of their systems and controls. Read the media release.

CBL

We issued two sets of civil proceedings in the Auckland High Court against CBL Corporation Limited (in liquidation), the six directors and the chief financial officer, alleging multiple breaches of the Financial Markets Conduct Act 2013. Read the media release.

FXBTG Financial

The High Court ruled to uphold a direction by the FMA to de-register foreign exchange firm FXBTG Financial Limited from the Financial Service Providers Register (FSPR). FMA issued the direction as FXBTG was not providing financial services to New Zealand customers. Read the Media Release.

Steven Robertson

Steven Robertson was sentenced to six years and eight months in prison, after being convicted on 38 charges related to theft by a person in a special relationship, obtaining by deception, and dishonestly using a document. He was found to have misappropriated funds deposited by clients who believed that 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. He was also found to have withdrawn funds from credit card accounts of some clients without the client’s authority and knowledge. Read the Media Release.

Circle Markets Limited

We issued a formal warning to a non-licensed derivatives issuer and forex provider, Circle Markets Limited, for compliance failures under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. Read the Media Release.

Barry Kloogh

We cancelled the authorisation of Dunedin-based Mr Barry Edward Kloogh to act as a financial adviser, as a result of concerns regarding compliance with his broker obligations under the Financial Advisers Act 2008. The Serious Fraud Office is investigating the activities of Mr Kloogh, after two companies he was the sole director of were placed into liquidation by the Dunedin High Court following an application by the FMA. Read the Media Release.