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Grandfathers face court charges

Two of the founders of the financial planning industry face charges in court.

Friday, March 16th 2001, 6:52AM

Two of the grandfathers of the financial planning industry are facing charges over problems associated with Reeves Moses contributory mortgage scheme.

Reeves Moses founders Roger Moses and Gary Stevens, along with the company's former mortgage manager Peter Nieuwkoop have been charged with offences under the Securities Act and the Securities Act (Contributory Mortgage) Regulations.

The charges have been bought by the Crown Solicitor following a Companies Office National Enforcement Unit investigation.

They relate to $23.8 million worth of contributory mortgages Reeves Moses put its clients into in 1998.

Brisbane-based Harts Group, which bought Reeves Moses from ASB Bank subsidiary Sovereign more than a year ago, said previously that a pre-listing internal audit revealed that "a number (of the mortgages) contained breached of the Contributory Mortgage regulations, some of which could have resulted in a loss to contributors."

Harts and Sovereign spent $23.8 million last year buying investors out of the mortgages.

None of the investors have lost money in the deal.

A four day judicial conference will be held for Moses and Stevens at the start of April and a five day defended hearing for Nieuwkoop has been set down to begin on April 30.

The charges the trio currently face in the Auckland District Court relate to the way the mortgages were written and whether they complied with the laws relating to contributory mortgages.

It is understood charges relating to things such as losses are likely to be laid against various people by other parties later. However, no charges have been laid in this area and no names have mentioned.

Harts New Zealand boss John O'Sullivan says the problems with the contributory mortgage business have been sorted out and it is now running very well.

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AMP Home Loans $200k+ 7.14 5.59 6.09 6.45
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Credit Union South 5.75 - - -
eMortgage 6.04 6.15 6.69 7.19
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
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General Finance 5.95 6.25 6.50 7.10
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Heretaunga Building Society 6.70 5.70 5.80 -
Housing NZ Corp 6.74 5.70 6.09 6.29
HSBC Premier 6.84 5.65 5.65 5.65
HSBC Premier LVR > 80% - - - -
HSBC Special - 5.29 5.29 5.29
ICBC 6.75 5.99 6.39 -
Kiwibank 6.65 5.69 6.09 6.29
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Kiwibank - Capped - - - -
Kiwibank - Offset 6.55 - - -
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Liberty - - - -
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SBS Bank 6.65 5.69 5.39 5.69
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Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 5.99 6.09 6.39
Sovereign Special - 5.59 5.39 5.59
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