About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Friday, August 29th, 4:25PM
rss
Latest Headlines

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.

« Equitable's downgrade confirmedGet your tax questions answered online »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AMP Home Loans 7.24 5.99 6.39 6.65
AMP Home Loans $200k+ 7.14 5.89 6.29 6.55
AMP Home Loans LVR <80% - - 5.85 6.29
ANZ 6.74 6.05 6.49 6.65
ANZ LVR > 90 6.74 6.55 6.99 7.15
ANZ Special - - 5.99 -
ASB Bank 6.75 6.09 6.40 6.65
ASB Bank Special - - 5.99 -
BankDirect 6.75 6.09 6.99 6.65
BankDirect Special - - 5.99 -
BNZ - Classic - - 5.99 ▼6.19
Lender Flt 1yr 2yr 3yr
BNZ - GlobalPlus 6.74 5.99 6.39 6.59
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 5.99 6.39 6.59
BNZ - TotalMoney 6.74 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.90 6.50 -
Credit Union North 6.45 - - -
Credit Union South 5.75 - - -
eMortgage 6.04 6.15 6.69 7.19
Finance Direct 6.10 6.45 6.69 7.10
Lender Flt 1yr 2yr 3yr
First Credit Union 6.45 - - -
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.15 5.85 5.99 6.25
HBS Special - - - 5.95
Heartland 6.45 6.75 7.00 7.60
Heretaunga Building Society 6.25 5.85 6.50 -
Housing NZ Corp 6.74 5.99 6.19 6.60
HSBC Premier 6.84 5.95 5.95 6.55
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 6.75 5.99 6.39 -
Lender Flt 1yr 2yr 3yr
Kiwibank ▲6.65 5.99 6.39 6.65
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset ▲6.55 - - -
Kiwibank LVR > 80% - - ▼5.89 -
Liberty 5.64 - - -
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society 6.95 6.15 6.60 -
NZ Home Loans 6.85 6.09 6.40 6.65
Perpetual Trust 7.70 - - -
RESIMAC LVR < 80% 6.59 ▲6.35 ▲6.58 ▼6.77
RESIMAC LVR < 85% - - - -
Lender Flt 1yr 2yr 3yr
RESIMAC LVR < 90% - - - -
RESIMAC LW DOC - - - -
SBS Bank 6.15 5.85 5.99 6.25
SBS Bank Special - - - 5.95
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 6.09 6.40 6.65
Sovereign Special - - 5.99 -
The Co-operative Bank 6.70 6.00 6.00 6.25
TSB Bank 6.74 6.00 6.19 6.60
TSB Special - - ▲5.99 -
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac 6.59 6.09 6.39 6.65
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Westpac Special - - 5.99 6.19
Median 6.68 6.03 6.39 6.65

Last updated: 28 August 2014 11:20am

News Quiz

Pathfinder's monthly commentary questions whether world equity markets are in bubble territory given the S&P500 has done what since "the grim days of early 2009"? Their answer is worth reading!

increased 139%

increased 93%

increased 39%

increased 19%

increased 193%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by PHP Developer and eyelovedesign.com