AMP adviser defends himself
Sacked AMP adviser Ron Lake says he's done nothing wrong.
Monday, June 8th 1998, 12:00AM
Former Invercargill-based AMP agent Ron Lake, who was sacked for allegedly trading AMP shares prior to listing, says he is not a fraud.Lake says he did facilitate some sales and they were between willing sellers and willing buyers, where the buyers were from out of town.
He says he got no financial benefit from the transactions either through commission or any other payment. Nor had he bought shares in his own name or any associated entity.
AMP last week said its contract with advisers prohibits them from buying and selling shares in the demutualised company before it lists on the New Zealand and Australian stock exchanges on June 15.
It says it ended its contract with Lake as he had broken that arrangement.
It has also been reported Lake was allegedly buying AMP shares from clients at about $5 each, which is well short of the $20 level they are expected to list at on June 15.
He says, "some of these sales took place as far back as January when the share price was predicted to be much lower than it is proposed to be now."
AMP said in October its shares would be worth between A$8.81 and $10.37 each, however that has been increased to A$12.50 to $16.00.
Recently some brokers have been suggesting the shares may hit $20 in early trading.
"The allegations make me out to be fraudulent and that is just not true," he says.
AMP acknowledges it made a mistake in its original press release when it said Lake had been involved in buying shares in his own name.
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