Platinum investors warned

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The Securities Commission is warning New Zealand investors in an Australian based fund, the Platinum International Fund about unsolicited mail from Geared Equities.

Thursday, December 23rd 2004, 12:13AM

Geared Equities, registered in New Zealand as GEI Marketing, recently sent a letter to investors of the Platinum International Fund about investors’ ability to borrow against their investments. The letter invited investors to contact Geared Equities before 21 January 2005.

The unsolicited letter also included a statement claiming that the Securities Commission was aware that Geared Equities was writing to Platinum investors. The Commission has received a number of complaints about this statement in the letter.

Platinum investors should not rely on this statement, the Commission says.

"The Commission was not aware that the letter was being sent by Geared Equities.

"The letter appears to imply that the Commission approves or endorses Geared Equities’ approach to investors. The Commission does not approve or endorse Geared Equities’ letter or any other promotions or offers."

Geared Equities states that it complied with Australian law. Nevertheless the Commission warns investors to be cautious of such unsolicited offers and to seek specialist investment advice before taking up such offers.

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