About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Sunday, February 23rd, 10:05AM
Latest Headlines

Contributory mortgage offering troubles

Contributory mortgage man Peter van Nieuwkoop is again in trouble with the Securities Commission.

Wednesday, March 1st 2006, 6:38AM

The commission has accepted an enforceable undertaking from contributory mortgage broker Contributory Mortgage Investments Limited (CMI), its director John Martin and its consultant Peter van Nieuwkoop over three offerings; the Greys Avenue Development Limited first and second mortgages and the Trans Tasman Hotel Corporation Limited mortgage.

The commission says in a statement that it is satisfied that CMI contravened a number of provisions of the contributory mortgage regulations in its offering and management of these mortgages.

“The commission considers that CMI failed to meet the standards of care and good governance that it expects from people who raise funds from the public”, commission chairman Jane Diplock saiys

“Investors may have been misled about the financial state of the borrower, the value of guarantees given and the use of investors’ funds to repay contributions made by trusts associated with Martin and van Nieuwkoop”.

CMI, Martin and van Nieuwkoop have undertaken to:

  • obtain independent legal advice about their securities law obligations
  • upgrade their accounting systems
  • appoint an independent director
  • engage their auditors to perform an enhanced audit role and report to the Commission
  • ensure that contributors are given all information that may be material to their decision to invest; and
  • refrain from offering new contributory mortgages to the public before 31 March 2006.

Van Nieuwkoop has previously had trouble with the authorities over contributory mortgages when he was engaged with now defunct financial planning firm Reeves Moses. He and CMI also were fined in 2004 for breaches of the Securities Act.

« Deposit rate news briefsCredit Union members good savers »

Special Offers

Commenting is closed



Printable version  


Email to a friend
Today's Best Bank Rates
Rabobank 1.75  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
Subscribe Now

Deposit Rates newsletter

Previous News


Most Commented On
News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%


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