2 Comments 2 Comments"I can confirm that the Institute has received his resignation," said IFA president Nigel Tate.
The resignation comes after Moses was convicted at the High Court last week of five charges laid under the Securities Act alongside fellow Nathans directors Mervyn Doolan and Donald Young.
"For me it indicates he's probably thinking about the reputation of the Institute which is a positive thing, and I think he's come to the conclusion that there's no point in causing any ill will or any issues beyond what's already happened," Tate said.
"It was probably something that would have been inevitable anyway, we have a disciplinary process that would have to be followed which is quite elongated, quite intense. If it was to be taken right through that process then the result would probably be very similar. I think this has probably circumvented things.
"I can't say that it was inevitable that he would go, inevitable he would have been found guilty, but I can say it is highly likely he would have had to go through the process and its to his credit that he's taken responsibility and resigned."
Justice Heath found the three men guilty of five counts of distributing untrue statements in prospectuses and advertisements and remanded them on bail until sentencing on September 2.
The verdict was welcomed by Financial Markets Authority (FMA) Sean Hughes, who said it sent a clear message of responsibility.
He said it "reinforced the responsibility that every director of an issuer has to provide truthful and complete information to investors.
"This verdict will also send a clear signal to investors that it's safer to enter the markets, with greater policing of behaviour, and this will contribute to capital markets growth over time."
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Anyway, since when has resigning from the IFA circumvented a disciplinary action aganst a Member? I take it the IFA will not impose the same standards in this case as it has in several others? And how about Carey Church? Is the IFA going to proceed down its presecribed path? It would be interesting to see whether the Disc Comm would agree with the High Court beak in that case, or in fact come up with a different answer.