Strategic breaches likely: FMA
The Financial Markets Authority says six directors of Strategic Finance are likely to have breached the Securities Act.
Thursday, February 7th 2013, 10:18AM
The FMA has been investigating the company, which is in receivership.
The apparent breaches relate to statements made in a registered prospectus, investment statement and in an advertisement between March 2008 and August 2008.
The directors are Kerry Finnigan, Graham Edward Jackson, Marcel Aubrey Lindale, Timothy John Rich, Denis Grenville Thom and David John Wolfenden.
Strategic went into receivership in March 2010 owing approximately 11,000 investors $383 million.
FMA has notified the directors of its findings and agreed to provide them with an opportunity to respond to the proposed claim before civil proceedings are filed.
Head of enforcement Belinda Moffatt said: "FMA's role as a publicly-funded litigant, acting in the public interest, necessitates this announcement to keep the market and investors informed.”
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