A man has appeared in the Christchurch District Court on charges filed by the Serious Fraud Office in relation to an alleged foreign exchange (Forex) trading scheme purportedly operated by Arena Capital Limited trading as BlackfortFX.
Jimmie McNicholl has been charged under the Crimes Act with one count of obtaining by deception, Another person has been charged and is yet to appear in court.
The SFO alleges that BlackfortFX obtained registration as a financial services provider by deception. Between May 2014 and May 2015 BlackfortFX is alleged to have been used as a façade purporting to offer a Forex trading service/platform to potential investors.
The SFO alleges that BlackfortFX was a ponzi scheme into which investors paid approximately $8.3 million when there was in fact, no trading undertaken.
In May 2015 the Financial Markets Authority obtained asset preservation orders which lead to the appointment of a receiver and a liquidator.
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