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Ponzi scheme alleged

Wednesday, February 8th 2017, 11:09AM

A not guilty plea has been entered in relation to an alleged $6 million Ponzi scheme.

Charges have been filed by the Serious Fraud Office against Shane Richard Scott.

The SFO alleges Scott was operating a Ponzi scheme, using money obtained from new investors to pay returns to previous investors. The SFO alleges there was no direct evidence of any legitimate investments in this case.

The long-term investors became involved with Mr Scott on the understanding that their money was being invested in brokering deals in Thailand, as well as some additional miscellaneous investments, including diamond trade, South African trade deals, and an investment in a chicken farm in New Caledonia.

Short term-investors became involved with Scott from about 2008. Scott received payments from them after promising high returns in relation to supposed property developments and exporting/importing deals.

SFO director Julie Read said: “People who are thinking about investing need to do their own due diligence and get appropriate professional advice before committing any money. This simple step might just save an investor or multiple investors from being deceived by false promises of high returns.”

Tags: serious fraud office

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ASB Bank 4.45 2.55 2.69 2.79
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China Construction Bank Special - 2.65 2.65 2.80
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First Credit Union Special 5.85 2.95 3.45 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
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HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
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HSBC Special - - - -
ICBC 3.69 2.45 2.65 2.79
Kainga Ora 4.43 2.93 3.07 3.24
Kiwibank 3.40 3.30 3.54 3.54
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Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
SBS Bank 4.54 3.05 3.19 3.25
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The Co-operative Bank - Owner Occ 4.40 2.55 2.69 2.79
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TSB Bank 5.34 3.29 3.45 3.59
TSB Special 4.54 2.49 2.65 2.79
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