The man managed to solicit almost NZ$100,000 from consumers under the scheme, the FMA said.
The Financial Markets Authority (FMA) of New Zealand, announced this Wednesday that it has accused a man of soliciting funds from investors for a foreign Exchange (Forex) service which didn’t exist.
The New Zealand regulator has charged the man, who has not been named, with offenses under the Crimes Act and the FMA Act at the Manukau District Court. The watchdog alleges that he contacted people and convinced them to ‘invest’ by transferring money into bank accounts he controlled.
Then, after incorporating a company, he continued to cold-call residents of New Zealand to promote the non-existent FX service. By doing this, he managed to solicit just under NZ$100,000 ($65,431), the FMA states.
According to the statement published today, neither the man accused of the fraud nor his company was authorized or licensed by the FMA. Nonetheless, he allegedly told the people who he tricked the money out of, that he would invest the funds on their behalf.
Specifically, the man has been charged with:
Sixteen charges of obtaining by deception under Section 240 of the Crimes Act 1961
Three charges of dishonestly using a document under Section 228 of the Crimes Act 1961
Two charges of obstruction of the FMA’s powers under Section 61 (1) (b) of the Financial Markets Authority Act 2011.
Man Accused of FX Scam Could Face 7 Years in Jail
If found guilty, the man could incur a maximum penalty of 7 years imprisonment and a fine worth NZ$300,000 ($196,308). The first hearing is scheduled for the 12th of June this year.
Commenting on the issue, Karen Chang, FMA Head of Enforcement said: “The FMA will take enforcement action where it sees conduct at the perimeter of financial markets that harms investors or could damage the reputation of New Zealand’s financial markets.”
“Investors should always check if the person or company they are dealing with is licensed by the FMA, which provides basic protections.”
In addition to the initial wrongdoing, the FMA has also accused the man of prohibiting it from using its powers during the investigation. This was achieved by giving false evidence when responding to a notice that was issued to him under section 25 of the Financial Markets Authority Act 2011.
The New Zealand agency has not revealed the name or business of the man accused, as it is not clear whether name suppression will be sought.
The Financial Markets Authority (FMA) of New Zealand, announced this Wednesday that it has accused a man of soliciting funds from investors for a foreign Exchange (Forex) service which didn’t exist.
The New Zealand regulator has charged the man, who has not been named, with offenses under the Crimes Act and the FMA Act at the Manukau District Court. The watchdog alleges that he contacted people and convinced them to ‘invest’ by transferring money into bank accounts he controlled.
Then, after incorporating a company, he continued to cold-call residents of New Zealand to promote the non-existent FX service. By doing this, he managed to solicit just under NZ$100,000 ($65,431), the FMA states.
According to the statement published today, neither the man accused of the fraud nor his company was authorized or licensed by the FMA. Nonetheless, he allegedly told the people who he tricked the money out of, that he would invest the funds on their behalf.
Specifically, the man has been charged with:
Sixteen charges of obtaining by deception under Section 240 of the Crimes Act 1961
Three charges of dishonestly using a document under Section 228 of the Crimes Act 1961
Two charges of obstruction of the FMA’s powers under Section 61 (1) (b) of the Financial Markets Authority Act 2011.
Man Accused of FX Scam Could Face 7 Years in Jail
If found guilty, the man could incur a maximum penalty of 7 years imprisonment and a fine worth NZ$300,000 ($196,308). The first hearing is scheduled for the 12th of June this year.
Commenting on the issue, Karen Chang, FMA Head of Enforcement said: “The FMA will take enforcement action where it sees conduct at the perimeter of financial markets that harms investors or could damage the reputation of New Zealand’s financial markets.”
“Investors should always check if the person or company they are dealing with is licensed by the FMA, which provides basic protections.”
In addition to the initial wrongdoing, the FMA has also accused the man of prohibiting it from using its powers during the investigation. This was achieved by giving false evidence when responding to a notice that was issued to him under section 25 of the Financial Markets Authority Act 2011.
The New Zealand agency has not revealed the name or business of the man accused, as it is not clear whether name suppression will be sought.
eToro Welcomes Back Naomi Rarmani as Head of Compliance Operations
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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