A raft of criminal charges have been filed by the FMA against Steven Robertson
The Financial Markets Authority (FMA) has filed 47 criminal charges against Steven Robertson in the Auckland District Court.
The charges relate to PPT and associated entities. Robertson’s first appearance on these charges is scheduled for 28 November.
Robertson faces 28 counts of theft by person in a special relationship, 11 counts of obtaining by deception, and eight counts of dishonestly taking or using documents – each charge carries a maximum penalty of seven years imprisonment.
Robertson allegedly misappropriated funds deposited by clients who believed those funds were to be traded on their behalf or were paid as consideration for the purported purchase of shares in PTT or an associated entity.
The FMA also alleged that some clients had funds withdrawn from their credit card accounts without their authority and knowledge.
FMA Head of Enforcement Karen Chang said: “The FMA will monitor and take enforcement action where it sees conduct on its perimeter that could harm investors or damage the reputation of New Zealand’s financial markets.”
Robertson was not an Authorised Financial Adviser or otherwise authorised or licensed by the FMA but held himself out as investing funds deposited with him by clients.
In 2015, assets of Robertson, PTT and associated entities were frozen in light of concerns that investor funds may have been at risk. PTT and associated entities were also placed in liquidation.
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The charges relate to PPT and associated entities. Robertson’s first appearance on these charges is scheduled for 28 November.
Robertson faces 28 counts of theft by person in a special relationship, 11 counts of obtaining by deception, and eight counts of dishonestly taking or using documents – each charge carries a maximum penalty of seven years imprisonment.
Robertson allegedly misappropriated funds deposited by clients who believed those funds were to be traded on their behalf or were paid as consideration for the purported purchase of shares in PTT or an associated entity.
The FMA also alleged that some clients had funds withdrawn from their credit card accounts without their authority and knowledge.
FMA Head of Enforcement Karen Chang said: “The FMA will monitor and take enforcement action where it sees conduct on its perimeter that could harm investors or damage the reputation of New Zealand’s financial markets.”
Robertson was not an Authorised Financial Adviser or otherwise authorised or licensed by the FMA but held himself out as investing funds deposited with him by clients.
In 2015, assets of Robertson, PTT and associated entities were frozen in light of concerns that investor funds may have been at risk. PTT and associated entities were also placed in liquidation.
Related stories:
FMA files insider trading charges
SFO names group charged for alleged mortgage fraud
