08/19/2019 | Press release | Distributed by Public on 08/18/2019 18:55
MR No. 2019 - 40
19 August 2019
The Financial Markets Authority (FMA) has today welcomed the Auckland High Court convicting Steven Robertson of 38 charges relating to PTT Limited and associated entities.
Mr Robertson was found guilty of the following charges, which were brought by the Crown under the Crimes Act 1961:
Mr Robertson was found to have misappropriated funds deposited by clients who believed that those funds were to be traded on their behalf, or were paid as consideration for the purported purchase of shares in PTT Limited or an associated entity. Mr Robertson was also found to have withdrawn funds from credit card accounts of some clients without the client's authority and knowledge.
Karen Chang, FMA Head of Enforcement, said: 'We are satisfied with this verdict, as Mr Robertson's actions harmed many New Zealanders.'
Mr Robertson was remanded in custody ahead of sentencing on 30 October 2019. The FMA will further comment on the case after sentencing.
Senior Adviser, Media Relations
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