SECCOM: NZX: News Release - Investment adviser and broker banned

14 Jun 2010 2:28 pm

NZX 14/06/2010 SECCOM

REL: 1428 HRS NZX Limited

SECCOM: NZX: News Release - Investment adviser and broker banned

News release 14 June 2010

Investment adviser and broker banned

Former Timaru-based investment adviser Neville Ian Cant, found guilty of forgery and theft, is banned from operating as an adviser or investment broker for five years.

The Securities Commission had received a number of complaints regarding investment schemes established by Mr Cant.

He is also banned from acting as an employee or agent of an investment adviser or broker in any way that would allow him to give investment advice, or receive investment money or investment property from a member of the public. Neither is he allowed to direct, promote or manage for five years any investment adviser or broker companies.

The ban applies for five years and is made under section 43N of the Securities Markets Act 1988.

The ban is an automatic result of Mr Cant's conviction under the Crimes Act of crimes involving forgery and theft by a person in a special relationship. The Charges were pursued by the Police.

Mr Cant and his companies, Investment Management Limited and Combined Financial Services Limited, were found guilty of offering and allotting securities without a registered prospectus and investment statement for the proportionate ownership scheme known as 'The Gables Proportionate Ownership Scheme', as required by the Securities Act.

The Securities Act charges were pursued by the Ministry of Economic Development on referral from the Securities Commission.

Mr Cant was last week sentenced to 14 months imprisonment and ordered to pay $100,000 reparation on the two Crimes Act charges, and was fined $40,000 on each of the two Securities Act charges. His companies were also each fined $14,000 on each of the two Securities Act charges.

As a consequence of his Crimes Act convictions, Mr Cant is also banned from being a director and manager of any company for a period of five years, under section 382 of the Companies Act 1993.

Ends Contact: Roger Marwick ph 04 471 7659 End CA:00196071 For:NZX Type:SECCOM Time:2010-06-14:14:28:52

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