Thursday 18th November 2010 |
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The Securities Commission has confirmed it has laid criminal charges against Huljich Wealth Management director Peter Huljich.
The charges relate to the Huljich KiwiSaver Scheme promoted by Huljich Wealth Management and Peter Huljich.
The Commission alleges Peter Huljich and Huljich Wealth Management misled prospective investors by misrepresenting the investment performance of the scheme's funds in offer documents.
The documents contained graphs comparing the Huljich KiwiSaver Funds' investment performance to other competitor KiwiSaver funds but failed to disclose that the Huljich figures included related party payments made at the direction of Peter Huljich.
Those payments made a significant impact on the Huljich KiwiSaver Funds' investment performance figures.
The Commission also alleges Peter Huljich made untrue statements in the scheme's registered prospectuses which included summary financial performance information but failed to disclose the related party payments.
Criminal charges have been laid summarily under section 58(3) of the Securities Act 1978 which carries a maximum penalty of three months imprisonment or a $300,000 fine and under section 59(1)(c) of the Securities Act 1978 which carries a maximum penalty of a fine of $300,000.
The first call of the charges will be in the Auckland District Court on January 14 2011.
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