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Investment adviser banned

Monday 14th June 2010

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

 

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

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.

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. 

An automatic result of Cant's conviction under the Crimes Act of crimes involving forgery and theft by a person in a special relationship include being 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.

He is also banned from being a director and manager of any company for a period of five years.



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