Wednesday 8th February 2017
|Text too small?|
Shane Scott, whose interim name suppression lapsed today, has pleaded not guilty in the Auckland District Court to running a $6 million Ponzi scheme.
He first appeared in court on Jan. 17 facing four charges of obtaining by deception, 23 charges of theft by a person in a special relationship, one charge of using a document with intent to defraud, and two charges of obtaining by false pretence, the Serious Fraud Office said in a statement. A trial date hasn't been set yet, and Scott has been remanded on bail.
The white-collar crime investigator says Scott operated a Ponzi scheme, using funds from new investors to pay returns to existing ones, and that there was no evidence of any legitimate investments in the case. The long-term investors believed Scott was investing their money in brokering deals in Thailand and other assets, including the diamond trade, South African trade deals and a chicken farm in New Caledonia, the SFO said.
"People who are thinking about investing need to do their own due diligence and get appropriate professional advice before committing any money," SFO director Julie Read said. "This simple step might just save an investor or multiple investors from being deceived by false promises of high returns."
The law enforcement agency said some of the offending dated back more than a decade, and some investors had lost significant amounts of money.
No comments yet
Auckland Council puts feelers out for construction syndicate capable of $300M+ waterfront build
NZ guest nights rise in November as Australian visitors fill accommodation
Government reconvenes pay equity group, legislation due mid-2018
NZ services sector activity outshines manufacturing in December slowdown
Spark appoints Grant McBeath as interim CEO for home, mobile division
Z Energy cuts annual earnings guidance on rising crude oil prices, supply disruptions
January 23rd Morning Report
NZ dollar gains as US Senate cuts deal to end govt shutdown, stoking risk appetite
CORRECT: Christchurch City Council to get update on Havelock North inquiry response
While you were sleeping: Rally on deal to end US government shutdown