Thursday 28th October 2010 1 Comment |
Text too small? |
The Serious Fraud Office has given up pursuing failed property investment group Blue Chip, saying the case fell short of its evidential threshold.
Director Adam Feeley said there is “insufficient evidence for a criminal prosecution.”
The white-collar investigator probed allegations Blue Chip misused purchasers’ deposit money, on-sold previously sold apartments, made unauthorised amendments of loan applications, used false representations to get advances or fees, made false representations to investors, and used false accounting to renovate found Mark Bryers’ home.
“Some may consider that Blue Chip operated in a moral vacuum with high pressures sales techniques and less-than-forthcoming disclosures regarding the nature of the property investments,” Feeley said. “There is insufficient evidence to implicate any particular individual with criminal conduct.”
The SFO will continue to look into the activities of a Blue Chip franchise in the South Island.
Bryers escaped a prison sentence earlier this year when he pleaded guilty to 34 charges relating to the company’s mismanagement and improper accounting, angering more than 2,000 investors owed some $84 million who saw his punishment of a $33,750 fine and 75 hours' community work as inadequate.
Businesswire.co.nz
SPG - Change to Executive Team
BGI - Forgiveness of $200,000 of secured indebtedness
General Capital Subsidiary General Finance Market Update
AFT,Massey Ventures,Gilles McIndoe to develop scar treatmen
April 24th Morning Report
Cheers to many fewer grape harvest spills
GTK - Half-Year Results Announcement Date
Government ends war on farming
Sky and BBC Studios renew expanded, multi-year agreement
AOF - Q1 Improved Trading Performance & FY24 Guidance Maintained