The Financial Markets Authority (FMA) has filed criminal charges against Steven Robertson in the Auckland District Court under the Crimes Act 1961.
Mr Robertson faces a total of 47 charges relating to PTT Limited and associated entities.
- 28 counts of theft by a person in a special relationship, under section 220 of the Crimes Act 1961. This carries a maximum penalty of 7 years imprisonment per charge.
- 11 counts of obtaining by deception under section 240 of the Crimes Act 1961. This carries a maximum penalty of 7 years imprisonment per charge.
- 8 counts of dishonestly taking or using document under section 228 of the Crimes Act 1961. This carries a maximum penalty of 7 years imprisonment per charge.
It is alleged Mr Robertson misappropriated funds deposited by clients who believed those funds were to be traded on their behalf or were paid as consideration for the purported purchase of shares in PTT Limited or an associated entity.
The FMA also alleges that some clients had funds withdrawn from their credit card accounts without their authority and knowledge.
Karen Chang, FMA Head of Enforcement, said, “The FMA will monitor and take enforcement action where it sees conduct on its perimeter that could harm investors or damage the reputation of New Zealand’s financial markets.”
Mr Robertson was not an Authorised Financial Adviser or otherwise authorised or licensed by the FMA but held himself out as investing funds deposited with him by clients.
Asset Preservation Orders in connection with Steven Robertson, PTT Limited and associated entities were sought and obtained in August 2015 in light of concerns that investor funds may have been at risk. PTT Limited and associated entities were placed in liquidation in December 2015.
Mr Robertson’s first appearance is scheduled for 28 November 2017.