The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko - has today issued an Interim Stop Order (Order) to Validus and Associates (registered in Delaware, USA) pursuant to section 465 of the Financial Markets Conduct Act 2013 (the Act).
While this Order is in force, Validus and Associates are prohibited from:
- making offers, issues, sales or other acquisitions or disposals of financial products promoted under the brand or name Validus; and
- accepting applications for financial products promoted under the brand or name Validus; and
- distributing any restricted communication that relates to:
- the offer, or intended offer, of financial products promoted under the brand or name Validus; and/or
- the supply, or possible supply, of a financial advice service to any person; and
- accepting further contributions, investments, or deposits in respect of financial products promoted under the brand or name Validus; and
- supplying a financial advice service to any person; and
- supplying the financial service of keeping, investing, administering, or managing money, securities, or investment portfolios on behalf of other persons.
The FMA considers that making this Order is in the public interest because there is real risk of investor harm arising from activities of Validus and Associates, that appear to be dishonest and misleading and not to comply with the Act or the regulations made under the Act.
The FMA reinforces its warning that the public should exercise caution in dealing with this company and its associates. The FMA also encourages people to come forward with any complaints or information about this entity, at
