FMA told to hand seized wedding ring back

A woman connected to a gold trader whose firm is being investigated by the Financial Markets Authority has had a wedding ring said to be worth $92,000 returned to her by order of a High Court judge.

Last week Lisa Robertson had a cellphone and wedding ring confiscated after the FMA made asset preservation orders against PTT, of which Steven Robertson is a minority shareholder and associated entities including one to which Ms Robertson is connected.

The FMA says it has concerns PTT’s client funds may be at risk and the company “may be operating in breach of financial market legislation.

“Neither Mr Robertson nor PTT is registered on the Financial Services Provider Register.”

PwC has been appointed as receivers and managers of PTT Ltd, also known as Prosper Through Trading, as well as six associated entities on a limited basis, which allows it to identify and preserve any funds and assets, as well as the names of clients.

PTT says it offers education on currency and commodity trading.

“We can help you break free from the clutches of a boring day job or assist you in establishing an income stream post retirement,” its website says.

Nathan Gedye, QC, is representing PTT and the six entities. Before Justice Pamela Andrews at the High Court at Auckland this morning, he said it was hoped the FMA would relax some of its orders but it hadn’t. He applied for them to be modified urgently.

Mr Gedye said Ms Robertson would seek to be removed from the orders because she is not related to the central allegations. He asked that her ring and cellphone be returned to her.

The lawyer said Ms Robertson needed the phone to contact her children and the ring was of great sentimental value.

He argued she would have to buy a new phone, which would be very difficult, given the family of five only has access to $1000 a week for expenses.

“To ask her to buy a new phone because the FMA needs it is oppressive,” Mr Gedye said.

In response, the receivers’ lawyer – Dale La Hood – said two weeks without the ring would not be oppressive and the phone had not been fully analysed. He said the phone has important evidence and the appropriate action would be for it to be returned in a week.

Justice Andrews ordered the ring to be released immediately and said the phone should be returned by tomorrow but the receivers could seek an order opposing that.

Mr Gedye also applied for the Robertsons’ mortgage payments to be paid fortnightly from their frozen assets. The receivers’ lawyer didn’t oppose the application.

The case will be back in court on September 4.

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