Receivers appointed to BlackfortFX on FMA application
FMA acts over risk to client funds.
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Forex company Arena Capital, trading as BlackfortFX, has been placed in receivership after the High Court granted an application by the Financial Markets Authority.
Grant Graham and Neale Jackson of KordaMentha were appointed receivers and will provide a report on the company’s affairs by June 18.
The FMA said last week it was investigating Arena over concerns investor funds could be at risk.
In High Court action in Christchurch last Thursday the FMA obtained asset preservation orders over the assets of Arena/BlackfortFX and associated persons.
In a statement, the FMA said Arena is registered on the Financial Services Provider Register “and purports to offer foreign exchange services to clients.
“The FMA is concerned that Arena may be operating in breach of financial markets legislation.”
Contacted last week Arena director Jimmie McNicholl said he had just appointed legal counsel.
“It’s in the hands of my lawyers,” he said. “I’ve got nothing to say at the moment.”
BlackfortFX’s website lists its address as Level 31 of Auckland’s Vero Centre, which corresponds to the address of serviced and virtual office provider Servcorp.
McNicholl’s director consent form lodged with the Companies Office was completed by Lance Jack Ryan who in 2005 was convicted of welfare fraud after stealing the identities of five dead people.Ryan, who has reportedly also used the name Lance Jared Thompson, wasa director of two firms placed in liquidation in the last two years - Q Technology and Hygiene Foundation.
The sole shareholder of both companies was The Investment Foundation of New Zealand, which was itself placed in liquidation last August.
Tim Hunter
Thu, 28 May 2015
Thu, 28 May 2015
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Receivers appointed to BlackfortFX on FMA application
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