SFO, FMA probe BlackfortFX
FMA and SFO investigating Christchurch company Arena Capital, trading as BlackfortFX over investor funds.
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Hawke’s Bay
The Financial Markets Authority says it is working with the Serious Fraud Office on an investigation of Christchurch company Arena Capital, trading as BlackfortFX, over concerns investor funds may be at risk.
In High Court action in Christchurch on 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.”
Arena director Jimmie McNicholl said he had been aware of the FMA’s action only since yesterday and had just appointed legal counsel.
“It’s in the hands of my lawyers,” he said. “I’ve got nothing to say at the moment.”
On Tuesday the FMA said it had removed 23 firms from the Financial Services Provider Register and prevented a further 20 firms from completing their registration.
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.
Tim Hunter
Thu, 21 May 2015
Thu, 21 May 2015
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SFO, FMA probe BlackfortFX
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