SPI directors hit with $25K court fine
Murray Alcock and Allister Knight pleaded guilty to breaching the Financial Reporting Act last November.
SPI Property Fund’s two directors, Murray Alcock and Allister Knight, have been fined $25,312 each for breaches of the Financial Reporting Act.
SPI is a syndicator of several properties which have failed to deliver to investors.
The sentence was handed down in the High Court in Auckland.
The Financial Markets Authority (FMA) brought three charges against each of the directors, Murray Alcock and Allister Knight, for failing to file audited financial statements for SPI Property Fund to the Registrar of Companies for the years ending 2011, 2012 and 2013. The directors pleaded guilty to the breaches.
The court’s decision sends a further strong signal to companies raising funds from the public that the FMA will take enforcement action when companies persistently fail to meet their obligations, according to Belinda Moffat, FMA director of enforcement and investigations.
In November 2014, Messrs Alcock and Knight provided enforceable undertakings to the FMA.
The undertakings were agreed between the FMA and the directors after the FMA completed its investigation into the conduct of the directors, and reached the view they had breached financial markets legislation.
The directors undertook not to participate in seeking or holding investment funds from the public for five years and to repay some funds to SPI Property Fund investors.
More details in the next issue of NBR NZ Property Investor.
Chris Hutching
Thu, 30 Apr 2015
Thu, 30 Apr 2015
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SPI directors hit with $25K court fine
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