Charges dismissed
Ajudgein the District Court at Auckland has thrown out all the securities charges levelled against two of New Zealand’s longest serving planners, Roger Moses and Gary Stevens.
The two men faced 70 charges between them when their trial began a fortnight ago.
Under the charges it was alleged that the two men, as directors of Reeves Moses Hudig Mortgage Brokers Ltd and Reeves Moses Hudig Nominee Co Ltd, distributed, or allowed to be distributed, misleading and incorrect offer and allotment documents to the public.
The charges related to development loans on four projects in 1999. The official assignee charged Moses and Stevens, as directors of Reeves Moses Hudig Mortgage Brokers Ltd, after there was a substantial shortfall, or risk of shortfall, on the loans.
Interest for investors, supposedly prepaid for the full term of the loans, was in most cases not retained at all. Investors were also told draw-downs would only be allowed once a valuer’s completion certificate was signed.
Reeves Moses’ mortgage manager at the time, Peter Van Nieuwkoop, is to face trial on similar charges. He is alleged to have altered documents and made changes, such as to the interest prepayments, without authorisation.
Reeves Moses is now owned by Harts Australia.
Recommended for you
High-net-worth advisers seeking to grow their businesses are likely to find alternatives to be a key part of the puzzle amid investor demand, according to Praemium’s head of private wealth.
The financial advice profession has lifted back above the 15,500 mark this week thanks to a double-digit net rise in adviser numbers, according to Wealth Data.
A closer watch on licensees that fall short on cyber security protections is among a dozen new enforcement priorities announced by the corporate regulator for 2025.
Research house Morningstar has welcomed a new director for manager research to cover Australian and New Zealand fund managers.
