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Strategic Finance Ltd: “Duped investors want full disclosure”

June 11, 2014 by SPCS Leave a Comment

Deputy editor of the Fairfax  Business Bureau, Tim Hunter (“Chalkie”) has expressed his doubts today about a statement made by the Financial Marketing Authority (FMA) that six former directors of the Strategic Finance Ltd, who were recently banned for five years from directing a finance company, have ” limited personal assets” (Dompost, June 11, 2014). He implies that it was for this reason that  the FMA took the view that they were unable to contribute anything from their own “piggy banks” to help compensate investors who lost millions due to the company’s collapse, and/or contribute to the settlement made between them and their auditors, and the company’s receivers. He argues: “Most likely, for at least some of them, their assets are held in trusts and arm’s length structures that keep their personal assets to a minimum.”

As examples “Chalkie” highlights the residential addresses given by Strategic Finance directors on the Companies Office website, as required by law, that indicate a wealthy lifestyle with assets held in trust. [Read more…]

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Filed Under: Enforcement Tagged With: David John Wolfenden, Denis Grenville Thom, Financial Markets Authority, FMA, Graham Edward Jackson, Kerry Finnigan, Marcel Aubrey Lindale, Strategic Finance, Timothy John Rich

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