SPCS

SOCIETY FOR PROMOTION OF COMMUNITY STANDARDS INC.

Company director in SFO probe

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The Serious Fraud Office is investigating an exporter of infant milk powder and manuka honey that receivers say collapsed owing more than $1 million.

Nubiotics, owned and directed by Waikato businessman Trevor Lock, entered receivership and liquidation in August last year after falling behind on payments to boutique lender Waikawau Finance.

Nubiotics marketed a range of colostrum-based cosmetics, active manuka honey and infant formula accompanied by impressive-sounding health and scientific claims.

Lock, 54, is described in company literature as having a masters degree in biotechnology and bio-engineering from Waikato University and formerly employed by Anchor as a nutraceuticals development manager. Reports prepared by receiver McDonald Vague show the company had been accepting deposits to provide products, but “had failed to complete” the agreements.

The company’s main asset was listed as $5.1 million of trade debtors, but on further investigation this number rapidly shrank.

For full Story by Matt Nippert, published 19 October 2015, go to:

http://m.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11531213

Robert James Cottle, Infratech Mining (In Liq), The Bellbird Trust, and the 9,999,000 share issue

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Infratech Mining Ltd (In Liq) which was directed by former bankrupt Robert James Cottle, was put into liquidation by one of its creditors on 26 June 2015 in the Nelson High Court. It was 74.05% owned by Infratech Group Ltd, and described by Cottle on Companies Office records as a “Holding Company – passive investment in subsidiary companies”. Private investors, many from Nelson, New Zealand, owned the remaining 25.06% of the company shares. A Liquidation report prepared by the Official Assignee has revealed that $1.9m had been raised by Infratech Mining from shareholders, mostly from the Nelson region, along with total claims by creditors of $4.3m. [Read more…]

Mark Lawrence Ivil accused of defrauding others of $4.28 million since 1990

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The Serious Fraud Office has laid charges against a man they say lived off millions of dollars fraudulently obtained from others.

Mark Lawrence Ivil , 58, was on Thursday charged in the Tauranga District Court with 21 charges of obtaining by deception, 14 of obtaining by false pretence, two of using a forged document and two of obstructing an investigation.

It’s alleged that from 1990 to 2014 he fraudulently obtained $4.28 million. [Read more…]

Alex Swney – Heart of the City founder – sentenced to 5 years jail

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Alex Swney – the disgraced former boss of Auckland’s Heart of the City, has been sentenced to five years and seven months jail.

The 57-year-old, who has admitted to tax evasion and defrauding the business group, appeared in the Auckland District Court on Wednesday.

There will be no minimum non-parole period.

The maximum penalty for the dishonest use of documents charge is seven years in prison.

Swney is the founder and former chief executive of the publicly funded Heart of the City, which promotes businesses in central Auckland. He was granted a temporary reprieve in April, after a sentencing judge fell ill.

Swney was fired last year after the Inland Revenue Department filed charges over $1.8 million of unpaid taxes, and a further $1.3m in penalties and interest.

The ensuing scandal triggered a Serious Fraud Office (SFO) investigation into Swney’s longstanding involvement with the group.

He pleaded guilty to the SFO charges, admitting he had submitted fictitious invoices to Heart of the City which netted him over $2.5m.

For full story go to:

http://www.stuff.co.nz/business/industries/69645518/heart-of-the-city-founder-alex-swney-sentenced-to-5-years-jail

Fraud Office defends difficult prosecution involving acquittal of 2 of 3 SCF chiefs

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The Serious Fraud Office (SFO) is defending its decision to bring charges against three former South Canterbury Finance (SCF) heads after two of the trio were acquitted yesterday.

Former South Canterbury Finance chief executive Lachie McLeod, 50, and former director, accountant Robert White, 70, were found not guilty on all charges by Justice Paul Heath after a long and complex trial.

The pair are now considering legal action against the Serious Fraud Office (SFO) for bringing the charges.

Former director, lawyer Edward Oral Sullivan, 72, was found guilty on five of nine charges, including making false statements and misuse of a document for pecuniary advantage. [He was director of SCF for 20 years from 23/04/90 to 31/03/10].

The SFO’s director, Julie Read, referred to the difficulties in bringing a case of this nature before the court. “This was a difficult and complex prosecution,” she said. [Read more…]