FMA files criminal charges over Forestlands investment scheme

Wed, 09 Sep 2020

The Financial Markets Authority has filed criminal charges against an unnamed individual involved in Forestlands Group for alleged disclosure and financial record keeping breaches. The FMA said security arrangements of a million-dollar loan were knowingly omitted from financial statements, misrepresenting the financial position to investors. The three charges under the Financial Reporting Act, filed in the Nelson District Court, carry a maximum penalty of five years imprisonment and a fine of up to $200,000. Other charges include multi...

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