FMA to pursue Strategic Finance directors over 'likely' Securities Act breaches

Wed, 06 Feb 2013

Feb. 7 (BusinessDesk) - The Financial Markets Authority is preparing to file civil actions against the six directors of the failed finance company, Strategic Finance, saying it's concluded they are "likely to have breached the Securities Act". The apparent breaches were in a prospectus, advertisement and investment statement issued between March and August 2008. Strategic went into receivership in March 2010 owing approximately 11,000 investors $383 million, having been under moratorium arrangements since 2008. The directors involved are Ker...

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