Securities: NZ investment adviser banned
New Zealands's Securities Commission has banned Neville Ian Cant after he was convicted of forgery and theft.
Timaru-based Cant had been the subject of a number of complaints says the SC and as a result of his conviction he is banned from operating as an adviser or investment broker for five years.
He is also banned from acting as an employee or agent of an investment adviser or broker in any way that would allow him to give investment advice, or receive investment money or investment property from a member of the public. Neither is he allowed to direct, promote or manage for five years any investment adviser or broker companies.
Cant was last week sentenced to 14 months imprisonment and ordered to pay NZD100,000 reparation on the two Crimes Act charges, and was fined NZD40,000 on each of the two Securities Act charges. His companies were also each fined NZD14,000 on each of the two Securities Act charges.
As a consequence of his Crimes Act convictions, Cant is also banned from being a director and manager of any company for a period of five years, under section 382 of the Companies Act 1993.
In charges brought by the SC, Cant and his companies, Investment Management Limited and Combined Financial Services Limited, were found guilty of offering and allotting securities without a registered prospectus and investment statement for the proportionate ownership scheme known as ‘The Gables Proportionate Ownership Scheme', as required by the Securities Act.
But it was the criminal prosecution that brought about an automatic ban following the conviction under the Crimes Act of crimes involving forgery and theft by a person in a special relationship.
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