Millinium refers former adviser to NZ Serious Fraud Office

Millinium Capital Managers Limited (Millinium), which has previously made a claim against a former adviser, has referred that adviser’s conduct to the New Zealand Financial Markets Authority and Serious Fraud Office.

The original claim of $2.458 million had been made against a former adviser to the fund and his associate of the Millinium Alternative Fund (MAX) for misconduct.

It was previously alleged the former adviser recommended the fund to sell certain shares it owned in a listed company, despite the adviser being in possession of material information about that company.

The failure to disclose that information would have prevented MAX selling those shares, which had increased in value of $1.6 million.

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