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.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.