Capital + Merchant owed $167 million to about 7500 investors when it collapsed into receivership in 2007.
UPDATE: FMA issues first stop order against company taking deposits for Auckland property investment
FMA says it started investigating the Auckland company following a referral and sent repeated requests to it for information but received no reply.
The stop order has been issued because the company's website included an advertisement for an offer of debt securities that don't comply with the act.
Sean Hughes was responding to evidence from former NZ Institute of Chartered Accountants chief operating officer Kirsten Patterson.
Jenny Ruth talks about Sean Hughes on NBR Radio, and on-demand on MyNBR Radio.
Before we walk away from the wreckage, let’s reflect on that uneasy feeling in the guts that says “is that it?”.
Tim Hunter talks about his latest column on NBR Radio, and on demand on MyNBR Radio.