Investment adviser banned after fraud conviction

An investment adviser found guilty of forgery and theft has been banned from operating as an adviser or investment broker for five years, the Securities Commission said today.Former Timaru-based investment adviser Neville Ian Cant was banned automatically as a result of being convicted under the Crimes Act of crimes involving forgery and theft by a person in a special relationship.The Police pursued the charges.The Commission said it had received a number of complaints regarding investment schemes established by Mr Cant.

An investment adviser found guilty of forgery and theft has been banned from operating as an adviser or investment broker for five years, the Securities Commission said today.

Former Timaru-based investment adviser Neville Ian Cant was banned automatically as a result of being convicted under the Crimes Act of crimes involving forgery and theft by a person in a special relationship.

The Police pursued the charges.

The Commission said it had received a number of complaints regarding investment schemes established by Mr Cant.

Mr 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.

The Ministry of Economic Development pursued the Securities Act charges on referral from the Securities Commission.

Mr Cant was last week sentenced to 14 months imprisonment and ordered to pay $100,000 reparation on the two Crimes Act charges, and was fined $40,000 on each of the two Securities Act charges.

His companies were also each fined $14,000 on each of the two Securities Act charges.

As a result of his Crimes Act convictions, Mr Cant is also banned from being a director and manager of any company for a period of five years, under the Companies Act 1993.

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