Property companies main culprits in FMA sights

Property companies are in the sights of the Financial Markets Authority for failing to provide financial statements.

The FMA has filed charges against the directors of eight companies that have raised funds from the public, for breaches of the Financial Reporting Act.

The directors include Ross Collins of Prosper Hills 2004 and 2006 and NZFIL3.

Mr Collins has pleaded guilty to eight charges and will be sentenced on July 10. The companies are forestry partnerships.

Justin Prain and Mark Schroeder of Apple Fields face six charges. 


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