FMA mulls response to Huljich guilty plea
Peter Huljich has pleaded guilty to one charge of misleading investors in his KiwiSaver schemes.
The Financial Markets Authority is mulling its response after Peter Huljich pleaded guilty to misleading investors in his KiwiSaver scheme.
Mr Huljich this morning pleaded guilty in the Auckland District Court to one charge brought by the FMA under the Securities Act, and his company Huljich Wealth Management pleaded guilty to two charges under the same act. The judge deferred a decision on convicting until sentencing.
The Huljich family was this year ranked as being worth $100 million by the NBR Rich List.
Sentencing is scheduled to take place on December 8 with a maximum $300,000 fine on offer, and the FMA said it would not comment until this had taken place.
“The FMA will consider the sentencing before comment,” Liam Mason, the FMA’s head of legal, said.
Mr Huljich had originally faced eight charges, but this morning seven were formally withdrawn in exchange for a guilty plea.
The charges related to claims HWM misrepresented its performance in offer documents by Mr Huljich topping up losses and not reporting his own injections.
Mr Huljich sold his KiwiSaver schemes to Fisher Funds earlier this year.
Matt Nippert
Tue, 27 Sep 2011
Tue, 27 Sep 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
FMA mulls response to Huljich guilty plea
17084