Currency trader's assets frozen

John Fisk, from PwC, said the receivers first priority will be to "secure and preserve the PTT Group's assets and establish its financial position".

The assets of Prosper Through Trading have been frozen by the High Court at the behest of the Financial Markets Authority, which is probing the Auckland firm and believes client funds might be at risk.

A High Court Judge has also appointed receivers John Fisk and David Bridgman to the company, four other associated entities and to the financial affairs of Steven and Jane Robertson.

Robertson is listed of the Companies Office as a minority shareholder of PTT, which is also known as Prosper Through Trading.

Prosper Through Trading claims on its website to be a "unique company providing basic and advanced currency trading and commodity trading to investors from all across New Zealand and Australia".

PTT is being investigated by the FMA, which this afternoon said it had obtained the High Court preservation orders.

"The FMA has concerns that client funds may be at risk and the company may be operating in breach of financial market legislation. Neither Mr Robertson nor PTT is registered on the Financial Services Provider Register," the FMA said.

According to the FMA, Fisk and Bridgman have been granted powers to identify and preserve any funds and assets of PTT.

Fisk, from PwC, said the receivers first priority will be to "secure and preserve the PTT Group's assets and establish its financial position".