Market regulators have "serious concerns" that an Auckland currency and commodity trading firm was running a fraudulent scheme designed to obtain money from the public, according to a High Court judge.
These concerns, says the judge, were sparked by a complaint to the Financial Markets Authority alleging Steven Robertson of
Prosper Through Trading was running a ponzi scheme, managing client funds as an unregistered fund manager and not providing reports or returns to clients.
The FMA, whose investigation into PTT is still in the early stages, responded by heading to the High Court to freeze the company's assets, as well as those of Robertson, his wife Lisa and four other entities. The court granted that request last month and also appointed receivers to the affairs of PTT and the Robertsons.
The couple and their family were initially allowed $1000 per week out of their assets to live on, but they went back to court earlier this month seeking much more, saying they needed $1765 a week for their mortgage, $700 for private school fees, $375 for a tax payment arrangement with IRD and $320 for finance payments on an Audi car. The Audi is among four European cars caught in the High Court's freezing orders.
The Robertsons also applied to the court to have the receivers removed, for the FMA to pay $115,000 of receivership fees and for jewellery and household effects to be returned.
