Directors fined for not filing financial statements
The Financial Markets Authority (FMA) has fined directors Hayden George Jones and Thomas Alexander George Jones with the amount of $35,000 each for breaches of the Financial Reporting Act 1993 (the FRA). The Financial Markets Authority (FMA) brought charges on four counts against both directors for failing to file financial statements. Sentencing was heard at the Christchurch District Court today.
The directors did not file financial statements for two companies, Heritage Park Taupo Limited and Prudential Real Estate Investment Limited (PREIL), for the years ending 31 March 2012 and 2013. PREIL is also the offeror and manager of two proportionate ownership schemes: Kaipara Harbour Proportionate Scheme and Investment 179 Proportionate Scheme, which also failed to file financial statements. Failure to file statements for these two schemes is the basis for the charges against PREIL. The directors pleaded guilty to breaches of sections 18 and 38 of the FRA.
Hayden and Thomas Jones were also parties in the FMA case against Prudential Mortgage Limited. They are directors of the companies convicted and fined $2,000 in March 2014 for failing to file an annual report for the contributory mortgage broking firm.
Source: FMA
Related Posts
FMA files civil proceedings against trustee
Consequences for failing to comply with financial statement filing obligations- FMA warns consumers about cold-calling investment offers and ‘big win’ scams
- FMA updates Strategic Risk Outlook and sets course for new era in conduct regulation
- New Chair of Financial Markets Authority
