Published 15 June 2010
Former Timaru-based investment advisor Neville Cant was jailed for 14 months & fined last week on Securities Act charges and has been banned from operating as an advisor, investment broker or director for 5 years.
He is also banned from acting as an employee or agent of an investment advisor or broker in any way that would allow him to give investment advice, or receive investment money or investment property from a member of the public. As a consequence of his Crimes Act convictions, Mr Cant is also banned from being a director & manager of any company for a period of 5 years.
The Securities Commission took action against Mr Cant after receiving a number of complaints regarding investment schemes he established.
The ban is an automatic result of Mr Cant’s conviction under the Crimes Act of crimes involving forgery & theft by a person in a special relationship. Mr Cant & 2 of his companies, Investment Management Ltd & Combined Financial Services Ltd, were found guilty of offering & allotting securities without a registered prospectus & investment statement for The Gables proportionate ownership scheme at Coatesville in 2006, as required by the Securities Act.
The Gables Ltd was to raise finance through an offer of equity securities, to acquire then manage the property at 11 Donaldson Drive, Coatesville, and to take a stake in the intended tenant, Sue McCarty’s life coaching business Via NZ Ltd. Combined Financial Services, a financial service provider with investment clients, and Aoraki were promoters of the offer.
The Gables Ltd was declined resource consent in July 2006 to use the 2.9ha property for a life coaching retreat.
On top of his jail sentence & bans, Mr Cant was ordered to pay $100,000 reparation on the 2 Crimes Act charges and was fined $40,000 on each of the 2 Securities Act charges. His companies were fined $14,000 each on each of the 2 Securities Act charges.
Mr Cant is still listed as a director of Aoraki Property Investments Ltd, Castaway Beach Ltd, Cook CFS Ltd, Combined Financial Services Ltd, Investment Management Ltd, Lagoon Lodges 1 Ltd, Lagoon Lodges Properties Ltd (wound up 19 April), Manuia Beach Ltd & The Gables Nominee Ltd, and is a former director of Andrew Baxter Drive Properties Ltd, Bute Road Properties Ltd, Castaway Properties NZ Ltd, Claremont Holdings Ltd, Earnslaw & Dee Ltd, Evans Bay Properties Ltd, Grafton Irrigation (2005) Ltd, Lagoon Lodges Properties Two Ltd, Mersey & Tweed Ltd & Vivian Zeal Investments Ltd.
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Attribution: Commission release, story written by Bob Dey for the Bob Dey Property Report.