Currency trader Rene Alan Chalmers (43) was sentenced in the Auckland District Court yesterday to 4 years 3 months’ jail for accessing client funds for his own benefit.
Serious Fraud Office director Julie Read said the agreed capital loss to investors for the period relating to the charges was $1.5 million. Mr Chalmers, formerly of Christchurch and more recently of Tauranga, pleaded guilty last August to 14 charges of theft by a person in a special relationship, dishonestly taking or using a document and false statement by a promoter, relating to foreign exchange trading & 3 property purchases in 2011 & 2012.
Ms Read said many of Mr Chalmers’ initial investors were family members & friends, and later included other colleagues & acquaintances. He carried out his trading activities through his company, Chalmers Cameron Investments Ltd, which went into voluntary liquidation in May 2012.
Investors believed they were giving Mr Chalmers their money for the purpose of forex trading. Ms Read said $740,000 of investor funds was used contrary to that purpose and Mr Chalmers reported false gains to investors.
Attribution: SFO release.