Kiwi admits helping set up $8.3m Ponzi scheme

Christchurch: A Christchurch man has pleaded guilty to his part in a sophisticated Ponzi scheme which masqueraded as a foreign exchange brokerage.

Jimmie McNicholl admitted obtaining financial services provider registration by deception for his company Arena Capital Limited, which traded as BlackfortFX.

The registration gave the impression the company was legitimate, but instead the Ponzi scheme defrauded about 900 people of $8.3 million.