FMA files 47 theft and dishonesty charges against gold-trading boss

The operator of a gold trading scheme has been charged with 28 counts of theft and 11 counts of ‘‘obtaining by deception’’.

The Financial Markets Authority (FMA) has filed criminal charges against Steven Robertson, the operator of PTT Ltd (Prosper Through Trading), in the Auckland District Court under the Crimes Act, alleging he ‘‘misappropriated funds’’ deposited by clients.

Robertson was also charged with eight counts of dishonestly taking, or using a document.

Each of the charges carried a maxi- mum penalty of seven years’ imprisonment, the FMA’s head of enforcement, Karen Chang, said.

The FMA also alleges that some clients had funds withdrawn from their credit card accounts without their authority and knowledge.

‘‘It is alleged Mr Robertson misappropriated funds deposited by clients who believed those funds were to be traded on their behalf, or were paid as consideration for the purported purchase of shares in PTT Limited or an associated entity,’’ Chang said.

‘‘The FMA will monitor and take enforcement action where it sees conduct on its perimeter that could harm investors or damage the reputation of New Zealand’s financial markets.’’

Robertson was not an authorised financial adviser, and was not licensed by the FMA, but ‘‘held himself out’’ as investing money deposited with him by clients, Chang said.

PTT was put into liquidation in December 2015. Asset protection orders were put in place in August of that year ‘‘in light of concerns that investor funds may have been at risk’’.

PwC handled the liquidation, and was also appointed as a receiver to Robertson himself in a rare example of an individual being put into personal receivership.

Robertson’s first appearance in court on the charges was scheduled for November 28, Chang said.