Racing figure suspended as accountant
A senior figure in the horse racing industry has been suspended as a chartered accountant amid an investigation into allegations he misappropriated funds.
On Thursday the New Zealand Institute of Chartered Accountants (NZICA) revealed it had suspended the membership of Wellington accountant John Edward Fokerd, after he failed to co-operate in an investigation into allegations against him.
From 2014 until late 2018 Fokerd was president of the New Zealand Thoroughbred Breeders Association, an organisation for which the Queen is patron.
He is a former president of the Wellington Racing Club, and until recent weeks he remained the treasurer of the Wellington branch of the Thoroughbred Breeders Association.
NZICA’s disciplinary tribunal did not name the organisation that made the complaint, but granted the suspension on account of ‘‘the seriousness of the matters raised in the complaint in particular what appears to be misappropriation of trust funds over a number of years, the scale of monies taken and the financial effect it has had on the trust’’.
‘‘The member’s failure to respond to the complaint is hindering the [professional conduct committee’s] investigation and provides no evidence that would counter the serious allegations made in the complaint.’’
The evidence against Fokerd included a document in which Fokerd allegedly acknowledged a debt ‘‘for a sum in excess of $100,000’’ and the circumstances under which he signed the document, the tribunal said.
Darryl Burrow, president of the Wellington branch of the Thoroughbred Breeders Association said it had recently checked the state of its finances and found no problem.
It was not the organisation that had made the complaint against Fokerd, Burrow said. He confirmed Fokerd had resigned the roles of secretary and treasurer of the branch.
A former partner at KPMG, Fokerd previously acted as a receiver and auditor, signing off the accounts of the New Zealand Portrait Gallery.
His name currently appears on Harness Racing New Zealand’s unpaid forfeit list, which carries a number of sanctions, including being unable to attend race meetings organised by the body.
He has not responded to phone calls or text messages. No-one answered the door of his home.
NZICA has refused to comment beyond its public statement.
The tribunal said there was a risk to ‘‘current and future clients’’.
‘‘This includes accounting clients, as well as any other organisation the member is or may become involved with and for whom the member may have access to funds,’’ a public notice warned.
‘‘Presently the member appears to be involved with a range of other organisations including companies, trusts and other types of entities.’’
Because of the time of the investigation and lack of engagement from Fokerd, ‘‘it will be many months before a final decision is reached’’, the NZICA statement said.
NZICA’s disciplinary tribunal granted the suspension on account of ‘‘the seriousness of the matters raised. . .’’