Unhappy gold investors seek information on firm’s demise
Investors in a failed gold bullion investment operation now being investigated by the Serious Fraud Office are eager to hear from the company’s liquidator.
West Auckland resident Paul Baker, 61, had about $175,000 tied up in investments with Bullion Buyer and yesterday said he wanted to gauge the extent of losses by fellow investors.
Baker wants to hear from them, particularly those who gave money to the company in the last three or four months, to try to ascertain whether the company was taking in money even though it was struggling to meet existing investors’ payments.
He said he had already been contacted by one man who invested $250,000 in mid-november last year.
Baker said he had earlier written a favourable testimonial for Bullion Buyer, which director and fellow West Auckland resident Robert Kairua asked if he could place on the company’s website.
The testimonial was ‘‘absolutely true down to the last dot’’, said Baker, until the company failed to keep its website active so investors could check their balances, which is when he asked Kairua to remove his testimonial.
Serious Fraud Office chief executive Adam Feeley said yesterday that media reports had resulted in many people contacting his office and an investigation had been launched.
The financial position of Bullion Buyer, registered under Grace Holdings NZ Ltd, was yet to be determined. Liquidator Grant Reynolds said he would file a report by ‘‘early next week’’.