25 August 2000
News Release
WARNINGS - OVERSEAS BROKERS
We continue to receive many reports from New Zealand people who have been approached on the telephone by brokers from overseas.
Some of these brokers may not be bona fide. Once money is sent away it may become difficult to contact the broker again and impossible to recover the investment.
We strongly advise people not to put themselves at risk by entering into transactions on the basis of telephone calls from strangers.
If you wish to buy shares in an overseas company then you are better advised to do this through brokers based in this country who are accountable under New Zealand law for the job they do, or through brokers recommended by people who are professionally accountable in New Zealand.
We are now publishing on our web site the names of overseas brokers who have come to our attention who, on the information available to the Commission, have not disclosed the type of information about themselves and their business that is required under New Zealand law. Named on the web site at present are:
- Transglobal Consultants Limited
- Dragon Pacific Company Limited
- Atlantic Pacific Securities (Australia) Pty Limited
- Benson Dupont
- Muller and Sons Securities Management Inc
New names will certainly follow. Investors beware! The Commission’s web site is:
Norman F. Miller
Senior Executive (Operations)