NEWS RELEASE
6 April 2000WARNING - CRONUS TRADING CORPORATION
The Securities Commission has made an order prohibiting a Bahamas company from advertising interests in investment schemes. The name of the company is Cronus Trading Corporation.
The Commission considers the investment schemes being offered on behalf of Cronus Trading Corporation are in breach of New Zealand securities law. There is no registered prospectus and investment statement. There is no trustee to represent the interests of investors.
The registered agent in the Bahamas for Cronus is Prosper International, a company that we have issued warnings about in the past.
The information in our possession indicates that investors deposit funds through local agents with Cronus which are used by Cronus to invest in overseas financial instruments. Financial information about Cronus and Prosper is not available.
The general nature of the investment schemes in which investors’ money is said to be invested is difficult to discern from the promotional material. Interest rates stated to be payable to investors range from 3% per month for amounts up to US$1,000 and 35% per month for US$1million.
Investors’ money may be at risk given interest claims of this order and the lack of financial information about the promoters. Offers of this type are often fraudulent.
On the information available to us, the investments have been actively promoted in Tauranga but they may have been offered elsewhere.
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The Commission warns people to be extremely careful if offered any investments involving Cronus Trading Corporation or Prosper International.
The Commission maintains an internet web site at www.sec-com.govt.nz which provides details about the type of information which investors are entitled to obtain in relation to an investment, as well as warnings about particular investment schemes.
Norman F Miller
Senior Executive (Operations)
6 April 2000