02/408 New Zealand director pleads guilty
Wednesday 13 November 2002
Mr Alan Goldman, sole director of the New Zealand company Mauer-Swisse Securities Limited (Mauer-Swisse), has pleaded guilty to four charges laid following an investigation by the Australian Securities and Investments Commission (ASIC).
Mr Goldman was convicted and sentenced to a $1,000 personal recognisance bond to be of good behaviour for two years.
On 9 August 2002, Mr Goldman was charged with two counts of providing a financial service in Australia, on behalf of Mauer-Swisse, when neither he nor his company were licensed to do so under Australian law. He was charged with two further counts on 12 November 2002.
On Monday 11 November 2002, Mr Goldman was permanently restrained by Justice Barrett in the Supreme Court of New South Wales, from offering securities or carrying on a financial services business contrary to the Corporations Act 2001.
Mr Goldman consented to the orders.
Mauer-Swisse held a sharebroker’s licence in New Zealand and operated a financial services business. On 18 October 2002 the company was put into liquidation.
Background
Between April and July 2002, Mr Goldman provided financial product advice to Australian investors in relation to shares, including shares in a US-based company called Orbit E-Commerce Inc, or New Hilarity Inc.
The investors purchased their shares in Orbit E-Commerce Inc or New Hilarity Inc through Dreyfus Securities Limited, a Bangkok-based company identified on ASIC’s consumer protection website at www.fido.asic.gov.au as a company involved in unlicensed overseas cold-calling.
On 30 July 2002, ASIC obtained orders from the Supreme Court of New South Wales prohibiting Mr Goldman or Mauer-Swisse from sending property out of Australia, and restraining either party from carrying on a financial services business.
Mr Goldman and Mauer-Swisse were also restrained from accepting documents of title or money relating to securities from Australian residents.
ASIC acknowledges the co-operation of the New Zealand Securities Commission in this matter.
Read our information about unlicensed overseas cold callers on our consumer website, FIDO
ASIC Website: Printed 02/10/2010
