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Options trader accused of using $2.5m of investors moneyy

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Options trader accused of using $2.5m of investors moneyy

By: Sam Thompson | Latest Crime News | Tuesday October 23 2012 14:20

 

The Serious Fraud Office has laid charges against an options trader accused of using $2.5 million dollars of investors money.

Gregory Arnott of Derivatek, traded on behalf of New Zealand clients on the Australian Stock Exchange.

The SFO alleges he used the money to fund a portion of an advance fee for a US$20 million loan and for personal use.

To conceal this Arnott is accused of issuing false statements to investors.

SFO chief executive Simon McArley says this is a growing problem and highlights the importance of looking beyond personal connections and carefully assessing the risk of investments.

Arnott will appear in court on November 13.

Photo: NZ Herald

 

Related Subjects

Fraud SFO |

 

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