A pair of father and son directors have been fined $35,000 each for failing to file financial statements for companies they were directors of.
Thomas Alexander George Jones and Hayden George Jones, both of Christchurch, pleaded guilty to four charges of breaching of the Financial Reporting Act brought by the Financial Markets Authority.
The charges were brought for failing to file financial statements for Heritage Park Taupo Ltd and Prudential Real Estate Investment Ltd for the years ending March 2012 and 2013.
Prudential Real Estate Investment Ltd was also the offeror and manager of two proportionate ownership schemes, Kaipara Harbour Proportionate Scheme and Investment 179 Proportionate Scheme, which also failed to file financial statements.
The FMA's director of Enforcement and Investigations. Belinda Moffat, said the sentences sent a strong signal to companies raising funds from the public that the FMA would take strong action when companies persistently failed to meet their obligations.
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