FMA issues first Stop Order against Green Gardens Finance Trust Ltd

 

Media release
MR No. 2015 – 31
27 July 2015

The Financial Markets Authority (FMA) has issued a Stop Order against Green Gardens Finance Trust Limited (GGFT) and warns the public to be wary of doing business or depositing money with this company.

The Stop Order is published here and prohibits GGFT from:

  • offering, issuing, accepting applications for or advertising debt securities
  • accepting further contributions, investments or deposits for debt securities.

The Stop Order is in response to concerns regarding the website http://ggfinance.co.nz and the offers of debt securities advertised on the website.

The FMA can issue a Stop Order under the Financial Markets Conduct Act, if someone is offering investments without complying with the law.  This is the first Stop Order the FMA has issued.

Liam Mason, FMA’s director of regulation said, “Green Gardens Finance is offering investments illegally and this Stop Order requires the company to comply with the relevant laws and warns people not to give money to the company. It is an offence to fail to comply with a Stop Order.”

If anyone has deposited funds with GGFT they should contact the FMA on 0800 434 567 (+64 3 962 2698 for overseas callers), or contact us online here.

ENDS

Contact:
Andrew Park
021 220 6770
09 967 1215
Andrew.park@fma.govt.nz