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06 July 2018

Garry James Patterson

The FMA filed charges against Garry James Patterson alleging contravention of the FSP Act relating to various insurance policies between 1 July 2013 and 28 May 2015 and obstructing the FMA’s investigation by refusing or failing to appear before the FMA at an interview required under a notice under section 25(1)(d) of the Financial Markets Authority Act 2011, without reasonable excuse.

He was sentenced to 200 hours’ community work and 3 months’ community detention at the Christchurch District Court after pleading guilty to two charges brought by the Financial Markets Authority (FMA).

Mr Patterson was in the business of providing financial services without being registered to do so or a member of an approved dispute resolution scheme.

He also obstructed the FMA investigation into his conduct by refusing or failing to attend an interview without a reasonable excuse, as is required by statutory notice issued under section 25 of the FMA Act 2011. On this charge, Mr Patterson was convicted and discharged, due to his limited financial means.

Between 1 July 2013 and 28 May 2015 Mr Patterson held out to customers that he was entitled, qualified, able or willing to provide financial services in relation to various insurance policies. Customers who engaged with him about insurance policies during this time believed they were dealing with a registered financial adviser. The FMA investigated Mr Patterson’s conduct after receiving a complaint.

Her Honour Judge Farish noted that Mr Patterson had a degree of knowledge in relation to his offending and that by holding out he was a registered financial adviser he was offending against both individuals and the financial markets as a whole, and undermining investor confidence in the financial markets.

The FMA has also issued a public warning to Jonathan Simon Antony Branton-Casey, in relation to his involvement in Mr Patterson’s offending. Mr Branton-Casey facilitated Mr Patterson’s offending, and in doing so failed to exercise the care, diligence and skill expected of a reasonable financial adviser.
Mr Branton-Casey voluntarily de-registered as a registered financial adviser, and co-operated with the FMA in its investigation of these matters and the prosecution of Mr Patterson. In these circumstances the FMA is satisfied that the public interest supports a public warning rather than court action.

5 July 2018

Garry James Patterson sentenced to 200 hours’ community work and 3 months’ community detention at the Christchurch District Court.

16 March 2018

Garry James Patterson has pleaded guilty to two charges brought by the Financial Markets Authority (FMA) at the Christchurch District Court.

16 March 2017

The FMA has filed charges against Garry James Patterson alleging he was or was holding out as being, in the business of providing financial services in contravention of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (FSP Act). The charges relate to various insurance policies between 1 July 2013 and 28 May 2015.

Related

Case: Jonathan Simon Antony Branton-Casey - Enforceable undertaking