Rangi Savage

The Financial Markets Authority (FMA) filed civil proceedings against Rangi Wyatt Stephen Savage for making an unregulated public offer for the sale of shares in The Powder Shed Tokoroa Limited (Powder Shed).

Mr Savage is accused of breaching the Financial Markets Conduct Act 2013 (FMC Act) by:

• Making false or misleading representations
• Making a regulated offer without a Product Disclosure Statement (PDS)
• Accepting an application for a transfer of financial products without a PDS

Mr Savage is alleged to have made false or misleading representations between April and July 2020 in online presentations and social media videos when promoting the sale of shares in Powder Shed to potential investors. At no point during the time the offers were made was a PDS or offer lodged or provided to investors.

May 2024

The FMA files civil proceedings against Rangi Savage for making an unregulated public offer.

Related media release: FMA files civil proceeding against individual for making alleged false or misleading representations and other breaches