Rangi Savage

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.

More than 160 individual investors applied to purchase shares in Powder Shed. Approximately 65,000 shares in the company were sold and issued to investors at USD$1.20 per share. Investors paid in USD and in cryptocurrency. The total amount obtained equates to approximately NZD$122,000.

The FMA is seeking a declaration that Mr Savage breached the FMC Act, that Mr Savage pay compensation to investors, Mr Savage pay a pecuniary penalty to the Crown, and a banning order preventing Mr Savage from being a director or involved in the management of a company. 

May 2024

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