FMA statement on Blackfort/Arena sentencing

Media release
MR No. 2018 - 26
3 July 2018 

The FMA acknowledges the sentencing today in the Serious Fraud Office’s criminal prosecution of Mr Jimmy McNicholl and Mr Lance Ryan, also known as Lance Jared Thompson. These individuals were prosecuted in relation to a Ponzi scheme in Christchurch that resulted in hundreds of people investing a total of $8.3m.

The FMA secured asset preservation orders in May 2015 after serious concerns were raised about the activities of Blackfort/Arena, and referred the investigation to the SFO.

Nick Kynoch, General Counsel at the FMA said, “Mr McNicholl and Mr Ryan have caused serious distress and harm to the investors in this fraudulent scheme. We are pleased that they have been successfully prosecuted and held to account for their actions, while acknowledging that hundreds of people remain out of pocket.

It is also significant that the SFO successfully brought criminal charges for deceiving the FMA. This reflects that there are serious repercussions for misleading the regulator.”

The SFO media release can be found here.

Contact: 

Andrew Park
Media Manager, FMA
021 220 6770

Related

Case: Arena Capital/Blackfort