This news snip just in from the Simpson Grierson Corporate Advisory team.
“Last week Dan McEwan was convicted of offences under the Securities Act 1978 (Act). In delivering its judgment, the court clarified who qualifies as an “habitual investor” under the Act.
This is an important judgment, as it is the first time a court has attempted to define who may be considered an “habitual investor”, not requiring the protections afforded by the Act.
However, the decision of the District Court (Ministry of Economic Development v Stakeholder Finance Limited, Agnes Water Acquisitions Limited and Robert Daniel McEwan, District Court, Auckland CRI 2007-004-028150, 9 December 2008, Cunningham J) is expected to be appealed to the High Court.