New Zealand FMA finds Pegasus Markets and director guilty for financial registration abuse

Trading company Pegasus Markets Ltd and its New Zealand-based director Michael Reps have been found guilty for criminal charges brought by the New Zealand Financial Markets Authority (FMA) for claiming to be registered on the Financial Service Providers Register (FSPR).

The FMA charges Pegasus and Reps for claiming on two different websites that it was registered on the FSPR. The company was in reality deregistered and was subsequently warned by the Companies Office about the misleading statements but did not remove them.

The court found Pegasus guilty on charges for claiming to be registered and its director Reps for failing to prevent the company from committing the offence.

Pegasus and Reps face significant fines of up to $300K for the company and either a $100K for Reps and/or 12 months’ imprisonment.

The FMA will comment further on the case after sentencing which is scheduled for 6 November 2020.

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