Court appoints receivers from PwC at currency trading firm PTT

The High Court in Auckland has appointed PwC Partners John Fisk and David Bridgman as Receivers and Managers to PTT Limited, also known as Prosper Through Trading. The legal decision comes after an application by the Financial Markets Authority (FMA).

PTT Limited has been targeting investors in Australia and New Zealand, offering them services in the currencies and gold markets.

The FMA is concerned that client funds may be at risk and the company may be operating in breach of financial market legislation. PTT is not registered on the Financial Services Provider Register.

The regulator has secured interim asset preservation orders over the assets of PTT Limited, Steven Robertson and associated entities.

Mr Fisk from PwC commented: “Our first priority will be to secure and preserve the PTT Group’s assets and establish its financial position. We will also be writing to all known investors as soon as possible.

pttltd-australia-logo“We, as Receivers and Managers, have been appointed to take control of the Group’s assets as granted by the High Court under the provisions of sections 522 -524 of the Financial Markets Conduct Act 2013.

“We have an obligation to report back to the High Court on initial progress and proposed further actions within 15 days of appointment (by 3 September 2015).

“In the meantime, we strongly encourage any investors or other stakeholders to contact us via our website, facsimile, or postal address, or dedicated telephone message,” adds Mr Fisk.

To view the official announcement on PwC’s website, click here.

To view the announcement by the FMA, click here.

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