A Christchurch man involved in scamming 900 people out $8.3 million in a Ponzi trading scheme has been sentenced to seven years in jail.
Lance Jack Ryan, 44, appeared for sentencing at the Christchurch District Court on six charges, including theft by a person in a special relationship, forgery, two of altering documents and false accounting.
He has a minimum non-parole period of three years and nine months.
Ryan used the company BlackfortFX to scam more than 900 Cantabrians. He is already serving prison time for other offences, the Serious Fraud Office says.
Jimmie Kevin McNicholl, 56, was the company's sole shareholder and director. He was sentenced to 11 months home detention and 350 hours of community work as a well as paying $50,000 in reparation costs of $10,000 per year, Court News reports.
He pleaded guilty to a fraud charge of obtaining registration as a Financial Service Provider by deception in May.
"The sentence imposed on Mr Ryan reflects the very serious nature of his offending. He cynically manipulated vulnerable and trusting investors, many of whom have suffered considerable stress in additional to financial loss," Serious Fraud Office director Julie Read said.
"Some of the lost money was payouts from the Earthquake Commission. Mr Ryan also deceived the Financial Markets Authority and the Companies Office. The prosecution of such matters is an important aspect of protecting New Zealand's reputation as a safe place to invest and do business."
Newshub.
