Financial Markets Authority

Anmol Seth: Bogus fund and bogus fund certificates

Anmol Seth: The Billionaire of Flat Bush

Anmol Seth: The Bogus Billionaire of Flat Bush

ONE OF the country’s top financial watchdogs have been asked to investigate forged investment certificates issued by bogus billionaire and conman extraordinaire Anmol Seth.

Seth is the businessman who has swindled millions of dollars out of Indian investors through a highly theatrical web of deceit and the bogus promise of sky-high returns on phony investment opportunities.

The serial fantasist – who resides in Flatbush, Auckland – operates at least 50 fictitious companies in New Zealand under the umbrella of the ‘Anmol Group’ and regularly posts on Facebook and Twitter about his glamorous jet-set lifestyle and involvement in multimillion-dollar business deals.

Through those bogus companies, it is understood Seth – who claims to be a qualified lawyer and accountant – has made large GST claims on start-up ventures that never materialize.

He claims the Anmol Group started from “humble beginnings” in 1971 with the company focusing on architectural design.

According to Seth, it then expanded “into various niches”, establishing businesses in hospitality finance, investments and the IT sector to eventually become a multi-national corporation.

None of this is true.    Read more »

Anmol Seth: Will the FMA act?

The corporate lifestyle and billionaire status is all a sham

The corporate lifestyle and billionaire status is all a sham

by Stephen Cook

PRESSURE IS mounting on authorities to prosecute a bogus ‘billionaire’ responsible for heaping misery on scores of hard-working Indian investors.

With his reputation in tatters and his business in free-fall, Flatbush’s diminutive King of Con Anmol Seth this week launched what he hoped would be a major public relations offensive aimed at restoring market confidence in the multitude of companies operating under the umbrella of the Anmol Group.

There was no big Saatchi and Saatchi campaign. No full-page adverts in the national dailies.

This was understated, discreet – and decidedly low key.

“No [sic], nothing is achieved easily or by con or fraud but by hard work and know when you feel you someone/something has shot or hurt you,” Seth wrote on his own personal blog anmolgroup.blogspot.co.nz.

“Use it to harness & empower to climb on top of it to your benefit. Motivation & PR all in one post… signing off.”

All this is cold comfort for those who’ve lost thousands on Seth’s promise of sky-high returns on phoney investments.   Read more »

FMA still leaking like a sieve

It would appear that the Financial Markets Authority is still leaking like a sieve.

NBR reports:

The Financial Markets Authority’s handling of sensitive information has come under fire, albeit from a camouflaged position, with a senior professional figure saying it “leaks like a sieve.”

Speaking on condition of anonymity, the person says there were growing concerns about the confidentiality of some FMA work.

“My view is shared by many,” he says. “It’s a new organisation, it has the privilege of looking under the skirts at different firms, and with that comes a need for confidentiality.”

But, “there’s a general view mounting in the market that the FMA leaks like a sieve, and people aren’t happy about it.”

Citing several occasions when confidential information on FMA-related matters appeared to have spread beyond authorised people, “they wouldn’t have picked it up from us, you know they’ve picked it up from the regulator,” he says.

Read more »

Does anyone else think that Brian Gaynor banging on about transparency is a sick joke?

Brian Gaynor still has column in the NZ Herald, despite his company being under investigation for manipulating markets, and despite the Guardians of the Superfund pulling their warrant, for want of a better term.

The Herald seems to think his columns are just fine, and NZME. thinks his continued pushing of Kiwisaver ads on NewstalkZB is fine to.

Today’s column though is just taking the piss. He is banging on about transparency.

One of the major issues raised by the Ports of Auckland wharf expansion controversy is whether Auckland ratepayers have greater transparency and more influence over the company than they did when it was listed on the NZX.

Similar transparency and influence issues can be raised regarding Air New Zealand, Genesis Energy, Meridian Energy and Mighty River Power, all NZX listed and more than 50 per cent owned by the Crown.

Read more »

Milford – understanding the problem

So then, the NZ Super Fund dropped a nuclear bomb on the NZ financial markets late last week, by suspending Milford Asset Management from overseeing funds on behalf of the NZ public. This can only been seen as bad news for Milford as the FMA is due to report back on their enquiries soon. Clearly, the NZ Super Fund are expecting bad news for Milford.

We have also been forwarded a “panic stations” email from Milford to their clients, outlining how the allegations do not affect KiwiSaver funds. While this may be the case, there may yet be questions to answer on pumped up performance fees charged to Milford clients (which might also include their Kiwisaver clients), as the allegations over asset manipulation may have meant fund managers got extra money, paid for by their clients.

There are however, a number of things that need to be pointed out and deserve reinforcement.

Firstly Milford have claimed in a number of communications to the press that the investigations over asset manipulation relate to an “individual trader” at Milford, over “specific trades”.

This is misleading on Milford’s part. They do not employ anyone called a “trader”.  You can go see for yourself. Click through the various divisions of Milford to see all their staff members. No-one is called a trader. They do have a “dealer”, but this person only joined Milford in November of last year, well after the alleged manipulation took place.

What they are trying to mislead the public over is that the allegations may in fact apply to a Portfolio Manager, or perhaps a Private Wealth adviser. This changes the story materially. Portfolio managers or Private wealth advisers are big fish. They are the kinds of people who would give instructions on which shares, bonds and other financial products should belong in either an individual portfolio, or a large fund. They also stand to benefit from performance gains in portfolios with outperformance fees.   Read more »

Herald continues to keeps Milford columnist when NZ Super suspends them

gaynor

Yet again, Brian Gaynor of the besieged financial firm Milford Asset Management has his weekly column published in the NZ Herald, despite the NZ Super Fund taking the unprecedented step of suspending Milford from running any investment mandates for them.

You will recall the FMA is investigating Milford Asset Management staff and transactions for alleged manipulation of share prices for their fund and personal gain.    Read more »

NZ Super Fund suspends Milford Asset Management

The NZ Super Fund has announced they have suspended Milford Asset Management:

The Guardians of New Zealand Superannuation, the manager of the New Zealand Superannuation Fund, has suspended the Fund’s mandate with Milford Asset Management until a Financial Markets Authority (FMA) investigation into Milford is completed.

In the interim, the funds will be managed internally.   Read more »

Time to demand Milford Asset Manipulators to hand back their awards?

Brian Gaynor’s Milford Asset Management woes appear to be getting worse.

A probe into alleged illegal share trading at high profile fund manager Milford has increased in scope to embrace two major stockbroking firms, sources say.

It is understood that investigators from the Financial Markets Authority demanded further records from Milford Asset Management and the brokers about 10 days ago.

The records are said to include emails and text messages.

Milford, manager of about $3 billion on behalf of KiwiSaver investors, the Super Fund and other institutions, outed itself as the subject of an FMA probe on February 9 after a crescendo of speculation in the market.

“The investigation concerns an individual trader employed by the firm and certain specific trades,” it said.

The FMA has declined to comment on the investigation or its scope, but the stock exchange has confirmed it involves allegations of market manipulation.   Read more »

St. Brian Gaynor on the regulators, we couldn’t agree more

MAM

Sanctimonious hypocrite St. Brian Gaynor had this to say back in 2008.

The recent criticism of the Securities Commission, particularly in relation to the finance company collapses, is justified. The commission has disappointed investors in several areas as it has a tendency to promise too much and deliver too little.

The organisation’s primary purpose is “to strengthen investor confidence and foster capital investment in New Zealand by promoting the efficiency, the integrity and cost effective regulation of securities markets”.

It aims to achieve this through enforcement, recommending law changes, issuing rule exemptions, authorising and approving market participants, co-operating with international agencies and promoting public understanding of markets.

Read more »

Who is the alleged Dirty Trader at Milford Asset Manipulation?

On Saturday, we covered the Herald’s ongoing publication of Brian Gaynor’s column. This is despite his firm, Milford Asset Manipulation, coming under intense scrutiny due to a complaint to the FMA from the NZX (no less) over alleged stock price management.

Hang on, I might have that wrong. I meant Milford Asset Management under fire for alleged manipulation.

It beggars believe that Gaynor still gets to publish his column in the Weekend Herald, but I guess when you advertise heavily with NZME. (the Herald’s parent company), then the Herald gives you a get-out-of-jail free card when it comes to allegations of bad news.

Given that Milford have a mandate to buy and sell shares on behalf of the NZ taxpayer, as well as the savings of tens of thousands of private citizens in NZ, I think we deserve a little more sunlight on the goings ons at this company under fire for allegations of stock manipulation. Through a process of elimination we can shine a bit more light where Milford might prefer to keep us in the dark.

We know that Milford have six portfolio managers (which have been euphemistically described as “traders”), plus Brian Gaynor himself as Executive Director and Chairman of the Investment Committee, which technically makes him ultimately responsible for his team‘s behaviour.  Read more »