Archive | Prime bank instrument collapses

3rd prime bank scheme company faces liquidation

Ex-All Black Pokere a director

Ministry of Economic Development (Companies Office) investigating accountant John McPherson goes to court in Rotorua next Monday to put FF Traders Ltd (directors former All Black Steven Pokere & Phyllis Mareroa) into liquidation.

I understand the company was the forerunner to similar prime bank instrument operators Lakeland Wealth Creators Ltd and Wespap Ltd, whose advertising was banned by the Securities Commission in September. Interim liquidators were appointed to those 2 companies then, and they were placed in liquidation in October.

FF Traders was struck off the Companies Register on 14 August. The application to liquidate it will be heard in the Rotorua High Court on Monday 16 December at 10.45am.

Lakeland Wealth Creators’ director was Margarite Papple, of Rotorua. William Papple was director of Wespap.

Companies Office records show both Papples were shareholders in Papple Promotions Ltd; Mr Papple is a shareholder in Wespap; and Mr Papple, Mr Pokere & Roy Staite are shareholders in Areon Ltd (directors are Mr Pokere & Mr Staite, who are also directors of Outa Limits Ltd, Zen Systems NZ Ltd, AB Solutions Ltd, Triclad NZ Ltd and Tri Pac NZ Ltd). Mr Staite is also a director of Perpetual Rentals Ltd, with William & George Edwards. None of the above is a shareholder of Lakeland Wealth Creators.

Companies Office records show Phyllis & Patrick Mareroa are director of PDP United Ltd and Advance Solutions Ltd.

Earlier story: Securities Commission bars Lakeland Wealth Creators scheme with $8 million invested in it

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