Mortgage firm fined for late report
Prudential Mortgage, a contributory mortgage broking firm, has been convicted and fined $2000 for failing to file its annual report on time.
Prudential pleaded guilty to the charge that it had not delivered the report to the Registrar of Companies by June 30 last year.
The charge was laid by the Financial Markets Authority (FMA) under the Securities Act. The maximum fine is $5000.
''This case is a timely reminder to those taking investments from the public of the importance of full and accurate disclosure of financial information to investors, and that there are consequences of failing to comply with this fundamental obligation,'' said FMA head of enforcement Belinda Moffat.
Reporting and disclosure by contributory mortgage brokers, including in annual reports, allows investors and potential investors to understand the details of the broker's financial position, the FMA said.