Investment broker avoids jail

TRACEY CHATTERTON
Last updated 11:59 05/02/2013

Relevant offers

Hawke's Bay

Garden ornaments stolen for suspected drug dealing are reunited with owners Honey touted as sweet growth opportunity for Gisborne's economy Liquidators trying to bankrupt Napier developer Malcolm Herbert Crash helper 'gutted' his phone was stolen from the accident scene Napier Quest Hotel building sold for a seven figure sum Hawke's Bay road crash victim named as Te Pouwhenua Hemi Waiwai The hidden gem Hawke's Bay art gallery Nearly 700 items of food re-homed in first 10 days Man arrested after firing shotgun during Hawke's Bay domestic incident Jonathan Milne: Is it time to take the keys from Police Commissioner Mike Bush?

A broker who purposely failed to account for more than $240,000 given to him by investors has avoided a jail sentence.

Peter Jonathan Rens, 73, was sentenced to 12 months' home detention and 400 hours' community work when he appeared in the Napier District Court today.

In December, a jury found him guilty of 12 charges of theft by a person in a special relationship.

In 2004, Rens told his fellow Hawke's Bay Gliding club members how they could make money on the financial markets, the court heard.

Rens' gliding instructor gave him $11,000 to put on the sharemarket after hearing about the good returns. By the next year, 12 people had given Rens $243,000 to invest on their behalf.

Rens left Hawke's Bay in 2007, when investors started asking where their money was.

Rens told some investors that their money was "frozen" in American trading companies and others that trading was being held up because the lawyers and accountants he used in Uruguay were closed during the holiday season.

These investors have not seen a cent since.

Contact Tracey Chatterton
Hawke's Bay reporter
Email: tracey.chatterton@dompost.co.nz
Twitter: @trackchatt

Ad Feedback

- The Dominion Post

Special offers
Opinion poll

How many coffees do you have a day?

5 or even more

3-4

2

1

Anything from 1-5.

Don't touch the stuff.

Vote Result

Related story: Coffee as we know it at risk of dying

Featured Promotions

Sponsored Content