By Ashley Young-
Businessmen and investors in Newzealand have been warned of scammers after two men were found guilty by a jury of scamming $645,000 from two elderly Tauranga women.
Murray Bryon Provan, from Tauranga, was found guilty on two charges of obtaining by deception and Aucklander Robert Ian South on two charges of theft in a special relationship. The prosecution case brought about by the Financial Market Authority was that the pair fleeced Gay Rowling and Barbara Gilmer of $645,000 by leading them to believe they were buying shares in an internationally-backed software company called Our World New Zealand Limited.Judge Paul Mabey QC r told Provan and South they could expect to receive lengthy jail terms and remanded them in custody for sentencing on February 22.
Provan and South denied deliberately deceiving the two Tauranga women or scamming them out of their money. Both men spent the investments on themselves, without any consideration for those who had invested in them. Judge Paul Mabey QC told both Provan and South they could expect to receive lengthy jail terms and remanded them in custody for sentencing on February 22.Judge Mabey said he agreed entirely with the jury’s verdicts.
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“The view I take is you both committed this callous, cynical and deliberate fraud on these two ladies,” Mabey said. Scams are an awful way of duping people of their hard earned cash when they intend to use it to help people.
“Provan, you lied to the FMA and to this court. South, you lied to the FMA.”Judge Mabey said Provan posed as an honest Christian man telling Gilmer she could “double her money” and Rowling she could earn more money than she could spend.
Eventually, after lots of requests, $40,000 was repaid to Rowling, the court heard.
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Crown prosecutor Richard Jenson told the jury on Monday Provan and South were “a double act” who had systematically drained the bank account the women’s funds were deposited into.
Judge Mabey agreed, saying both men were “equally culpable”. He asked for a report exploring whether any of the $645,000 could be repaid. Representatives of the financial market warned potential investors to always seek evidence that an investment is likely to produce the desired return, and never believe guarantees that suggest their is no risk attached to an investment.
”A spokesperson from the Financical Markets Authority told The Eye Of Media.Com: ” potential investors must always be extra vigilant when considering large sums of investments. They must satisfy themselves as to the credibility of the person in whom they are investing, and the associate business to avoid any eventuality of disaster. Investors should never believe an investment has no risk because most investments do, except those straightforward investments the investor themselves have good reason to believe it is risk free.
A sensible thing to also do is insure yourself against the probability of risk, which should also be included in any contract about the investment”.
Image: Court File
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