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FMA Statement on Court of Appeal judgment

Press Release – Financial Markets Authority

The FMA notes the judgment from the Court of Appeal in relation to Mr Paul Bublitz and Mr Bruce McKay.The FMA notes the judgment from the Court of Appeal in relation to Mr Paul Bublitz and Mr Bruce McKay.

The FMA also notes that Mr Bublitz and Mr McKay remain convicted, respectively, of four and three charges of theft by a person in a special relationship. The courts have concluded that Mr Bublitz knowingly misapplied funds raised from the public, and Mr McKay assisted him in that conduct as a party. Both have therefore been convicted of criminal activity.

In pursuing this case, the joint view of the FMA and the Crown Solicitor was that the evidence available warranted the pursuit of criminal sanctions. We considered this amounted to a calculated and cynical abuse of public funds. It’s our job to bring difficult cases such as this before the court and it is the court that determines the outcome.

The FMA will continue to investigate misconduct and utilise the full range of tools available to it, including criminal prosecutions. In such cases, the FMA refers matters to the Crown Solicitor, for determination in the courts.

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