NZ High Court Rules BlackfortFX as Ponzi Scheme, Seeks Reparations of $7M

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NZ High Court Rules BlackfortFX as Ponzi Scheme, Seeks Reparations of $7M

Postby kreslik.news » Sun Feb 21, 2016 7:00 pm


New Zealand-based Arena Capital Limited, operating a website under the moniker BlackfortFX, was ruled as a Ponzi scheme, according to a recent NZ High Court ruling that decreed the firm owes clients a total of $7.0 million for illicit activity, according to a NZ Herald report.

BlackfortFX has been under investigation and in the regulatory crosshairs by the country’s Financial Markets Authority (FMA) since last May, which consequently froze its assets, paving the way for liquidation in August. Arena Capital Limited is registered on NZ’s Financial Service Providers Register, having claimed to be providing foreign exchange (FX) ... (read more)

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