A Christchurch man has admitted to scamming 900 people out of $8.3 million in a Ponzi trading scheme.
Arena Capital Limited director Jimmie Kevin McNicholl called the company BlackfortFX and allegedly gave the impression it was a legitimate foreign trading platform.
However no trading ever occured, the Serious Fraud Office says.
He pleaded guilty to obtaining the registration as a financial services provided by deception in the Christchurch District Court on Thursday.
Lance Jack Ryan, known as Lance Jared Thompson, has also been charged with fraud in relation to the matter.
Ryan pleaded not guilty to obtaining registration of BlackfortFX as a financial service provider by deception, but pleaded guilty to charges of false accounting, forgery, reproducing documents with intent to deceive and theft by person in special relationship.
Both men are scheduled to re-appear for sentencing on June 20.
Newshub.
