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Posts Tagged ‘US District Court in South Dakota’

Investing in New Zealand?

Posted by te2ataria on October 28, 2009

sent by a former investor

You Ought to Have Your Head Examined!

IF you’re so stupid as to invest in New Zealand securities, buy NZ dollar, or invest in New Zealand companies, then you deserve losing everything

Between Bernie Madoff and New Zealand, the former would have been a safer investment risk.

A US court has ordered two New Zealand incorporated companies to pay US$40 million (NZ$53.3 million) to 200 US

dollar-nz
As Fake as Sir Ed! Your NZ dollar may soon be worth about 20 percent of its current “value.”

The company, First Capital Savings & Loan,  is owned by an entity called Overseas Capital, most likely a shell company purchased on-line for about $250, which has a director in Panama  but it’s ultimately owned by a Tauranga woman, Joan-Lesley Hansford-Jensen, a former prostitute, turned investment banker.

Investors had filed a federal law suit alleging losses of US$40 million over investments with Lowrance and his company, according to the Associated Press.

The shell companies come with a sole director, in this case  Jeff Lowrance.  Overseas Capital and another New Zealand incorporated company, Swiss Providence – now struck off – are defendants in the case.

The investors had opened overseas foreign currency exchange accounts with hopes of 7 per cent monthly returns. They say Lowrance and his company failed to make live market trades, transferred money from one client’s account to another to keep up the appearance of earnings, and used proceeds for personal gain and other business ventures, including an alternative newspaper Lowrance started called USA Tomorrow.

Wanda Howey-Fox, who represents the investors, told AP the scheme was “a small version” of a Bernard Madoff-style Ponzi scheme.

She said some investors opened accounts with US$10,000 and others put in as much as US$750,000.

Chief Judge Karen Schreier of the US District Court in South Dakota ruled in favor of the investors on their claims of  “fraud in the inducement, fraudulent mismanagement of accounts, and breach of contract.”

As Lowrance and his associated entities have not responded to the claims, the investors were entitled to “entry of default judgment in their favor”, the judge said, signaling that investors to also apply for costs and  damages.

Thank you ma’am but how would you recover the money?

The original lawsuit sought interest, US$50 million from Lowrance, US$50 million from his other business entities and US$150 million in punitive damages.

FAT CHANCE!

The Herald spoke to Hansford-Jensen’s husband, Darryl Jensen, a Tauranga taxi firm owner, in March.

Mr Jensen said he was responsible for setting up the companies his wife was a director of. He was aware of First Capital Savings & Loan but could not say what it did.

To The Mentally-Retarded Investors:

TEAA Sez: There’s no great magic to investing wisely. Count the number of boxes of poisoned kiwi fruits, and the number of sheep with atypical scrapie, then ask yourself who/where the hell they’re gonna find the 7% interest rate to pay you …

New Zealand Investment Scene is a Sovereign Version of Bernard L. Madoff Investment Securities LLC

And don’t go around telling everyone we didn’t inform you!

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