18 Nov 2010

Securities Commission charges Huljich

8:47 pm on 18 November 2010

The Securities Commission has laid criminal charges against KiwiSaver provider, Huljich Wealth management, and its director, Peter Huljich.

The commission alleges documents for the Huljich KiwiSaver Scheme misled prospective investors by misrepresenting the investment performance of the funds.

The documents contained graphs of the fund's investment performance, but did not say that they included personal top-ups that Mr Huljich made to compensate for disappointing investment decisions.

The charges carry a maximum penalty of three months in prison, or a $300,000 fine.