21 Dec 2011

Huljich should have known about misleading graphs - judge

7:08 am on 21 December 2011

A judge says Auckland fund manager Peter Huljich should have known graphs about his KiwiSaver scheme were misleading.

Huljich pleaded guilty to one charge under the Securities Act in September, while his company, Huljich Wealth Management New Zealand, also admitted two related charges.

Graphs put out by the company showed its Kiwisaver scheme was outperforming others, but the documents failed to disclose that was due to a series of personal top-ups made by Huljich.

In sentencing at the Auckland District Court on Tuesday, Judge Brooke Gibson says Huljich should have known the graphs and statements were misleading.

He fined the company nearly $250,000 plus $95,000 in court costs and fined Huljich $112,000 plus $100 in court costs.

Outside the court, Huljich said he is pleased to have had the opportunity to put his side of the story forward in court, and he's now looking forward to moving on.

Huljich Wealth Management was sold to Fisher Funds earlier this year.