Strategic directors to pay $22m

The Financial Markets Authority and receivers John Fisk and Colin McCloy announced today they had finalised the settlement.

It will allow them to make another distribution to investors.

The directors, Kerry Finnigan, Graham Edward Jackson, Marcel Aubrey Lindale, Timothy John Rich, Denis Grenville Thom and David John Wolfenden, have given the FMA an undertaking they will not act as a director or promoter of a public issuer of securities for five years, or act as a chief executive officer or chief financial officer of a public issuer of securities for three years, without written approval from the FMA.

In February 2013, FMA announced its investigation into Strategic found the directors were likely to have breached the Securities Act by making untrue statements in a registered prospectus, investment statement and in an advertisement between March 2008 and August 2008.