FMA Warns of Scam Operation Targeting New Zealand Investors

FMA are concerned that a scam operation is targeting New Zealand residents and offering investment in a fixed return managed fund.

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It is claimed that the investment is offered by Blackrock Investment Management Australia Limited (part of Blackrock Inc.), which is not true. Blackrock Investment Management Australia Limited has confirmed that they are not connected with the offer and/or the entity.

It is stated in their prospectus that the investment is insured up to $250,000 per investment by the New Zealand Government Guarantee Scheme. No such scheme exists in New Zealand.

It is also stated in their prospectus that the investment complies with the "terms of FMA", which is not true.