Quote Originally Posted by Alan3285 View Post
I don't know - what do you think?
I don't think you become one of the country's wealthiest men by being "careless". Thats kinda counter-intuitive

I don't think you can be a professional accountant running many companies and be "negligent". A"professional" accountant would, I'd have thought, been answerable to his professional body and I've noted NZICA has been silent on this matter. Additionally no-one seems to be pursuing any actions of negligence - so a "negligent" breach seems unlikely.

Of the options I've provided that only leaves "fraudulent" so best someone gives me some more options.

Another question too: If someone tells you that they are exempt under the Securites Act s3(2), does that mean that you can believe them and are covered, or do you have to make your own inquiries?
If I am a poor Granny and the person is a professional accountant I rely on their expertise and do not make my own inquiries. I'm poor so I can't afford a newspaper to read those apparently informative articles in the Herald and the wireless goes a bit Phutt when those dull people in suits get to the microphone. But when Marge and I get our Blue rinse done at Chloes she reckons I'm onto a good thing.

If I am a sophisticated investor I'd be wondering why my money is going into same fund as the Granny so the question probably wouldn't arise. I didn't get to where I am today by following the Grannies!