FMA slap permanent ban on multi-level marketing firm Validus

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The Financial Markets Authority (FMA) has issued a permanent ban on multi-level marketing firm Validus, after the High Court dismissed the company’s appeal.

The permanent stop order prohibited US-registered Validus and associated people from repeating “unlawful behaviour that may cause financial harm”, the FMA said.

Validus was banned from carrying out a number of activities, including making offers of its financial products, and accepting further applications, contributions, investments or deposits.

The permanent ban was first issued in May, but Validus requested it not be published while the court considered its appeal.

The FMA agreed not to publish the order, and the appeal was heard at the High Court in Auckland last month.

The appeal was dismissed by Justice Pheroze Jagose.

FMA executive director of response and enforcement Paul Gregory said the permanent stop order was a response to Validus holding seminars following an earlier interim ban in February.

“We’ll be watching Validus activity in New Zealand and we’ll take action where we believe it’s necessary to protect the public and enforce the order,” Gregory said.

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