Qualifund, the unregistered “lender”, will be closed after being informed of the authorities
Authorities are set to shut down a business that claimed to provide loans to people with bad credit histories despite not being registered to provide financial services.
The Ministry of Business, Innovation and Employment (MBIE) HÄ«kina Whakatutuki and the Te Komihana Tauhokohoko Trade Commission are investigating Qualifund Limited, which was set up by David Lawrence Marsters, a convicted tax evader.
The agencies had been informed by a member of the public that Marsters had established the company as David Harding, and that neither Marsters nor Qualifund were listed in the register of financial service providers of companies and of persons authorized to provide financial services. financial services to the public.
Marsters was extradited from the United States in the early 2000s to face 48 charges of using a document with intent to defraud, for which he was jailed for three years.
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Thing contacted Marsters, who declined to speak but said by email that Qualifund will be shut down by the end of next month.
Thursday, MBIE published notice that it intended to remove Qualifund from the register of the Companies Office.
Qualifund was established in July by someone using the name David Alexander Harding, and is the sole director and shareholder, giving the Companies Office an address in Papamoa Beach.
But after MBIE’s Integrity and Enforcement Unit began investigating in August, someone called David Harding changed the name of the sole director to Lawrence Alexander David Branson Marsters, who was listed as living in the same Papamoa Beach address as David Harding.
He was then replaced again by the hyphenated Lawrence Alexander David Branson-Marsters.
The Companies Act requires people setting up companies to use their real names and addresses.
A spokesperson for MBIE said the company registrar initiated the process to remove Qualifund Ltd and H&D Developments and Investments Ltd on the grounds that the company director intentionally provided inaccurate information.
The review of information regarding Lawrence Branston-Marsters was underway.
MBIE would not comment on the status of the investigations while they were ongoing, the spokesperson said.
The complainant also informed the AutoritÃ© des marchÃ©s financiers, which has the option of deleting companies from the register of financial service providers. This is designed to protect the public from bogus financial services companies.
An FMA spokesperson said he referred the complaint about Qualifund to the Trade Commission which regulates credit contracts.
âRegarding the problems with the [Financial Services Providersâ Register], we will allow the Trade Commission investigations to take their course first, âhe said.
Qualifund claimed on its website that it offers âmortgage solutions where others normally cannotâ.
He claimed to make real estate, personal, business or agri-food loans, claiming it could help people with bad credit histories.
âIts founders brought 40 years of experience to the company to deliver a revolutionary process of providing capital. Offers commercial lines of credit, large business term loans, same day loans, and more. Qualified collateral loan solutions that work for Kiwis, âthe website boasts.
After authorities began to investigate, all text and images were removed from Qualifund’s website.
The Trade Commission spokeswoman said she was looking into the complaint.
Despite the deletion of the website, on September 9, Qualifund confirmed in a text message that the given phone number was his.
However, calls to the number went unanswered.
Marsters contacted Thing after emails were sent to the owner of the Papamoa Beach house and Williamson and Co, the Marsters accountant Pukekohe, whose Edinburgh office was briefly listed as Marsters’ home address on the page of the Qualifund Companies Office.
âI don’t know you and I don’t want to talk to you. But qualifund is not negotiating and will not be. And the business will be taken out of business [register] end of next month, âMarters said in an email.
– An earlier version of this story incorrectly stated that the AutoritÃ© des marchÃ©s financiers manages the register of financial service providers. Updated at 10:36 a.m. on September 17, 2021.