FMA filed civil proceedings against Rangi Wyatt Stephen Savage for unregulated share sale and false representations regarding The Powder Shed Tokoroa Limited.

The Financial Markets Authority (FMA) filed civil proceedings against Rangi Wyatt Stephen Savage, accusing him of making an unregulated public offer for the sale of shares in The Powder Shed Tokoroa Limited and breaching the Financial Markets Conduct Act 2013. Savage is accused of making false or misleading representations between April and July 2020 in online presentations and social media videos while promoting the sale of shares in Powder Shed to potential investors. Over 160 individual investors applied to purchase shares in Powder Shed, with approximately 65,000 shares sold.

May 20, 2024
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