Investors who put at least $100,000 each into an Auckland property syndicate are likely to have lost the lot
May 01, 2015 – Greg Ninness
Investors in a substantial Auckland property syndicate associated with disgraced company directors Murray Rex Alcock and Allister Ronald Knight, appear to have lost all of the money they put into it.
The 656 Syndicate owned a substantial office building at 17 Sultan St in Ellerslie (pictured) and was one of several syndicates set up by Alcock and Knight’s SPI group (previously Secure Property Investments) which have struck severe financial difficulties.
Alcock and Knight have each been fined $25,312 this week for breaches of the Financial Reporting Act during their time as directors of SPI Capital, after earlier giving the Financial Markets Authority enforceable undertakings to resign as directors of several SPI entities including the 656 syndicate, and to refrain from acting as a director, chief executive or chief financial officer of any company issuing securities to the public, for a period of five years.