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11 May 2021

PTT Limited, Steven Robertson and related parties

Background

The Financial Markets Authority (FMA) pursued a long‑running investigation and prosecution against Steven Robertson, director of PTT Limited and associated entities, for serious breaches of financial markets legislation and criminal offending under the Crimes Act 1961. The case concerned the misappropriation of investor funds and deceptive conduct affecting numerous victims.

Background and Enforcement Action

The FMA commenced its investigation in August 2015, obtaining asset preservation orders over the assets of PTT Limited and related persons amid concerns that investor funds were at risk and that the companies were operating unlawfully. Multiple hearings followed regarding asset preservation and receivership costs, including a High Court judgment in April 2016 that rescinded earlier orders allowing receivers to be indemnified from respondents’ property.

In December 2015, four companies—PTT Limited, Maxwell Foster Limited, Gibson McLeod Limited, and Alban International Limited—were placed into liquidation at the Auckland High Court. PricewaterhouseCoopers (PwC) was appointed as both receiver and liquidator, providing reports to the Court throughout the proceedings.

Criminal Proceedings

The FMA filed 47 criminal charges against Steven Robertson in October 2017, including theft by a person in a special relationship, obtaining by deception, and dishonestly using documents. Mr Robertson first appeared in the Auckland District Court in November 2017.

Following a trial that commenced in May 2019, Mr Robertson was found guilty in August 2019 of 38 charges, comprising:

  • 23 counts of theft by a person in a special relationship
  • 11 counts of obtaining by deception
  • 4 counts of dishonestly using a document

Sentencing and Appeals

In October 2019, the Auckland High Court sentenced Mr Robertson to six years and eight months’ imprisonment, with the Court noting the strength of the Crown’s case and his deliberate use of sales skills to deceive clients.

Subsequent appeals were dismissed:

  • The Court of Appeal dismissed a sentence appeal in June 2020, confirming findings that Mr Robertson had defrauded victims of $1.5 million through PTT Limited.
  • The Supreme Court dismissed a further sentence appeal in May 2021, bringing the criminal proceedings to a close.

Outcomes for Victims

In December 2020, the Auckland High Court approved a pro‑rata distribution methodology for creditors of PTT Limited, Mr Robertson, and associated entities. The methodology, proposed by PwC and supported by the FMA, was assessed as being in the best interests of victims, with receivers and liquidators estimating recoveries of approximately 59 cents in the dollar.

Conclusion

This case represents a significant enforcement outcome for the FMA, demonstrating sustained regulatory action over several years to protect investors, hold offenders accountable, and maximise returns to victims. The dismissal of all appeals by the Supreme Court in 2021 marked the final resolution of the matter, reinforcing judicial support for strong penalties in cases of serious financial misconduct.

Timeline

May 2021

Supreme Court rejects sentence appeal by PTT’s Steven Robertson. The FMA has welcomed the Supreme Court’s decision to dismiss a sentence appeal by Steven Robertson of PTT Limited, bringing the matter to a close.

December 2020

The Auckland High Court approved a pro-rata distribution methodology for creditors of PTT Limited, Mr Robertson and his associated entities. The methodology was proposed by the receivers and liquidators of PTT, and supported by the FMA as being in the interests of victims. Receivers and liquidators estimate that victims will be likely to receive around 59 cents in the dollar.

5 June 2020

The FMA has welcomed the Court of Appeal’s decision to dismiss a sentence appeal by Steven Robertson, who defrauded victims of $1.5 million through PTT Limited.

30 October 2019

Steven Robertson jailed for six years, eight months at the Auckland High Court. In sentencing Mr Robertson, Justice Sarah Katz said the Crown case against him was overwhelming and he used his sales skills to deceive clients.

August 2019

Mr Robertson found guilty of the following 38 charges:

  • 23 counts of theft by a person in a special relationship under section 220 of the Crimes Act 1961
  • 11 counts of obtaining by deception under section 240 of the Crimes Act 1961
  • 4 counts of dishonestly using a document under section 228 of the Crimes Act 1961.

Sentencing due on 30 October 2019.

May 2019

Trial of Steven Robertson due to start in May 2019.

October 2017

FMA has filed criminal charges against Steven Robertson in the Auckland District Court under the Crimes Act 1961. In total 47 charges have been brought against Mr Robertson. Mr Robertson’s first appearance is scheduled for 28 November 2017.

The Receivers and Liquidators will continue to provide updates on the affairs of the PTT Group through statutory reporting.

April 2016

High court judgment on whether the costs of the receivers be met from the assets.

Judge rescinded the Court’s orders 3.10(b) and (c) of 13 August 2015 that the receivers be reimbursed and indemnified out of the respondents’ property.

December 2015

Four companies were placed in liquidation over breach of financial markets legislation and case filed under Crimes act against Steven Robertson with the trial due in May 2019. We filed 47 charges against Steven Robertson. These charges related to PTT Limited and associated entities, and included:

  • theft by a person in a special relationship
  • obtaining by deception
  • dishonestly taking or using a document

The companies were placed into liquidation at the Auckland High Court are PTT Limited, Maxwell Foster Limited, Gibson McLeod Limited, and Alban International Limited.

PricewaterhouseCoopers (PwC), the receivers of the four companies, have been appointed as liquidators.

October 2015

PwC released its report to the High Court. FMA’s investigation is ongoing.

4 September 2015

A hearing was held to determine whether certain of the asset preservation orders granted on 13 August 2015 should be varied, modified or removed. The Court approved certain variations, including increasing the weekly living allowance and authorising the release of certain personal and household assets and funds in payment of legal fees.

3 September 2015

PwC submitted their report to the High Court on a confidential basis.

14 August 2015

The FMA confirms that it is undertaking an investigation into Steven Robertson, PTT Limited and related entities.

The FMA has obtained asset preservation orders over the assets of PTT Limited and associated persons, in light of concerns that investor funds may be at risk and that the companies may be operating in breach of financial markets legislation.