16 April 2018

Formal warning: Crafters & Co Limited

The FMA has issued a formal warning to Crafters & Co Limited and its director, Hadleigh Petherick.

The warning relates to a crowdfunding campaign on the PledgeMe platform in November 2015. In the FMA’s view the offer information used by Crafters as part of the crowdfunding campaign contained misleading and deceptive statements.

Crafters withdrew from the crowdfunding campaign after questions were raised by PledgeMe relating to Crafters’ solvency. PledgeMe referred this matter to the FMA.

Crafters received no investor money as a result of this withdrawal.

The full warning can be seen here.

Information about the fair-dealing obligations in part 2 of the Financial Markets Conduct Act for anyone dealing in financial products can be found here.

Information for investors on what to look out for before making a decision to invest in an equity crowdfunding campaign can be found here.