Name of adviser David Alan Wood, is engaged in the financial advising and securities area, 3 King George Place, Timaru, telephone (03) 688 5409, davidwood@xtra.co.nz
I am obliged to make disclosure under the Securities Markets Act 1988 and the Securities Markets (Investment Advisers and Brokers) Regulations 2007.
Experience Barrister and solicitor since 1973 to 31 March 2006, primarily in the area of financial advising, firstly with the management of a substantial nominee company (which throughout the whole of its term of operation did not lose any interest or principal for any of its numerous clients). This was achieved despite several major collapses in the world economy (eg 1987 share market) resulting in valuations plummeting approximately 40-60% in the South Canterbury area where this company operated. In 1988 the requirements for the Securities Institute of Australia were completed and I was admitted to that Institute. During the term of my financial involvement I have visited the Stock Exchanges of New York, Hong Kong, Taipei and Auckland and the World Headquarters of the International Association for Financial Planning (IAFP) Atlanta. In 1987 I became a Foundation Member of the New Zealand Association of Financial Planners. I was actively involved in the position of Solicitors Trust Accounts with the BNZ when that Bank was criticized in the mid 80’s by Standard & Poor’s monitoring agency. I conducted due diligence examinations of many New Zealand private companies as a result of the mid 1980’s financial explosion. I received instructions from clients to scrutinize various company investments including RJI Limited (Bob Jones) and RSL Limited. I inspected the RJI property in New York and counselled clients to exit them before they failed.
Since 1 April 2006 I have held a Barrister's Certificate.
Market Predictions In August 1987 I warned of the impending disaster that would befall the securities market in New Zealand. In 2007 I again went public again (in the Timaru Herald) warning of the impending crises that is now visiting the New Zealand securities and real estate markets.
Investment Investigation Through the years 2000-2006 I investigated with another colleague in the industry the investment advising group now known as “Operation Allsorts” which has become the largest exposed commercial fraud scam ever carried out in New Zealand. This has resulted in approximately 26 people receiving convictions, including many solicitors and accountants. Numerous other business people have been convicted, some receiving substantial jail sentences (eight years).
Property Management
I have a long and extensive history in property development and management involving rural and commercial development in East Tamaki, Christchurch, Timaru, Dunedin, Queenstown, Palmerston North and Wanaka.
Mortgage Law I have taken mortgage law cases to the Court of Appeal and one mortgage fraud case involving $US100 million through to the Supreme Court (successfully). The perpetrator of that scam is now in custody awaiting sentence on 12th November 2009.
Membership of relevant professional bodies 1. I am a Barrister & Solicitor of the High Court of New Zealand. 2. I am an affiliate of the Australian Securities Institute (1988). 3. Was an original member of the New Zealand Financial Planners Association but resigned within one year when it became influenced by commission driven sales people from the insurance industry.
Professional indemnity insurance I do not maintain professional indemnity insurance.
Complaints Any complaints should be directed to:
The Securities Commission, P.O. Box 1179 Wellington
Criminal convictions and related matters During the previous 5 years, I have not been:
(a) Convicted of an offence under the Securities Markets Act 1988, the Securities Act 1978, or of a crime involving dishonesty (as defined in Section 2(1) of the Crimes Act 1961); (b) A principal officer of a body corporate that committed an offence referred to in paragraph (a), when the body corporate committed the offence; (c) Adjudicated bankrupt; (d) Prohibited by an Act or by a court from taking part in the management of a company or business.
Fees A fee will be charged for the advice given on an hourly basis. This is payable within seven days of the date of the invoice.
Portfolio service fees This will be charged at the rate of 1 to 3% depending on the type of service and amount of funds under advice and type of real estate and tenancies.
Brokerage Brokerage charges may apply to certain investments e.g. Reserve Bank Kiwi Bonds. Where brokerage charges apply they will be advised to you in the disclosure statement for that investment.
Other interests and relationships I endeavour to give you totally independent advice in a way that you can be completely happy with the quality of advice given knowing that it is not touched in any way whatsoever by any outside influence. If I refer a client to some other contractor for management I may in certain circumstances receive a payment and the details of that payment will be set out in a disclosure statement relating to that specific investment.
Investments and securities which I advise on 1. Contributory Nominee company loans; 2. Finance company issues; 3. Syndicated real estate purchases; 4. Reserve Bank Kiwi Bonds; 5. Other real estate and/or mortgage related products; 6. Management services available for commercial and industrial property New Zealand wide.
Handling of client moneys I do not handle client moneys and direct all moneys direct through to the destination specified by the client. All cheques for investments must be crossed “Not Transferable” account payee only.
David A. Wood Ll.b (1973), Affiliate Securities Institute of Australia (1988)
