FMA head of enforcement Margot Gatland said: “The court ordered Mr Savage to compensate investors, and that money is still owed. A court order isn’t always the end of an enforcement matter.”
Between April and July 2020, Savage promoted the shares through online presentations and social media videos.
Savage also claimed a substantial dividend would be paid within the first 12 months.
About 65,000 shares were sold at US$1.20 each, with investors paying in US dollars or cryptocurrency.
The FMA said bank records showed Savage transferred investors’ money to his personal bank account and to pay debts and expenses of another company he had incorporated.
The FMA said Savage had failed to pay $126,214 in compensation ordered in February…