Hawkes Bay, New Zealand (TDN) -- Peter Jonatahn Rens, 73 of Hawkes Bay, New Zealand was yesterday found guilty of defrauding investors of $243 000, which he used to invest in international stock markets in 2004. He was convicted on 12 counts of theft by a person in a special relationship.
The court heard that Rens set up and registered a company in Dominica “ to take advantage of relaxed rules regarding director and secretary appointments.” He then set up a bank account in Nevis and used lawyers and accountants based in Uruguay to complete the fraud.
Rens was accused of befriending his victims at the Hawke's Bay Gliding club before using his special relationship with them to take the money purportedly to invest in the stock market through his Dominica registered company.
He maintained his innocence throughout the trial claiming that he had tried to find the investors' money but didn't know where it was located. Rens was released on bail until his sentencing in February.
This most recent conviction continues to shed international attention on Dominica’s lax offshore rules, which permits the setting up of shell companies without the appropriate supervision.
Just last month, a court in Richmond, Virginia, USA sentenced Jorge Luis Castillo, 57 to 54 months in prison for his role in a $670 million scam involving insurance settlement investments. His company, Provident Capital Indemnity LTD (PCI), was registered in Dominica.
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