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30 May 2003

News Release

Boiler room operator Mauerberger convicted

Benjamin Jean Mauerberger was convicted of failing to comply with a Securities Commission summons and fined $30,000 in the Auckland District Court this morning.

The Commission summoned Mauerberger last year during its investigation into Mauer-Swisse Securities Limited, an Auckland sharebroking company that is now in liquidation.

The Commission suspected that Mauer-Swisse was running a boiler room operation which made unsolicited calls to people in New Zealand and Australia offering dubious share deals.

Mauerberger had previously worked for a cold calling broking firm, the Brinton Group, in Thailand. The Commission knows of significant sums of money that have been lost by New Zealanders through the Brinton Group's activities. The Thai authorities moved against the Brinton Group in July 2001 and arrested a large number of people.

Mauerberger was due to appear before the Commission on 17 January 2003 to answer questions on the activities of Mauer-Swisse and his links with another company named Bergers Securities Limited. He left the country without appearing before the Commission.

This decision indicates that Courts will take a firm line against people who refuse to co-operate with the Commission.

People should be wary of any unsolicited approach to invest money. If you want to buy shares, whether in this country or overseas, you should use a New Zealand Stock Exchange broker.

Contact: Catherine Chapman phone (04) 471 7659

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