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20 June 1995

News release

The Executive Millionaires Trust Club advertisement prohibited

The Securities Commission, acting under the authority of section 44A of the Securities Act 1978, has made an order prohibiting the distribution of any advertisement in relation to a scheme called "The Executive Millionaires Trust Club".

The Commission was of the opinion that the scheme documents contained or referred to an offer of securities to the public for subscription and did not comply with section 33 of the Securities Act 1978. This requires such an offer to be made in, or accompanied by, a registered prospectus or in an "authorised advertisement".

The scheme operates from an Onehunga address and appears to be run by Mr Raoul Winter and Mr Richard Johnstone. According to the scheme documents the scheme purports to operate "under the auspices of Offshore Business Services who have secured the world rights to market this format of self funding projects from Mega Fund Raising Trust which is based in the USA".

Members of the general public are advised to exercise great care before paying or committing money to The Executive Millionaires Trust Club.

Norman F. Miller
Senior Executive (Compliance)