The Financial Markets Authority has won its case against controversial share buyer Bernard Whimp.
The FMA took the Christchurch businessman to the High Court in Wellington asking it to cancel offers he made to investors in six listed companies saying that he misled them.
The authority says the offers gave the impression that payment for the shares would be made promptly, when the fine print revealed they would be paid in instalments over 10 years.
In his decision, Justice Gendall issued a permanent injunction against Mr Whimp and his various companies.
The judge also directed that Mr Whimp and his companies be prevented from making any similar offers to investors, and any shares that have been transferred must be returned.
Financial Markets Authority chief executive Sean Hughes says it will be approaching nearly 1200 investors over the next couple of weeks.
Mr Hughes says investors will be able to rescind their contracts, get their shares back and continue being shareholders in the companies.
He says a handful of investors have confirmed to the authority that they intend to sell their shares to Mr Whimp and are prepared to accept the money over 10 years.
