A Nelson man has been committed to stand trial after hundreds of investors lost millions of dollars in computer technology he was promoting.
Philip Whitley, 48, principal officer of Nelson company NearZero Ltd, was charged by the Serious Fraud Office of two counts of making a false statement as a promoter, the Nelson Mail reported.
In Nelson District Court yesterday, Whitley was committed to stand trial after a depositions hearing which lasted nearly two weeks.
Justices of the Peace Donald Horn and Gloria Jean Angelo remanded Whitley on bail until July 1, for trial callover.
Whitley's lawyer, Tony Bamford, told the court his client would "vigorously defend" the charges.
The charges relate to alleged false statements about a technology invention involving efficient electronic data transmission and storage capacity, and patent pending status relating to it.
