Judge orders return of $92k wedding ring

Lisa Robertson's lawyer Nathan Gedye said his client wanted the release of her wedding ring, not pictured above. Photo / iStock.

A High Court judge has this morning ordered a wedding ring possibly worth $92,000 be returned to a woman associated with a currency and commodity trading firm whose assets are frozen and is being probed by market regulators.

The firm, Prosper Through Trading, and associated parties have hired a Queen's Counsel and are urgently applying for the High Court to alter the asset preservation orders.

At the the behest of the Financial Markets Authority, a High Court judge last week froze the assets of Prosper Through Trading, its minority shareholder Steven Robertson and four associated entities.

Justice Pamela Andrews also appointed receivers John Fisk and David Bridgman to PTT, the associated entities and to the financial affairs of Steven and Lisa Robertson.

Prosper Through Trading claims on its website to be a "unique company providing basic and advanced currency trading and commodity trading to investors from all across New Zealand and Australia".

The FMA said last week that it is concerned PTT client funds may be at risk and that the company may be in breach of financial markets legislation.

PTT and Robertson's QC, Nathan Gedye, appeared in the High Court this morning and told Justice Andrews his clients wanted to apply to modify the orders as urgently as possible.

While it was hoped the FMA might agree to relax the orders, Gedye said the regulator had not done so.

Gedye also indicated Lisa Robertson would seek to be released from the orders as there was nothing to justify them over her.

"These orders don't allow them to spend $1 apart from a weekly allowance of $1000," Gedye said.

The QC also applied for fortnightly mortgage payments to be paid from the frozen assets, which the FMA did not object to.

Gedye also said Lisa Robertson wanted the release of her wedding ring and it was "particularly upsetting to her" that it was taken as part of the orders.

"As a matter of simply dignity she would like that returned," he told the judge.

"It does seem frankly your honour over the top to take a woman's wedding ring," Gedye said later, pointing out it would still be subject to the court orders if released to his client.

But FMA lawyer Dale La Hood said the regulator had information indicating the ring could be worth $92,000.

The authority's concern was preserving investor funds and La Hood argued a further two weeks without the ring wouldn't be oppressive.

Gedye also wanted Lisa Robertson's cell phone returned to her, which La Hood said the receivers were still analysing.

He told the judge that the she could buy another out of the $1000 per week allowance.

Justice Andrews ordered the release of the wedding ring and said the receivers had until tomorrow to analyse the phone.

If it wanted longer, the receivers would have to come back to the court.

The judge also made orders allowing the mortgage payments to be made from the assets in the control of the receivers.

The case will come back to court on September 4.