$l000 Fine For Currency Offences

Press, Volume CIX, Issue 32280, 24 April 1970, Page 46

$l000 Fine For Currency Offences

(New Zealand Press Association} AUCKLAND, April 23. A woman was fined $lOOO by Mr N. M. Izard, S.M., today on charges of illegally exchanging Australian currency for New Zealand currency on two occasions.

r Leonie Adeline Maas-Gee-steranus admitted exchanging , $6OOO in Australian currency r for $6300 in New Zealand cur- ' rency with Raymond Sydney ' Hoare in August last year, ' and $3OOO in Australian currency for $3210 in New Zea- ; land currency with Hoare in i September. Both exchanges j were in Auckland. ‘ Mr S. B. W. Grieve, for ; the Reserve Bank, said Mr t Hoare had made illegal puri chases of overseas funds and f had paid $9510 to the defend- - ant. Mr Hoare drew two 'cheques totalling $9510, dated

August 11, 1969, and September 19, 1969, respectively. These cheques were paid to the defendant and in return ' she sold Mr Hoare a total of $9OOO in Australian currency. When interviewed by Reserve Bank officers the defendant admitted she had received both cheques from Mr ; Hoare and in return she had given him Australian cheques on her Australian account totalling $9OOO Australian. She said she had received a considerable legacy made up of overseas currencies and Mr Hoare had approached her to make certain overseas funds available to him. She did not check the legality of the transactions but had an idea they might be illegal. On April 16, 1970, Mr Hoare pleaded guilty to similar charges and was fined a total of $5OO. Mr N. C. Anderson, for the defendant submitted that she had been resident in New Zealand for 19 years and until the offences had been industrious and law abiding. She did not enter into the transactions to make a profit. Her suspicion that the transactions might be illegal made her resist Mr Hoare’s approaches for purchases for some time.