Blue Chip Property Investment Group Co-Founder, Mark Bryers has apologized to investors, majority of whom had lost huge amounts when the group was placed into insolvency, and says that he has set up a system to reimburse previous customers.

Bryers said in statement, "I am not asking for forgiveness. But as a matter of conscience I feel it is entirely appropriate that the least I can do is offer my unreserved and deepest apologies".

He says that he had designed a plan that intended to reimburse those ex-investors who had paid a deposit and did not get a property.

He says that the proposal had been presented to the Board of Northern Crest Investments, and was exposed to conformity and shareholder support.

Yesterday, Bryers was penalized $37,500, asked to shell out $780 in court payments and also asked to fulfill 75 hours of community work when he was punished for 34 accusations in Auckland District Court.

Bryers was known to be earning around $12,000 per month in Sydney as an advisor to Northern Crest Investments.

Today, he said that although his economic condition was cataclysmic, his resolution to introduce and deliver reimbursement to those previous customers is absolute. Whilst it will require some time, he will fulfill that promise.