A former financial adviser allegedly procured about $1.7 million from two sets of clients and used it for “personal purposes”.
The Financial Markets Authority has filed criminal charges against the adviser, who has interim name suppression.
They pleaded not guilty to two representative charges of theft by a person in a special relationship in Auckland District Court.
The funds were obtained from the clients “on the basis that he would invest the funds procured on their behalf”, the FMA said.
“It is alleged the defendant instead used the funds obtained for personal purposes.
“The alleged offending occurred between 2016 and 2022.”
Theft by a person in a special relationship carries a maximum penalty of seven years’ imprisonment.
Their next court appearance is scheduled for next month.
