The Financial Markets Authority – Te Mana Tātai Hokohoko – has filed criminal charges against a former financial adviser. The defendant, who has interim name suppression, has pleaded not guilty to two representative charges of theft by a person in a special relationship.

The FMA alleges that the defendant procured approximately $1.7 million from two sets of clients on the basis that he would invest the funds procured on their behalf. 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.

The charges were filed in the Auckland District Court. The defendant’s next court appearance is scheduled for 17 October 2024.

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