Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

North Shore adviser Cherry pleads guilty to $5M fraud

North Shore financial adviser Cherry pleads guilty to $5M fraud

Sept. 7 (BusinessDesk) - Albany-based financial adviser Evan Cherry pleaded guilty to four charges out of seven levelled against him in a $5 million fraud in the North Shore District Court today.

Cherry admitted four charges under the Crimes Act relating to the misappropriation of investor funds and false statements in investor reports and has been remanded in custody until sentencing on Dec. 11, the Serious Fraud Office said in a statement.

The fraud took place between January 2001 and February 2007 when funds were invested contrary to investors' instructions, the bulk of whom had followed him when he left a large firm.

"The high level of trust associated with personal relationships reduces any questioning by the investor when presented with a change in the underlying nature of the investment," chief executive Adam Feeley said. "It can be a dangerous arrangement that clouds judgement."

Cherry's ISL group of companies received some $9 million from about 175 investors, the SFO said.

The SFO began its investigation in June last year after the Financial Markets Authority's predecessor, the Securities Commission, referred the case.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Financial Markets Authority: Online Investing Platforms Transform Attitudes To Investing

Eight out of 10 New Zealand investors have a more favourable view of investing and financial markets after using online investing platforms, according to research released today by the Financial Markets Authority - Te Mana Tātai Hokohoko... More>>



Barfoot and Thompson: Auckland Housing Prices Shrug Off Winter Concerns

Auckland house prices shrugged off the normal winter downturn, concerns about increasing prices and warnings of possible future interest rate rises in July.
“Mounting concerns about the prices being paid and possible future interest rate increases did nothing to dampen July trading... More>>



Stats NZ: Sharp Falls In Unemployment And Underutilisation

The seasonally adjusted unemployment and underutilisation rates fell to 4.0 and 10.5 percent, respectively, in the June 2021 quarter, Stats NZ said today. The unemployment rate continued to fall from its recent peak of 5.3 percent in the September 2020 quarter... More>>


ASB: Labour Shortage Sting Set To Cause Issues For Years According To Latest Quarterly Economic Forecast

There are positives and negatives in the latest ASB Quarterly Economic Forecast as New Zealand continues to bounce back strongly from COVID-19. The closed border is putting additional strain on the country’s labour market... More>>

Transport: July 2021 New Vehicle Registrations Boosted By EV Rebate Scheme
Motor Industry Association Chief Executive David Crawford says that July 2021 sales of new vehicles were boosted by the recently introduced rebate scheme. July 2021 registrations were 15,053 units compared to 12,263 units for July 2020... More>>



ASB: New Support Finder Tool Helps Connect Customers With Thousands In Government Support

ASB research alongside benefit numbers from the Ministry of Social Development shows an increased number of Kiwis are struggling financially, and many may not be aware they’re eligible for government support... More>>