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Finance director charged with $5m fraud

The Serious Fraud Office has confirmed it has laid charges against the director of an Albany-based investment firm for allegedly stealing investor funds.

Even Paul Cherry, 54, was the sole director of Investment Solutions Ltd, ISL Nominees Ltd, Trading Securities Ltd, ISL Strategic Investments Ltd and ISL Strategic Investments 100 Ltd.

He faces seven charges laid in the North Shore distrioct court under the Crimes Act relating to the alleged theft of investor funds, and false statements in investor reports.

Mr Cherry's companies, which were advertised as providing returns that "generally outperform the market", received about $9 million from about 175 investors.

The SFO says more than $5m of that was not invested in line with investment instructions.

SFO chief executive Adam Feeley says the case is yet another example of family and friends being targeted with unrealistic promises.

"We strongly urge the public not to let their personal relationship with someone cloud their judgement as to the merits of an investment scheme."
 

More by Caleb Allison

Comments and questions
6

The SFO strikes again!

Well done SFO

You might have been confused with getting the right Strategic though - ie Strategic Finance???

He "targeted" friends and family.

What kind of person does that?

Sounds like Cherry must have attended the Somers-Edgar school of financial management ?

If this was tax or benefit fraud, a jail term would be a dead cert with court-ordered repayment. This bloke likely to get the obligatory wet bus ticket.
Funny how swindling your own kith and kin is regarded as less serious.
They see things differently overseas. Shame NZ.

Online reports say a guilty plea is expected. This is not typical so the evidence must be concrete. My bet is Evan Paul Cherry will soon be seeing the inside of a prison cell. The only question is how long for.