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."
This article is tagged with the following keywords. Find out more about MyNBR Tags
- TPP allows for a tax on foreign buyers — Groser
- Helen Kelly says she's taken cannabis oil — and wants the govt to make it legal for cancer suffers
- The Martian: Blows Gravity and Interstellar out of the water
- Eroad gives tough lesson on IPO pricing and risks
- MARKET CLOSE: Shares rise, led by A2 after $40m placement; Contact, Meridian, MRP gain