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
Most listened to
- Hellaby’s oil & gas services business could deliver this year, says new managing director Alan Clarke
- Snakk Media chief executive Mark Ryan wonders how to "move the needle" on Snakk's share price
- Zero Emission Vehicle's Andrew Rushworth says his company may have been naïve
- FMA markets oversight director Garth Stanish tells NBR improvements in professional scepticism are particularly needed
- Head-to-head: Federated Farmers director Katie Milne and SAFE executive director Hans kriek debate dairy industry's treatment of bobby calves