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
- Housing stats show just about everything's getting worse
- Sir Bob Jones: Why the newspaper industry is deservedly dying
- Adobe, Microsoft, Google signal price rises from Oct 1 as GST net thrown wider (thanks, Spark)
- Brash, Wall clash over Hobson's Pledge campaign
- Sri Lanka: PM's visit signals it's open for business
Most listened to
- Week in Review: a wrap of NBR Radio's top stories, interviews and analysis
- Matthew Hooton: Little leaves centre wide open for Peters and Greens
- ASB's Kim Mundy and Realestate.co.nz's Vanessa Taylor on the latest housing statistics
- Rob Hosking: Winston’s hour is coming
- Hunter's Corner: High stakes for both sides of Warminger case