The Serious Fraud Office (SFO) has arrested and laid 87 charges under the Crimes Act against Michael John Bradley (63) and Jacqueline Lyndsay Bradley (58), the co-directors of B'On Financial Services (B'On).READ ALSO: Bradleys bailed to beach resort
The Serious Fraud Office (SFO) has arrested and laid 87 charges under the Crimes Act against Michael John Bradley (63) and Jacqueline Lyndsay Bradley (58), the co-directors of B’On Financial Services (B’On).
READ ALSO: Bradleys bailed to beach resort
The charges relate to alleged fraud of over $15 million.
SFO chief executive Adam Feeley said it was alleged that B’On took investors’ money to repay earlier investors and also to fund the lifestyle of the defendants.
The SFO's investigation identified over 85 investors but the charges relate to 24 investors in the period from 2003 to 2009.
The charges include theft by a person required to account and theft by a person in a special relationship – Sections 222 and 220 Crimes Act 1961 (59 charges) and dishonestly using a document – Section 228(b) Crimes Act 1961 (28 charges).
Mr and Mrs Bradley were remanded on bail to appear on January 13 next year.
The SFO alleges 24 investors invested a total of $14,423,702.18 plus $A841,303.00 between April 28, 2003 and November, 30, 2009. The Australian dollar amount reflected the cash equivalents of currencies invested.
The SFO said the Bradleys established B’On in April 1998 and acted as financial advisors and investment managers. “Prior to this they operated under a number of different entities.''
They put the company into voluntary liquidation on December 22 last year.
Clients who invested with the Bradleys did not have their funds invested in any meaningful way, the SFO said.
"Instead, the money was primarily used to repay previous investors but was also dispersed on business running costs and personal spending."
Mr Feeley said: "Anyone contemplating investing their hard-earned money should understand the risks that are attached to any form of investment. However, it is also reasonable that New Zealanders can expect that any investment scheme is run honestly, and that their money is used in the manner promised."
