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Former advisers charged over ponzi scheme

The Serious Fraud Office (SFO) has charged B'On Financial Services co-directors Michael Bradley and Jacqueline Bradley over allegations they defrauded 85 investors of more than $15 million.

Thursday, December 9th 2010, 2:16PM 5 Comments

The couple face 87 charges under the Crimes Act after an SFO investigation alleged the couple took investors' money to repay earlier investors and to fund their lifestyle.

SFO chief Adam Feeley said that while investors should be aware of the risks attached to any investment, "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."

The SFO said clients who invested their money with the Bradley's "did not have their funds invested in any meaningful way."

The investigation identified over 85 investors, but the SFO said the charges relate to 24 investors in the period between 2003 and 2009 and comprise theft by a person required to account, theft by a person in a special relationship and dishonestly using a document.

The defendants were remanded on bail to appear on January 13.

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Comments from our readers

On 10 December 2010 at 12:03 pm Andy said:
And the new RFA and AFA acts will help these people how?
On 11 December 2010 at 1:01 pm John said:
Andy you’re 100% right. Nothing within the framework of the RFA or AFA legislation will prevent scenarios like the above happening to investors again. Regulation of the financial services industry in 2010 has been all about revenue gathering rather than addressing the cores issues of ethics and integrity on the financial advice given to clients by advisers. Another layer of bureaucracy has been added to an industry with no real benefit to the consumer at large (seems to be a common trait in New Zealand society nowadays) Sorry to be so cynical but if anyone thinks that the framework we now have in place is going to get rid of the bad apples I suggest a reality check is in order! A great year for bureaucrats to be sure but the consumer is left with nothing of substance in their Christmas stocking.
On 13 December 2010 at 9:36 am BTW said:
@ John: You may as well be cynical, if you're not now you soon will be. There's worst to come - wait til the AML regulations, esp. the ID and independent audit requirements, get cranked up. Then there's the FMA circus and pending full scale reform of the Securities Act. Take a deep breath....
On 13 December 2010 at 10:02 am John said:
So more bureaucracy still to come BTW? No wonder then as a country we are getting left behind by the rest of the world. More compliance costs will simply see more and more "good" advisers exit the industry early as they cannot be bothered forking out money to fund associations/organisations that serve no benefit to the consumer. There's a principal at stake in all this!
On 13 December 2010 at 4:46 pm w k said:
Yeah guys, SC has finally been woken up after about 50 huge explosions, and now a big ball of fiery fire.
That's right, let us all take a deep breath, let's see who can hold it the longest without turning blue.
Have a Very Merry Christmas & Exciting Year Ahead.
Commenting is closed

 

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