"Adviser" sentenced for theft
A Rotorua financial adviser has been jailed after stealing more than $1 million from her elderly clients.
Monday, June 22nd 2015, 6:00AM
Lewis, 55, was sentenced on Friday at the High Court in Rotorua.
She last month pleaded guilty to 16 charges of theft by a person in a special relationship, after a Serious Fraud Office investigation.
Lewis set up a financial advice business in 2004, acting as her clients’ agent or trustee for clients’ trusts and gained complete control over their assets.
The SFO said she used the confidence placed in her by her clients to seal from them. In some cases, she used forged documents.
The $1 million was stolen between 2005 and 2011.
SFO director Julie Read said, “The sentence reflects the egregious breach of trust perpetrated by Ms Lewis upon vulnerable clients. It also sends a message to those who might contemplate acting in a way that undermines confidence in New Zealand as a safe place to invest and do business that there may be serious consequences for such misconduct.”
Individual investors lost sums ranging from $15,000 to $250,000 and spoke in court about the betrayal of their trust. The judge said her clients regarded her as a close friend and the financial impact of her actions was catastrophic to them.
Lewis’ lawyer said she had suffered public vilification and her life was ruined.
The court was told she spent $11,000 on health and beauty products and $12,000 on a vehicle.
Clients are unlikely to receive any money in reparation.
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