Andrew Robinson, who was struck off as an authorised financial adviser in December, and Mark Turnock have been charged following an investigation into Strategic Planning Group and SPG Investment Company No. 1.
Robinson, a former director of Strategic Planning and current director of SPG Investment, appeared in the Auckland District Court today to face five charges laid by the Serious Fraud Office under the Crimes Act of theft by a person in a special relationship and one of dishonestly using a document.
In addition, the Financial Markets Authority charged Robinson under the Financial Service providers Act for providing broking services without being registered and another charge under the Financial Advisers Act with making a false statement in his application to become an AFA.
He and Turnock also faced two charges apiece laid by the FMA under the Financial Reporting Act for making false statements in SPG Investment documents.
Robinson allegedly stole investor funds of about $3 million to repay other investors and to pay business and personal expenses between 2010 and 2012, a joint SFO/FMA statement says. He also made false statements to hide the true picture from investors, it says.
The white collar crime investigator and the regulator began investigating the two companies last December after a complaint about Robinson’s management of client funds.
The FMA froze the bank accounts of Robinson and Strategic Planning and terminated his status as an AFA. Certain aspects of the investigation were subsequently referred to the SFO.
Robinson was the second person to lose their AFA status after David Ross, the former Ross Asset Management manager awaiting sentencing on fraud charges.