A financial adviser has been charged with running a $3 million Ponzi scheme.

Andrew Robinson, 40, was charged this morning in the Auckland District Court with five charges of theft and one of dishonestly using a document.

Robinson was the principal of mortgage broking and insurance firm Strategic Planning Group.

He was a registered financial adviser until being stripped of this status when the Serious Fraud Office and Financial Markets Authority began investigating.

The charges allege that between 2010 and 2012, Robinson used $3m in investor funds to pay for personal and business expenses or to repay other investors, and lied to investors when proving reports.

Robinson and Mark Turnock, a co-director of Strategic Planning Group, also face charges brought by the FMA relating to making false statements.

FMA head of enforcement Belinda Moffat said the prosecution showed financial advisers were being held to account.

“It is critical that members of the public have available to them accurate financial statements when making informed investment decisions. Directors have an obligation to ensure that financial statements are not false or misleading,” she said.

SFO Acting Director, Graham Gill added: “The joint efforts of SFO and FMA have progressed this investigation effectively and efficiently. This demonstrates our commitment to working together to deliver a coordinated response to financial crime in New Zealand’s investment markets.”

Source: BusinessDay.co.nz Published 6/09/13

http://www.stuff.co.nz/business/money/9129732/Charges-laid-over-3m-Ponzi-scheme