SPCS

SOCIETY FOR PROMOTION OF COMMUNITY STANDARDS INC.

Financial adviser Andrew Robinson sentenced to six years in prison

by Leave a Comment

A financial adviser has been sentenced to six years in prison for stealing more than $3 million of his clients’ investments.

In May Andrew Robinson, 42, the principal of Auckland mortgage broking and insurance firm Strategic Planning Group, pleaded guilty to four charges of theft by a person in a special relationship, one of improperly dealing with funds and one charge of fraudulently using a document.

Justice Matthew Muir sentenced Robinson to six years in prison with a minimum imprisonment period of two years and nine months.

Source: Financial adviser Andrew Robinson sentenced to six years in prison. Published 17 July 2015

Read more: http://www.insolvencywatch.co.nz

 

Registered financial advisor stole $3 million from investors

by Leave a Comment

A financial adviser has pleaded guilty to stealing approximately $3 million in investor funds and shares.

Andrew Robinson, 42,  the principal of mortgage broking and insurance firm Strategic Planning Group, appeared in the High Court at Auckland on Wednesday morning where he pleaded guilty to four charges of theft by a personal in a special relationship, one of improperly dealing with funds and one charge of fraudulently using a document.

He pleaded guilty to stealing about $2.5 million of Strategic Planning Group investor funds, and three other counts of stealing $50,000 to $258,000 from four named people.

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

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.

He was remanded in custody to a disputed facts hearing in June. Robinson and Mark Turnock, a co-director of Strategic Planning Group, also face charges brought by the FMA relating to making false statements.

Source: Stuff News. Published 13 May 2015

http://www.stuff.co.nz/business/industries/68505855/Financial-advisor-stole-3-million-from-investors

Charges laid against financial advisor Andrew Robinson over $3m Ponzi scheme

by Leave a Comment

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