11 Jun 2012

SFO accuses financial adviser of fraud

10:18 am on 11 June 2012

The Serious Fraud Office has laid charges against an Auckland financial adviser relating to $5 million in fraud.

Evan Paul Cherry, 54, is facing seven charges under the Crimes Act involving the alleged theft of investor funds and false statements.

Mr Cherry was the sole director of Albany-based investment and financial advisers Investment Solutions Ltd, ISL Nominees Ltd, Trading Strategies Ltd, ISL Strategic Investments Ltd and ISL Strategic Investments 100 Ltd.

About 175 investors put approximately $9 million into the companies.

The Serious Fraud Office claims that at least $5 million of those funds were not invested in accordance with investment instructions.