A Christchurch man has admitted using his businesses to steal millions of dollars from his victims - including elderly people and their life savings.
Paul Clifford Hibbs appeared in Christchurch District Court today and plead guilty to charges of making a false statement by promoter, theft in a special relationship, using forged documents, and forgery.
He was remanded in custody until sentencing on 7 February.
Hibbs owned and operated Cameron Gladstone Investments and another company, Hansa Limtied. He used these entities to provide clients with false reports about their investments and used investors' funds.
A Serious Fraud Office statement said Mr Hibbs was employed as a private banker, dealing with high net worth individuals, buying and selling shares and managing clients' investment portfolios.
In 2002 he left banking and incorporated investment advisory business Cameron Gladstone Investments Limited, and later Hansa Limited.
Serious Fraud Office director Julie Read said any investors with doubts should check the register of authorised advisers published by the Financial Markets Authority.
Hibbs was not registered.