Murray McClune took about $1.7m from clients on the basis he would invest it on their behalf but instead used some of the funds for personal purposes. Photo: 123RF
A former financial advisor has admitted theft charges for stealing money from elderly clients, following an investigation by the Financial Markets Authority.
The FMA said Murray McClune stole from two sets of elderly clients between 2016 and 2022.
It said he took about $1.7 million from the clients on the basis he would invest it on their behalf, but instead used some of those funds for personal purposes.
The case against McClune was originally brought by the FMA but became a Crown prosecution case after McClune initially elected trial by jury, before pleading guilty to two charges of theft by a person in a special relationship - charges that carried a maximum penalty of seven years' imprisonment.
The FMA said McClune had worked in the insurance industry since the late 1960s, and had an established book of clients, including some loyal customers who considered him a friend and used his services for decades.
In addition to providing insurance advice, McClune also offered investment opportunities for clients.
The FMA said he provided falsified statements to clients to hide his offending, until he was caught when he could not repay the funds on demand.
FMA head of enforcement Margot Gatland said McClune "took advantage" of elderly and vulnerable investors.
"In addition to being devastating to the victims, offending of this nature undermines public confidence in registered advisers and harms their reputations," Gatland said.
McClune mainly offered his services through his business Insurance Plus Limited, which was registered in Whangaparāoa, north of Auckland.
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