24 Jun 2015

Gold trader admits stealing funds

11:51 am on 24 June 2015

A gold trader has admitted stealing funds and misleading investors about his experience and investor losses.

Grace Holdings, which traded under the name BullionBuyer, collapsed while reportedly holding investor funds of about $2.7 million.

Its director, Kairuaiti Tangata Oropai Robert Kairua, pleaded guilty in the Auckland District Court to 13 theft charges.

The Serious Fraud Office said he also admitted false statements in brochures regarding his experience and qualifications, the nature of the trading, and the insurance and storage of physical metals.

It said he misappropriated about $370,000 and invested funds contrary to investor instructions.

Kairua is due to be sentenced next week.