Financial adviser admits to $2.7 million theft
The former Strategic Planning Group director was facing six SFO charges relating to money stolen between 2010 and 2012.
A former financial adviser facing trial next week has pleaded guilty to and been convicted of stealing about $2.7 million of investor funds.
Andrew Hrothgar Robinson, 42, was a director of Auckland-based Strategic Planning Group but in September 2013 the Serious Fraud Office filed six charges against him following a joint investigation with the Financial Markets Authority.
The fraud charges included five of theft by a person in a special relationship and one of dishonestly using a document.
Mr Robinson stole about $2.7 million to repay investments from other investors and to pay for some business and personal expenses between 2010 and 2012.
Today, Mr Robinson pled guilty in the High Court at Auckland and was remanded in custody.
A sentencing date is yet to be set because of a disputed facts hearing on June 2, when Mr Robinson will dispute the amount allegedly spent on business expenses.
SFO director Julie Read is pleased the matter was resolved by guilty pleas.
“The investors in this matter took appropriate precautions and reasonably believed they were dealing with an honest adviser.
“Unfortunately, this is not always enough to protect people from fraud as has proved to be the case in this instance.”
The FMA has laid separate charges against Mr Robinson and one other person, which will be heard later this year.
In July, Mr Robinson was ordered to pay $2.56 million in damages plus costs to an investor over a series of negligent and misleading deals.
Justice John Fogarty made the order against Robinson, a former Sunday Star-Times columnist and adviser to Neville Mace and his family trust, over "six disastrous investments" which were "all made on the recommendation of Mr Robinson, as an investment adviser.”
Hamish McNicol
Wed, 13 May 2015
Wed, 13 May 2015
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Financial adviser admits to $2.7 million theft
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