Man pleads guilty to $1.4 million fraud
The 60-year-old man appeared in Tauranga District Court today.
A 60-year-old man has been convicted of swindling investors out of $1.4 million between 2008 and 2013.
Jonathan Graham West today pleaded guilty in the Tauranga District Court to five charges laid by the Serious Fraud Office.
The charges of theft by a person in a special relationship related to his conduct as a director of The Investment Centre Limited and Matrix Futures Limited, which he operated between 1994 and 2013.
Mr West offered financial planning advice, investment strategies and investment reporting for clients mostly situated in the Waikato and Bay of Plenty.
But while the clients initially saw “satisfactory returns,” between 2008 and 2013 Mr West used clients’ funds outside the agreed terms or for his own purposes.
The offending amounted to about $1.4 million.
Mr West will reappear for sentencing on May 12.
SFO director Julie Read says the offending will lead to “pessimism” among investors and has the potential to damage New Zealand’s reputation.
“Mr West's abuse of trust has caused significant harm to his clients who were relying on his expertise and honesty.”
Follow NBR on Facebook, Twitter, LinkedIn and Instagram for the latest news and free on-demand audio from NBR Radio.
Hamish McNicol
Thu, 31 Mar 2016
Thu, 31 Mar 2016
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Man pleads guilty to $1.4 million fraud
56888