SFO launches investigation into advisory firm

The Serious Fraud Office (SFO) has announced it is investigating financial advisors Investment Solutions Ltd.

Wednesday, October 19th 2011, 4:57PM 3 Comments

The investigation was opened under Part II of the SFO Act, where "the director has reasonable grounds to believe that an offence involving serious or complex fraud may have been committed."

The company is suspected of soliciting up to $4 million from an estimated 80 investors, and there are concerns as to whether those funds have been used in accordance with investment instructions.

SFO chief executive Adam Feeley said "we encourage any past or current clients of Investment Solutions Ltd that may have information that would be relevant to our investigation to contact the Office."

The SFO said a financial analysis has been completed and it is working with the Companies Office, which is managing the recovery of assets from the company.

Investors who have information relating to Investment Solutions have been asked to contact Guy Goodale at the SFO investigation team via email at guy.goodale@sfo.govt.nz.

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Comments from our readers

On 20 October 2011 at 9:11 am Fred said:

Who is 'Investment Solutions Ltd'? There are a number of respectable organizations with names close to that, who would be tarnished until the right one is identified.

On 20 October 2011 at 11:27 am Vern Mardon said:

I searched the Companies register for Investment Solutions Ltd and it is owned by Evan Cherry and his wife. He is the sole director. I checked the FSP register and there is no Evan Cherry registered, nor is his company. I also checked the IFA membership and he is not a member of that body. The only other possibility is that he is a member of a QFE. Failing that, then he does not appear to have complied with the legislation.

On 22 October 2011 at 5:04 pm Pat said:

Is it kosher to name names before the people in question have actually been charged with anything?