Former adviser begins $15m fraud trial
A woman, described as the brains behind an alleged $15 million fraud scheme, has begun her trial in the Auckland District Court.
Wednesday, August 8th 2012, 7:32AM
by Niko Kloeten
The charges stem from what the SFO alleges was a large-scale Ponzi scheme run by Bradley and her late husband Michael Bradley, who together operated B'On Financial Services in Auckland.
The charges, including 58 counts of theft by a person in a special relationship, relate to $15 million from 28 investors; however, the SFO says the Bradleys fleeced an even larger sum from a total of more than 80 investors.
B'On collapsed into receivership in late 2009 owing $29 million, and the SFO stepped in after initial investigations by receivers and the Companies Office found large amounts of investor funds missing.
Bradley faces a jury trial in the Auckland District Court; it is expected to last five weeks.
She has pleaded not guilty to all charges and the trial was due to start yesterday but was delayed until today after not enough jurors could be secured.
The fall from grace of the Bradleys stunned many in the financial adviser community, as well as the Remuera community where they had lived for many years.
Their house was sold by receivers for $4 million in 2010 but investors have been warned not to expect to get much of their money back.
Niko Kloeten can be contacted at niko@goodreturns.co.nz
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