Former adviser ordered to pay client $2.56mill
The case against advice Robinson have to Neville Mace and his family trust was heard in the Auckland High Court.
It was brought under the Fair Trading Act.
Justice John Fogarty described the six investments made on Robinson’s advice as “disastrous”.
The six investments made by the Mace family trust were in NZX-listed electricity retailer Pulse Utilities, start-up investments Digi-Clik International, Zeroshift, bio-tech start-up Enviro Energy, and a loan to Pulse director James Martin on the advice of Robinson between 2008 and 2012.
Two key themes in the case where that Robinson didn't explained the risks around investing in start up companies, and he told the client he was investing in the companies too.
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