Name suppression lifted on financial adviser

Murray McClune, a former financial adviser, has pleaded guilty to two charges of theft by a person in a special relationship following an investigation by the FMA.

McClune had worked in the insurance industry since the late 1960s. He had an established book of clients, including some who had used his services for decades and considered him a friend. In addition to providing advice on insurance, McClune also offered investment opportunities to some of his clients.

McClune had name suppression when the FMA revealed the charges in November last year.

Between 2016 and 2022 McClune procured around $1.7 million from two sets of elderly clients – on the basis that he would invest the funds on their behalf. Instead, he used some of those funds for his own personal purposes.