The Financial Markets Authority (FMA) has named the former financial adviser who has admitted defrauding two sets of elderly clients out of $1.7 million.
Murray McClune admitted two charges of theft by a person in a special relationship, brought under s 220(1) of the Crimes Act 1961. Until now, his name had been suppressed.
The FMA said McClune had worked as an insurance adviser since the late 1960s, primarily through his business Insurance Plus. He also offered clients investment opportunities, with some giving him funds to invest.
Between 2016 and 2022, however, McClune used these funds for his own personal purposes. The FMA said many of these clients were elderly and vulnerable and some considered McClune to be a friend. The fraud was discovered when he was unable to repay client funds on demand, triggering an FMA investigation.
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