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Financial advisor jailed for fraud

NZ NewswireNZ Newswire 12/05/2016

A financial planner who misused more than $1.4 million of his client's money has been sentenced to three years jail.

Former banker Jonathan West, 60, pleaded guilty in March to five charges of theft by person in special relationship after he took money for his own use while a director of The Investment Centre and Matrix Futures between 1994 and 2013.

While clients received satisfactory returns initially, between 2009 and 2013 he began to use their money on their behalf outside the agreed terms of their contract.

The charges were brought by the Serious Fraud Office.

Director Julie Read said investors should monitor the activities of their advisors.

"While investors are entitled to expect high standards of conduct from investment advisers who owe a duty of trust to their clients, it is also important that investors take care to protect themselves," she said. "Investors should ask questions of their advisers about where their money will be invested and on what terms and they should closely monitor their investments asking for copies of all relevant documentation."

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