New Zealand’s Financial Markets Authority (FMA) reported that former financial adviser Murray McClune has been sentenced to three years and seven months’ imprisonment for two charges of theft by a person in a special relationship, following an FMA investigation. The court also imposed a permanent ban on Mr McClune holding directorships or management positions and from providing financial advice and client money and property services under sections 517 to 518 of the Financial Markets Conduct Act 2013. The sentencing relates to the theft of approximately NZD 1.7m from elderly advice clients over a two-year period starting in 2016. Between 2016 and 2018, while a registered financial adviser, he took funds from two couples for purported investments but instead spent the money on personal and business expenses, including purchasing a home; some funds were later returned, but money remained owing and one set of investors pursued court action to recover funds. No reparation order was made because the judge considered it would be futile.
New Zealand Financial Markets Authority 2025-10-06
New Zealand Financial Markets Authority investigation leads to jail sentence and permanent ban for former financial adviser over NZD 1.7m client theft
New Zealand's Financial Markets Authority reported that former financial adviser Murray McClune was sentenced to three years and seven months in prison for theft by a person in a special relationship, involving NZD 1.7 million from elderly clients. McClune is permanently banned from directorships, management positions, and providing financial advice under the Financial Markets Conduct Act 2013.