The New Zealand Financial Markets Authority (FMA) announced that former financial adviser Murray McClune has pleaded guilty to two charges of theft by a person in a special relationship under section 220(1) of the Crimes Act 1961, following an FMA investigation. Between 2016 and 2022, McClune procured approximately NZD 1.7 million from two sets of elderly clients on the basis he would invest the funds on their behalf, but instead used some of the money for personal purposes. To conceal the unauthorised dealings, he issued falsified statements to give the impression the funds remained invested, with the offending detected when he was unable to repay the funds on demand. The case was initially brought by the FMA and later became a Crown prosecution after McClune first elected trial by jury before pleading guilty; the offence carries a maximum penalty of seven years’ imprisonment.
New Zealand Financial Markets Authority 2025-06-30
New Zealand Financial Markets Authority investigation sees former financial adviser plead guilty to NZD 1.7 million theft charges
The New Zealand Financial Markets Authority announced that former financial adviser Murray McClune pleaded guilty to two charges of theft by a person in a special relationship, involving approximately NZD 1.7 million misappropriated from elderly clients between 2016 and 2022. McClune issued falsified statements to conceal the misuse of funds, with the offence carrying a maximum penalty of seven years’ imprisonment.